One of the leading Energy company and in recent months one of the most troubled Energy company due to its fight with Apex Tax authority, FBR, Hubco successfully made Rs 500 Crore in last 9 months.
Hubco, which has been in court fight with Federal Board of Revenues for a Rs 200 Crore tax case which even results in its bank accounts to be freezed, posted its results yesterday which reflects a growth of 16%.
Net profit stood at Rs 497 Crore during July 2011 to March 2012 against Rs 428 in the same period last year, according to a notice sent issued on Thursday.
Revenues grew by 55% primarily due to pass through of higher furnace oil prices and the start of Narowal project.
The Project Company Equity (PCE) guarantees an uptick in tariff by 5% in the second half of the financial year, according to analysts. Under the power purchase agreement, the company electricity tariff increase every year for the remaining project life. In addition, other factors behind bottom-line growth are the rupee depreciation against the US dollar and inflation index. Hubco’s tariff payments are dollar-based, hence the depreciating rupee is an added advantage to the investors.
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