MJL Bangladesh and Eastern Lubricants Blenders reported large improvements in sales and profits for the quarter ended Sept. 30, though Eastern still recorded an operating loss, while Lub-rref posted plummeting net profit on a deep decline in sales.
MJL Bangladesh
MJL Bangladesh reported that its net profit for the quarter surged 53% to 906.2 million taka, compared to 593.2 million taka for the same period of last year. Income from operation rose 32% to 1.7 billion taka.
The company reported total lubricant sales of 2.4 billion taka in the quarter, a 33% jump from the same period last year.
Its local sales of locally blended lubricants reached 1.18 billion taka in the quarter, a 39% increase from 853.8 million taka. Local sales of imported lubricants rose to 1.21 billion taka, compared to 934.4 million taka. Export sales of lubricants rose to 15 million taka.
MJL’s products include automotive, industrial and specialty lubricants. The Dhaka-based company is a joint venture between Jamuna Oil Co. – owned by Bangladesh’s government – and EC Securities Ltd. MJL supplies ExxonMobil’s Mobil lubricants brand by blending the products locally and importing them, along with its own Omera Lubricants brand.
Eastern Lubricants Blenders
Eastern Lubricants Blenders posted an 859% surge in net profit to 2.8 million taka in the quarter, compared to 297,000 taka.
The company’s 4.4 million taka operating loss in the quarter was a slight improvement from a 4.6 million taka operating loss.
Chittagong, Bangladesh-based Eastern Lubricants is a subsidiary of state-owned Bangladesh Petroleum Corp.
Lub-rref
Net profit for Lub-rref dropped 77% to 18.6 million taka, compared to 79.7 million taka. Operating profit also fell, by 66%, to 42.8 million taka, compared to 125.6 million taka.
The company posted net sales revenue of 152.3 million taka, a 65% slide from 438.8 million taka.
Based in Chittagong, Bangladesh, the company markets finished lubricants under its BNO brand name.