HUBC's net profits for 9MFY19 clock in at Rs 9 billion

MG News | April 30, 2019 at 12:05 PM GMT+05:00

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April 30, 2019 (MLN): Hub Power Company Limited has posted Net Profits of Rs. 9 billion for the nine months ended March 31, 2019, indicating a growth of 4.25% as compared to the figures reported in corresponding period last year.

Even though the topline earnings declined by 39%, the company still managed to report an increase in gross profits by 15%, due to a comparatively larger fall in cost of sales.

However, the company came under stress as finance costs went up by 52% on account of debt drawdowns for CAPEX amid rising interest rates.

Moreover, increase in share of loss from associates by 65% further constrained the financial position of the company.

The Earnings per share for the aforementioned period was stated at Rs. 7.41, around 3.64% higher than that of same period last year.

Profit and loss account for the nine months ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
Turnover	44,339,992	73,786,333	-39.91%
Operating costs	(28,939,754)	(60,395,918)	-52.08%
GROSS PROFIT	15,400,238	13,390,415	15.01%
General and administration expenses	(1,080,243)	(1,113,352)	-2.97%
Other income	289,680	120,839	139.72%
Other operating expenses	(59,907)	(52,444)	14.23%
PROFIT FROM OPERATIONS	14,549,768	12,345,458	17.86%
Finance costs	(4,933,778)	(3,247,140)	51.94%
Share of loss from associates	(321,321)	(193,722)	65.87%
PROFIT BEFORE TAXATION	9,294,669	8,904,596	4.38%
Taxation	(285,338)	(262,184)	8.83%
PROFIT FOR THE PERIOD	9,009,331	8,642,412	4.25%
Basic and diluted earnings per share (Rupees)	7.41	7.15	3.64%

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