Jiangsu Lopal Tech Co. reported a 26% decline in operating income and a 36% drop in sales volumes for its lubricants segment for 2022.
The lubricant marketer, which is headquartered in Nanjing, China, reported operating income of ¥623.6 million (U.S. $90 million) for its lubricants segment in 2022, down from ¥844.4 million for 2021.
According to its segment operating data for the full year, the company sold 37,262 tons of lubricants in 2022, down from 56,087 tons.
Lopal’s lubricants production fell 36% to 36,068 tons, compared to 56,087 tons.
The company noted that from the first quarter to the fourth quarter of 2022, the average sale price of lubricants, its main product, increased by 11.15%, compared to the same period in 2021.
Lopal markets engine oils and gear oils under its Lopal brand and car care products, like coolants, under the 3ECARE brand.