Hubco H1 net profit up 26pc yr/yr

Hub Power Co Ltd (Hubco) on Wednesday said its first half 200809 net profit rose 26 percent from a year earlier to 1.69 billion rupees ($21.16 million).
Hubco — the country’s second largest private power producer — reported a net profit of 1.34 billion rupees in the same period last year. The firm also announced an interim dividend of 1.35 rupees per share.
The result was slightly higher than market expectations. Six analysts surveyed by Reuters forecast net profit in a range of 1.09 billion rupees to 1.64 billion rupees.
“The increase in earnings is a result of rupee depreciation and… higher electricity generation,” said Farhan Mahmood, an analyst at JS Global Capital Ltd.
Britain’s International Power Plc owns 16.6 percent of Hubco, which runs a 1,292 megawatt thermal power plant near Karachi.
Hubco shares were trading at 16.10 rupees at 12:52 pm (0850 GMT), 5.09 percent below Tuesday’s close, in a broader market trading 5.11 percent lower.

Copyright Reuters, 2009