Profits Up at Chevron Lanka, Gulf

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Chevron Lubricants Lanka and Gulf Oil Lubricants India Ltd. both reported higher profits for the quarter ended June 30, while Castrol India posted a decline due to cost increases.

Chevron Lubricants Lanka said that revenue for its second quarter was Rs 2.7 billion (U.S. 20.7 million), an increase of 20 percent year-to-year. Over the same period, cost of sales rose 3 percent to Rs 1.5 billion.

The bottom line for the Colombo, Sri Lanka-based lubricant marketer was a quarterly profit of Rs 675,302, up 20 percent from Rs 562,513 in the same period of 2013.

Gulf Oil Lubricants India Ltd. reported net income of Rs 2.3 billion (U.S. $37.7 million) for its first quarter (the companys fiscal year begins April 1), an increase of 11 percent from 2.1 billion in the first quarter of 2013. Expenditures rose 11 percent over the same period, from Rs 1.8 billion to Rs 2 billion.

As a result, profits before taxes climbed 11.9 percent, from Rs 275,690 to Rs 265,684.

This was Hyderabad, India-based GOLILs first financial report since it became a publicly listed company last month following its demerger from Gulf Oil Corp. Ltd.

Mumbai-based Castrol India Ltd. saw its income swell 6 percent, from Rs 862 crore (Rs 8.6 billion) in the second quarter of 2013 to Rs 914 in the same period of this year. However, expenditures also rose over the same period, from Rs 676 crore to Rs 735 crore.

Castrol Indias net profit from ordinary activities after taxes declined 19 percent year-to-year, from Rs 154 crore in its second quarter of 2013 to Rs 124 crore in the same period of 2014.

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