KARACHI: Hub Power Company Limited (HUBCO) (PSX: HUBC on Tuesday declared 25 per cent decline in net profit for the half year ended December 31, 2021.
According to consolidated financial results submitted to the Pakistan Stock Exchange (PSX), the profit after tax of the company fell to Rs12.72 billion during July – December 2021 as compared with Rs16.89 billion in the corresponding period of the last fiscal year.
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HUBCO is the first and largest Independent Power Producer (IPP) in the country with a combined installed power generation capacity of 2920 MW, according to company’s website.
The board of directors of the company in a meeting held on February 15, 2022 reviewed and approved the financial results for the period December 31, 2021.
The board has not recommended any cash dividend, bonus shares or right shares for the period.
The fall in profit may be attributed to slump in share of profit from associations and joint venture, which declined to Rs830.74 million for the half year ended December 31, 2021 as compared with Rs7.6 billion in the corresponding period of the last fiscal year.
According to the consolidated results, the total turnover of the company was at Rs46.27 billion for the period under review as compared with Rs26.79 billion in the same period of the last fiscal year.
The gross profit of the company was flat at Rs15.81 billion for July – December 2021 as compared with Rs15.87 billion in the corresponding period of the last fiscal year.
Operating expenses of the company fell significantly to Rs47.48 million for the half year ended December 31, 2021 as compared with Rs236.71 million in the same period of the last year.
HUBCO announced Rs9.41 as earnings per share for the period July – December 2021 as compared with Rs12.60 EPS in the same period of the last year.
