Cost increases at MJL Bangladesh Ltd. caused a 36 percent drop in profits for the first half of 2015 despite higher sales, while Indias GP Petroleums raised its second quarter profit thanks to cheaper raw materials.
Dhaka-based MJL markets lubricants under its own brand and is also the local sales agent for ExxonMobil lubricants, some of which it blends and some of which are imported. For the first six months of 2015, sales revenue from locally blended lubricants was 1.7 billion taka (U.S. $21.8 million), down 2 percent from the same period of 2014. Sales of imported products were 1.8 billion taka in the first half of 2015, up 2 percent year to year. Export sales jumped 17 percent to 27.9 million taka.