The net profit of Hub Power Company (Hubco) has increased to Rs 1.269 billion in the quarter ended September 30, 2010 as compared to Rs 1.108 billion earned in the corresponding quarter in 2009.
The board of directors of the company in its meeting held here on Wednesday declared the company's earning per share at Rs 1.10 in the period under review against Re 0.96 in the same period last year.
According to the financial results sent to Karachi Stock Exchange (KSE), the company's turnover increased to Rs 25.200 billion in this quarter against Rs 22.005 billion in the same quarter a year back. The operating cost increased to Rs 23.274 billion against Rs 20.490 billion.
The company said that the increase in profit is mainly attributable to currency devaluation and efficiency gains. The spokesman of Hubco has informed that the consideration of an interim dividend was not at the agenda at the board of directors meeting.