Troubled HUBCO Made Rs 500 Crore in Last 9 Months
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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 Major Shareholder is also Planning to get Rid and sold its stake
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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This is the company who bribes and sucks the economy. WOW company is in trouble and still makes 500 crore what kind of service is getting the consumers. This tells you that these energy producers in Pakistan are the main culprits against KALABAGH DAM consturction.
You cannot blame to company but your leaders are guilty in the scene, Company and government had a signed contract and both are running and following these signed papers, if your counterpart (Government) is not sincere with the peoples, such kind of examples you’ll daily face.
Its not a story of present, but you have to go back in PPP’s second term in 90s to digout the cause.
I am sorry to say that both are responsible the govt. and the company. This contract is challenge-able in the court of Law. The greed is on both sides. It is the People of Pakistan who suffers. The govt is from us and elected by the people. I have questioned from day one when contracts were under negotiations. Still the same is happening in Pakistan and Supreme Court is taking action. The solution to Pakistan energy crisis is Hydro Power (BUILD KALA BAGH DAM and others of National importance) and Coal powered Energy. These Power producers are the hindrance today and before.
I like the content of this website. However please improve the English writing skills of your writers. While the message is conveyed in all the articles, the use of wrong tense or the term ‘handsome profit’and lack of punctuation etc. may result in the readers accepting it to be correct English.
in this article please see the following:
-according to a notice sent issued on Thursday.
-and in recent months one of the most troubled Energy company
-bank accounts to be freezed
-during July 2011 to
-Hub Power Major Shareholder is Planning to Sold its Stake
Please keep up the good work!!
Best wishes