The Hub Power Company Limited (HUBCO) has posted Rs 2.965 billion net profit in the first nine months of current fiscal compared to Rs 1.991 billion in the same period last fiscal, reflecting around 49 percent growth. The company’s earnings per share (EPS) rose to Rs 2.56 during period under review over Rs 1.72 in the corresponding period last year. Analysts attributed the increase in the profit to higher electricity generation in the calendar year 2008 resulting in a generation bonus. Besides production bonus, interest income on overdue amount from WAPDA is likely to boost bottom-line of the company. Turnover totaled at Rs 67.335 billion in July-March 2008-09 against Rs 42.751 billion in the same period last fiscal. Operating costs also jumped to Rs 62.533 billion in the said period over Rs 39.219 billion in the previous year. HUBCO operates an oil-fired power station with a net capacity of 1,200 MW located in Hub River estuary in Balochistan and also carries out the business of power...

ISLAMABAD: Federal Board of Revenue (FBR) here on Tuesday exempted from withholding tax on import of goods by HUB Power Company Limited, its contractors or sub-contractors for the execution of power project. According to S.R.O.129(I)/2009 issued here in exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely:- In the aforesaid Schedule, in Part IV, after clause (69), the following new clause shall be added, namely:- “(70) The provisions of section 148, regarding withholding tax on imports, shall not apply in respect of goods or classes of goods for the execution of contract, imported by contractors and sub-contractors engaged in the execution of power project under the agreement between the Islamic Republic of Pakistan and HUB Power Company Limited.” (DT Report)