Hub Power Company Limited (PSX: HUBC) announced its 1HFY17 results yesterday which showed lackluster performance for the period. The companys revenue dropped by 4 percent year-on-year whereas the gross profit took a hit of 7 percent which could be attributable to lower despatches despite recovery in furnace oil prices. The recent quarter also saw overhauling expenditure at the companys Narowal plant which contributed to higher operating expenditure.
The companys other income saw an increase of 25 percent which helped alleviate some pressure off the firms bottomline. HUBCs finance costs increased massively as compared to 1HFY16 whereas the share of loss from associates also jumped by 87 percent. This led to the bottomline registering a decline of 4 percent as compared to the corresponding period in the previous year.
HUBCs EPS for the period was down by 6 percent whereas both its gross and net profit margins witnessed negligible change compared to 1HFY17. The company also announced a second interim cash dividend of Rs1.5 per share making total payout for 1HFY17 Rs3 per share.
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