HUBCO posts 54 percent increase in PAT

Hubco PlantHub Power Company reported consolidated profit after tax of Rs11.078 billion (EPS: Rs9.57) for the financial year ended 30th June 2015 (FY15) as compared a net profit of Rs7.490 billion (EP: Rs6.47), representing 54%YoY increase in profit.

Increase in profit can be attributed to holding company (PAHC). On a sequential basis PAHC of Rs2.72 billion (EPS: Rs2.35) reflected a muted decline of 9%QoQ.

Key highlights for reported results include: 1) levy of additional taxes on income from other investments leading to a 38xYoY increase in the tax charge, 2) significant margin accretion whereby FY15 different types of margins declining on the back of tumbling input costs and curtailed overhaul costs, and 3) reduced load factors at both the base plant (64%) and Narowal (76%) kept CPP at the forefront of improved profitability.

For the inventors the key focus should be its new ventures (1320MW Coal fired plant) achieving financial close.



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