KARACHI, April 25: The Hub Power Company Limited (Hubco) announced net profit of Rs1.8 billion for the quarter ended March 31, which came close to analysts’ expectations. The company Board which met on Thursday did not declare any interim dividend and the market was not expecting a payout either.

Net profit of Pakistan’s biggest Independent Power Plant (IPP) for the nine months (July-March 2001-02) stood at Rs4.7 billion. The turnover for Q3 amounted to Rs5.9 billion and for nine months to end-March Rs14.3 billion. Comparable amounts for the Q3 of 2001 and nine months to end-March that year were Rs6.7 billion and Rs20.9 billion, respectively.

In a report to the accounts, CEO Vince R.Harris observed that during the quarter the power plant generated 1,218 GWh of electricity and maintained high availability rates with Actual Capability Available (ACA) of 98 per cent.

Operating costs for Q3 amounted to Rs3.4 billion and for all of the three quarters Rs7.5 billion. Gross profit was posted at Rs2.5 billion and operating profit at Rs2.6 billion for Q3 ended March 31, 2002.

“The gross profit and net profit for the quarter ended March 31, 2002 are significantly lower due to an adjustment made in the tariff charged to Wapda in March 2002 as a result of Settlement Agreement between Hubco and Wapda”, the CEO said, adding that working relationship between Hubco and Wapda were “excellent” and that Wapda was continuing to pay all amounts as they became due, also paying the second instalment of the Settlement Agreement. The final instalment of Rs1.2 billion was payable on September 30, 2002, Vice Harris stated.

The share in Hubco, which had posted gain of 1.4 per cent ahead of the results announcement on Wednesday, shed 20 paisa on Thursday to close at Rs24.35, from the overnight opening of Rs 24.55. Some 51 million shares changed hands on Thursday.