Rs 8.3bn to be spent on irrigation System

ISLAMABAD: Irrigation System is being set- up in Sindh on modern lines to tackle challenge of global warming and scarcity of water in the province.

According to Radio Pakistan report fourteen billion rupees were spent for this purpose during the last financial year.

Meanwhile, 8.3 billion rupees will be spent with the cooperation of World Bank on strengthening flood embankments and construction of small dams in the province.

Hubco profits down 4pc on rising costs

KARACHI: Hub Power Company’s (Hubco) consolidated profit dropped 4% to Rs2.54 billion in the quarter ended September 2017 primarily due to higher operating costs, according to a bourse filing at PSX.

The company had registered earnings of Rs2.65 billion in the corresponding quarter of previous year. Earnings per share came down to Rs2.06 from Rs2.13, according to the company’s profit and loss account available with the Pakistan Stock Exchange (PSX).

The independent power producer also announced a cash dividend of Rs1.5 per share for the shareholders whose names will appear in the register of books on December 4, 2017. Its stock price fell 3.25%, or Rs3.51, to Rs104.33 with a volume of 890,100 shares at the PSX.

KAPCO buys 17.37% stake in Hubco for Rs22 billion

Topline Securities said in post-result comments operating expenses were driven up by higher operation and maintenance (O&M) expenditure related to Hubco’sNarowal plant.

“O&M of 8 out of 11 engines of Narowal was carried out in fiscal year 2017 and (that of) 3 engines is due in fiscal year 2018. Given the higher O&M, the company in the first quarter of FY18 has initiated overhaul of three engines of Narowal, we believe,” it said.