Lubricant marketer MJL Bangladesh reported a 50 percent jump in its profit for the first half of 2014, while Indias Savita posted a 25 percent drop in second quarter profit, each compared to the year-earlier period.
MJLs overall revenue rose 14.8 percent to 4.1 billion taka (U.S. $52.8 million) in the six months ended June 30, compared to the same period of 2013. The main factor was increased lubricant sales on the domestic market.
Lubricants account for more than 85 percent of the companys revenue. MJL, which is based in the capital city of Dhaka, recorded lubes revenue of 3.5 billion taka from January to June.
Sales of locally blended products rose 5.5 percent to 1.7 billion taka, while sales of imports jumped 13.6 percent to 1.7 billion taka. Export sales of lubricants, however, dropped by 44.7 percent to 23 million taka. Currently, MJL operates a subsidiary company, MJL & AKT Petroleum Ltd., to supply lubricants in Myanmar.
MJLs total income increased 50 percent to 600 million taka during January to June compared to the same period last year, thanks to a combination of revenue growth and cost reductions.
Savita reported that total income from operations in the three months ended June 30 was Rs 49,036 lakh (U.S. $80.4 million), up 1.1 percent from the same period of 2013. But total expenses rose 1.6 percent to Rs 48,093.
As a result, the Mumbai-based supplier of transformer oils and process oils said pre-tax profit from ordinary activities fell from Rs 1,009 to Rs 752.