For the six-month period ended Dec. 31, the company’s lubricants segment reported a Rs 103.3 million net loss, improving from a larger Rs 408.2 million net loss in the same period in 2022. Operating profit for the six-month period rebounded to Rs 167.9 million, compared to a Rs 109.3 million operating loss. Sales for the first half of its fiscal year improved 13% to Rs 3.3 billion.

In its earnings report, the company noted that its overall gross sales revenue for the six-month period increased by 30% to Rs 11.3 billion, compared to Rs 8.7 billion. Operating profit for the company as a whole rebounded to Rs 190.4 million, improving from a Rs 168.1 million loss.

“The increase in revenue can be attributed to broad growth across our product portfolio in lubricant as well as fuel,” the directors said. “Operating profit also improved through the localization of raw materials, an increase in locally blended products with a favorable product mix and tighter control on fixed operational costs.”

They noted that macro-economic challenges in Pakistan dominated the first half of the company’s fiscal year, with pressures on the economy because of uncertainty on the political front, abnormally high finance costs, pressure on disposable income including higher energy prices, and various fiscal and monetary measures. Those factors contributed to a negative bottom line of Rs 349.9 million on a consolidated basis.

Hi-Tech manufactures and distributes SK Lubricants’ Zic brand of finished lubes.