Profit Up at PSP, Down at Lanka IOC

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Profit Up at PSP, Down at Lanka IOC

Independent Thai lubricant maker P.S.P. Specialties Public Co. reported hefty increases in net profit and sales revenue for the quarter ended March 31, citing increased sales volumes and better margins.

Meanwhile, among South Asia companies, Lanka IOC reported a steep drop in full fiscal year net profit on a slight decrease in sales revenue, and Chevron Lubricants Lanka posted higher profit and sales for the quarter.

P.S.P. Specialties

PSP reported that its net profit surged to ฿184.5 million (U.S. $5 million) in the first quarter, a 338% increase. The company attributed the result to an increase in gross profit margin, more favorable exchange rates and decreases in administrative expense and financing cost, partially offset by an increase in selling expenses.

The company said its gross profit jumped 47% to ฿418.3 million in the quarter, improving from ฿283.8 million. That was mainly due to the increase in average selling price and sales volumes, along with the decrease in average cost of sales.

First-quarter sales revenue for PSP rose 17% to ฿3.4 billion. “It’s mainly due to customers increasing their orders for lubricant products, grease, rubber processing oil and transformer oil,” the company stated in its earnings report.

The company produces finished lubricants, grease, rubber process oil and transformer oil. PSP also distributes Chevron Oronite’s additives in Thailand, Cambodia and Laos and distributes for Authentix, a United States-based international product inspection and certification service provider.

Lanka IOC

Lanka IOC, a subsidiary of Indian Oil Corp., reported that net profit for its full fiscal year ended March 31 plunged 63% to Rs 13.9 billion (U.S. $46.3 million), compared to Rs 37.7 billion. Operating profit also plummeted, by 71% to Rs 12.8 billion, compared to Rs 44.2 billion.

Full-year sales revenue decreased by 6% to Rs 263.6 billion, compared to Rs 281.5 billion.

For its fourth fiscal quarter ended in March, Lanka IOC said that net profit fell 52% to Rs 3.4 billion, compared to Rs 7.2 billion. Operating profit in the quarter dropped 64% to Rs 2.7 billion,

from Rs 12.8 billion.

Sales revenue in the quarter was down 8% at Rs 75.1 billion, compared to Rs 68.7 billion.

Chevron Lubricants Lanka

Chevron Lubricants Lanka reported net profit of Rs 1.4 billion for the first quarter, a 20% increase from Rs 1.2 billion. Operating profit also jumped, by 30%, to Rs 1.9 billion in the quarter. Sales revenue rose by 13% to Rs 7.1 billion, compared to Rs 6.3 billion.

Chevron Lubricants Lanka imports, blends, distributes and markets lubricants and greases.

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