HUBCO earning dips by 2 percent in 1QFY12

Karachi: HUBCO’s earning dipped by 2% (YoY) in 1QFY12. In its 1QFY12 unconsolidated results, the company posted profit after tax of PKR1, 241mn (EPS: PKR1.07), depicting flat YoY earnings.

According to Arif Habib Limited, although gross profits improved by 61%YoY but a massive 218% growth in financial charges curbed the growth in company’s bottom line. This growth in financial charges was mainly led by 47%YoY increase in short terms borrowings which settled at PKR17, 571mn as of Sept’11.

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