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WEEKLY
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| HUBCO profits up nearly 50pc |
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Friday, May 01, 2009
By our correspondent
KARACHI: The Board of Directors of Hub Power Company (HUBCO) witnessed an increase of approximately 50 per cent in its profits earned in the nine month period ended on March 31 against the corresponding period in 2008.
Therefore, the company’s bottom line revenues recorded higher at three billion rupees against two billion rupees earned in 2008.
Accordingly, earning per share surged to Rs2.56 in the period under review against Rs1.72 in the July-March 2008 period.
Increase in earnings was a result of the Pak rupee devaluation, higher tariff profile and generation bonus resulting from higher electricity generation, said Farhan Mahmood at JS Research.
As at March 31, WAPDA owed HUBCO Rs25.3 billion, while HUBCO’s payable to PSO for fuel supplies stood at Rs28.2 billion.
According to the director’s report, these figures have risen further as outstanding dues from WAPDA have reached Rs35 billion, while payables to PSO shot up to Rs32 billion.
The company, however, mentioned that the government has indicated full settlement by June 30, 2009 under the circular debt settlement procedure.
HUBCO did not announce any payout as it had already communicated via a notice to KSE issued on April 20, 2009 that interim dividend was not on the agenda.
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ISSN 1563-9479 
