Hub Power Company Ltd
Hub Power Company Ltd. (Hubco)
Hub Power Company Ltd. Is the only independent power producing company in Pakistan that can generate 2960 MV power simultaneously. It is called Hubco. Headquarters for Hubco is in Karachi. It was founded in 1994.
Recent News Update 2022 about Hubco
Recently, according to the news update 2022, the company released a net profit almost 41 percent down than the previous year. The net profit is Rs. 48 billion for the October-December quarter. The company releases this report on Tuesday 16 FEB, 2022.
Profit is 25 percent down
The announcement made declared that one of the company’s independent power-producing units showed a net profit of Rs. 12.2 billion during the first six months of the year 2021-2022. However, this profit is very less and 25 percent down than yearly basis. However, the profit made was even lower than was expected in markets. This was said in a note by AKD securities.
Deviation from Expected Income
The brokerage said that deviation from expected income is due to lose by hubco’s subsidiaries. It is from China Power Hub Generation Company. The deviation was Rs. 1.5 billion against an estimated income of 2.4 billion.
Reason for Deviation
According to a recent news update from the company is that lightning strikes from the transformer resulted in damage to the transformer. So, one of the units of CPHG which is almost 660 MW is non-functional and not operational. So, due to the non-functioning of the company’s transformers and units, a decrease in overall profits occurred.
The loss which is not even expected by markets is because the company was busy in maintenance work and therefore spent heavy amount on this. So, there are expectations that Hubco Company will make progress towards compensation of the loss and further power production.