September 6, 2003	Saturday	Rajab 8, 1424

KARACHI, Sept 5: The Hub Power Company Limited (Hubco) on Friday announced final cash dividend for the year ended June 30, 2003 at Rs2.10 (21 per cent) per share, which fell short of the analysts’ expectations of Rs2.20 (22 per cent) and Rs2.60 (26 per cent).

The market response was cool with the scrip losing 30 paisa during day’s trading to close at Rs42.75, from the overnight level of Rs43.05 a share.

The Board of Directors of the company which met in London on Thursday at 9:30 (London time) could dispatch the financial figures and dividend on Friday. And these were announced the first thing in the morning at the KSE. Directors pointed out that the final dividend was in addition to the interim already paid on April 23, 2003 at Rs3.30 (33 per cent).

Annual General Meeting to approve the annual accounts for the year ended June 30, 2003 and to declare the dividend would be held on October 15 at Islamabad.

The financial figures announced by the company were generally in line with the analysts’ forecast. Net profit for the year was posted at Rs6.1 billion on turnover valued at Rs19.5 billion, compared with net profit at Rs7.3 billion on turnover of Rs21.4 billion, a year ago.