The Hub Power Company Limited has announced the final cash dividend for the year ended June 30, 2006, at Rs l.85 per share ie 18.5 percent, in addition to interim dividend already paid in April, 2006, at Rs 1.25 per share.
The share transfer books of the company will be closed from September 4, 2006, to September 20, 2006, (both days included) and, the final dividend will be paid to the shareholders, whose names would appear in the register of members on September 8, 2006.
The Company''''s turnover for the year under review was Rs 27,911 million against Rs 16,978 million in, 2005, whereas operating costs were Rs 23,553 million as compared to Rs 9,821 million in 2005.
Both turnover and operating costs registered an increase in the current year mainly due to higher load factor of 37 percent and higher fuel oil prices. The Company earned a net profit of Rs 2,768 million, resulting in earnings of Rs 2.39 per share, compared to a net profit of Rs 5,385 million last year.
The lower net profit in the current fiscal year is mainly due to reduction in tariff after the full repayment of senior debt in July 20 2005. The Company has obtained a running finance facility of Rs one billion each from National Bank of Pakistan and United Bank Limited.
During the year the plant continued to operate at high efficiency and dispatched 3,927GWhs of electricity corresponding to a load factor of 37 percent. The power station maintained high availability of 82 percent for the full year.
The Company is looking forward to participate in the competitive bidding for three power projects launched by the government last year for which Hubco has already pre-qualified.
Further in association with other international companies the Company has submitted documents for pre-qualification in the forthcoming privatisation of the Sui Southern Gas Company. The principal activities of the company are to own, operate and maintain an oil-fired power station with a net capacity of 1,200MW located at the Hub River estuary in Balochistan.
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