Chevron Lubricants Lanka Plc. reported hefty increases in profit and sales for the quarter ending March 31, and Lanka IOC Plc. posted much higher profit and lubricants sales for its fiscal year ended March 31. The improved results came in spite of an economic crisis in Sri Lanka that developed during the first quarter.
One positive indicator during the first quarter was exports of petroleum products, which surged by 109% to $179.5 million, compared to the same period last year, according to a Central bank of Sri Lanka press release in March on external sector performance.
The economic crisis in the country has led to shortages of fuels, food, medication and other products, and also to high inflation, according to news reports.
Chevron Lubricants Lanka
Based in Colombo, Chevron Lubricants Lanka reported profit of 2.7 billion rupees (U.S. $7.5 Million) for the first quarter, a 92% jump from Rs 1.5 billion in the same period last year.
In interim financial statements released to the Colombo Stock Exchange, the company said its operating profit rose 92% to Rs 2.7 billion, compared to Rs 1.4 billion.
Sales revenue increased 77% to Rs 7.7 billion, up from Rs 4.4 billion.
Chevron Lubricants Lanka – which imports, blends, distributes and markets lubricants and greases operates a blending plant in Sapugaskanda.
Lanka IOC
Lanka IOC Plc reported Rs 4.8 billion net profit for the fiscal year ending March 31, a 446% jump from Rs 882.6 million.
The company reported Rs 5.4 billion in operating profit for the fiscal year, a massive 3,250% improvement from Rs 161.4 million.
Sales of lubricants surged 79% to Rs 7.3 billion for the fiscal year, improving from Rs 4.1 billion. Revenue from contracts with customers increased 35% to Rs 90 billion.