Hubco annual earnings up 21pc

KARACHI: The Hub Power Company Ltd (Hubco) on Monday reported an increase of 21 per cent in its full-year net profit, owing to an increase in the turnover.

In a statement to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs75.3 billion for the year ended June 30, up from Rs62 billion the previous year.The company also announced a final cash dividend of Rs8.5 a share, which is in addition to the interim cash dividends of Rs11.5 already paid.

Earnings per share came in at Rs53.98, compared with Rs44.37 per share last year.The company said its turnover for the year rose to Rs130.5 billion, compared with Rs114.3 billion a year earlier. Cost or revenue remained at Rs62.18 billion, slightly higher than Rs61.48 billion recorded during the same period last year.

The company’s finance cost remained at Rs26.74 billion, compared with Rs19.32 billion during the same period last year.The Hub Power Company Limited has formed a joint venture with Ark Metals (Private) Limited, a mining company, to explore and develop mineral mines in Pakistan through its wholly owned subsidiary, Hub Power Holdings Limited (HPHL).