Chevron Lubricants Lanka PLC posted an 8 percent increase in profits for 2014, thanks mostly to cost savings.
The company had a profit of 2.7 billion rupees (U.S. $20.6 million) last year, up from 2.5 billion rupees in 2013. Revenue rose from 11.1 billion rupees to 11.5 million rupees, a 3 percent improvement, but the company cut cost of sales 2 percent, mostly through reductions in distribution costs.
For the fourth quarter ended Dec. 31, Chevron Lubricants Lanka, posted a profit of 558 million rupees, which was 5 percent lower than the same period of 2013. Revenue for the period was 2.7 billion, down 3 percent year-on-year, while costs dipped 2 percent to 1.8 million rupees.
Chevron Lubricants Lanka is based in Colombo and is the largest lubricant supplier in Sri Lanka.