Hub Power declares Rs8.036 billion annual profit, 6.17pc lower than previous year

KARACHI: Hub Power Company Limited (HUBCO) has declared net annual profit of Rs8.036 billion for the period ended June 30, 2019, which is 6.17 percent lower than the profit of Rs8.565 billion in the previous year.

According to financial statement for year 2019 submitted to Pakistan Stock Exchange (PSX) on Thursday, the company also declared earnings per share at Rs6.70 for the year, which is also lower when compared with EPS Rs7.15 in the last year.

The total turnover of the company sharply fell to Rs36.028 billion in 2019 as compared with the turnover of Rs76.675 billion. The operating costs have been declined to Rs24.29 billion as compared with Rs66.872 billion.

The company declared gross profit of Rs11.733 billion in the year 2019, which is 19.68 percent higher than the gross profit of Rs9.803 billion a year ago.

The company declared profit from operations to the tune of Rs13.236 billion for the year under review as compared with Rs11.022 billion in the last year.

Finance costs of the company increased to Rs4.96 billion as compared with Rs2.247 billion. This brings the profit before taxation of the company at Rs8.275 billion as compared with Rs8.77 billion of the last year.

The company paid taxes to the tune of Rs238.523 million in 2019 as compared with Rs209.2 million in the previous year.

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