HBFCL announces profit after tax of Rs 95mn

KARACHI: The House Building Finance Company Limited (HBFCL) has announced after tax profit of Rs 95 million for the first half of 2011.

A statement here on Monday said that the HBFCL (previously known as the House Building Finance Corporation Limited), announced an after-tax profit of Rs 95.0 million for the first half of 2011, following up on annual profit after tax of Rs.113 million announced earlier this year on March 30.

It said that the achievement is in sharp contrast to the after tax loss of Rs 5.0 million in the same period last year. The statement pointed out that under the leadership of the current management the profits of the company have continued to increase, after continuous losses for the previous four years.

It further informed that the HBFCL was no longer a burden on the national exchequer.

Copyright APP (Associated Press of Pakistan), 2011