Profits Rise for MJL Bangladesh

Share

Profits Rise for MJL Bangladesh

MJL Bangladesh Plc reported increased net profit, Eastern Lubricants Blenders Ltd. posted decreased profits and Lub-rref (Bangladesh) Ltd.’s net profits slumped in the quarter ended March 31.

MJL Bangladesh

MJL Bangladesh posted a 528.1 million taka (U.S. $4.5 million) net profit for the quarter, a 28% jump from 412.1 million taka.

Net sales revenue in the quarter rose by 24% to 9.5 billion taka, compared to 7.7 billion taka.

The company reports lubricant net sales revenue year-to-date for its fiscal year, which ends in June. For the 9-month period ended March 31, MJL said local net sales revenue for its locally blended lubricants reached 3.4 billion taka, a 1% increase from the same period a year earlier. Its local sales of imported lubricants declined to 2.7 billion taka, down 21% from 3.4 billion taka. Export sales of MJL’s lubricants jumped 45% to 41.6 million taka, compared to 28.8 million taka.

MJL Bangladesh PLC is a joint venture company between EC Securities Ltd., a subsidiary of East Coast Group, and state-owned Jamuna Oil Co. It commissioned a lubricant blending plant in Bangladesh in May 2003. MJL supplies ExxonMobil’s Mobil lubricants brand by blending the products locally and importing them, along with its own Omera Lubricants brand.

Easterns Lubricants Blenders

Easterns Lubricants Blenders reported 4.9 million taka in net profit for the quarter, a 5% decrease. The company took a 5.8 million taka operating loss in the quarter, compared to a 2 million taka operating profit for the same period a year earlier.

The company’s sales revenues plummeted 40% in the quarter to 95.4 million taka, compared to 160.3 million taka.

Based in Chittagong, Easterns Lubricants Blenders markets finished lubricants under its BNO brand name.

Lub-rref

Lub-rref reported that its net profit tumbled 93% to 4.4 million taka in the quarter, down from 66.5 million taka. Operating profit also dropped, by 73%, to 28.2 million taka, compared to 104.2 million taka.

The company said its net sales revenue fell 53% to 160.1 million taka in the quarter, compared to 337.5 million taka.

Lub-rref’s manufacturing plant in Chittagong produces automotive, industrial and marine lubricants and greases, as well as providing laboratory services.

Related Topics

Asia    Bangladesh    Business    Earnings    Finished Lubricants    Region