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Hubco declares 12.5 percent cash dividend

KARACHI (February 17 2006): The Hub Power declared a cash dividend of 12.5 percent or 1.25 rupees per share for the six months ended December 31, 2005. During the second quarter ended December 31, 2005, the power plant generated 764 GWh of electricity resulting in a load factor of 29 percent against a load factor of 20 percent in the same quarter last year.

The plant maintained an availability of 79 percent during the quarter. The schedule outage activity started in June 2005 and came to an end in early January 2006 with Unit No 2 returning to service on Januar 4, 2006.

As a part of international best practices and to ensure the long-term integrity of the machines of all four units went through routine and preventive maintenance.

In October, Wapda performed the annual dependable capacity test and the plant successfully met the net capacity requirements. All four units are currently operational.

The turnover for the quarter was Rs 5,707 million and operating costs were Rs 4,634 million. Net profit for the quarter was Rs 629 million, resulting in earnings per share of Rs 0.54, compared to a net profit of Rs 1,298 million and earnings per share of Rs 1.12 in the corresponding period quarter last year. The current period profit is lower mainly due to reduction in tariff after the full repayment of senior debt in July 2005.

“We are pleased to report that the company has submitted an expression of interest to participate in the process of privatisation of Sui Southern Gas Co”, the company said in a statement to the Karachi Stock Exchange on Thursday.

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