Hubco profit falls 8.6 percent

KARACHI (April 23 2004): Hub Power Company's profit in the nine months ended March 31 fell 8.6 percent to Rs 4.112 billion because of lower sales in the period.

The profit fell to 4.112 billion rupees or 3.55 rupees a share, from Rs 4.502 billion or 3.89 rupees a share of the same period a year ago, a notice of the company faxed to the Karachi Stock Exchange said.

The turnover during the nine months totalled at Rs 10.463 billion, dropped from Rs 14.786 billion of the same period a year ago.

The notice of the Hubco said during the quarter, the power plant was dispatched at low load factor mainly due to increased availability of hydel power in the country.

The plant is operated and maintained to the highest international standard and continues to maintain high availability for the company's customer Wapda with the running capability available at 98 percent during the quarter.

On March 31, the station completed 1841 days without a lost time accident.

The company said turnover for the quarter was Rs 4.171 billion and operating costs were Rs 2.069 billion. These figures are lower compared to the corresponding period last year mainly due to the decreased load factor.

The net profit for the quarter was Rs 1.529 billion, resulting in earning per share of Rs 1.32 compared to Rs 1.622 billion in the corresponding quarter last year.

The reduction in net profit is mainly due to less interest income earned in the current period.

The company said unit 4 tripped on April 18, 2004 due to the activation of Generator Stator Earth Protection Circuit. There were no external events or personnel injuries associated with this technical failure and there is no apparent damage to the outer casing.

At present, the damage to the stator is being investigated and active measures are being taken to bring the unit back into operation. This is covered under the company's insurance.

The share price fell 0.45 rupee, or 1.2 per cent, to 35.85 rupees at the close of the Karachi Stock Exchange on Thursday.

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