GTS, Gulf Revenues Rocket, MJL Results Mixed

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Revenue for GTS Chemicals lubricant division spiked 59 percent for the first nine months of 2015, while Bangladeshi MJL reported a 10 percent drop in third quarter earnings. In its quarter ended Sept. 30, Gulf Oil Lubricants India Ltd.s profit was up 21 percent and its revenue was up 4 percent compared to last years second quarter.

GTS said sales revenue for its lubes operation was 161 million (U.S. $25.5 million) for the nine months ended Sept. 30, compared to 101 million for the same period of 2014.

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The Hong Kong-based specialty chemicals and lubricants company recently expanded its Liaocheng, China, blending plant capacity to 26,667 metric tons per year on a semi-automatic line.

There are now 75 distributors of the Ogistar, Changyun and Qiaoke brands – up from 48 last year.

The division accounts for 24 percent of GTS revenue, which also includes specialty chemicals and recarburizer segments. Having grown from 20.1 percent of total sales last year, the lubricants business is one of the companys strongest, GTS said in a statement last week.

The lubricant oils division continues to be successful and has exceeded expectations, and [GTS] believes the division will continue to grow at a faster rate than the larger specialty chemicals division.

MJL Bangladesh Ltd.s profit for the nine months ended Sept. 30 was 931 million taka (U.S. $11.9 million ) – up 1.8 percent from 914 million taka year over year. The lube producer and trader earned 279 million taka in its third quarter, down 10 percent from the same period in 2014.

Based in Dhaka, MJL produces its own brand of lubricants and both manufactures and distributes ExxonMobils Mobil-branded lubricants. Its total revenue for lubricants in the nine months was 4.9 billion taka – a decrease of 21 percent from the year before.

It sold 2.4 billion taka of manufactured products locally, compared to 2.6 billion taka in 2014. Its local sales of imported lubricants dropped 10 percent to 2.5 billion taka.

MJL exported 45 million taka of lubricants in the first nine months of 2015, which was up 9.7 percent from the same in 2014. Products it manufactured in Bangladesh represented 35 million taka of that amount, while imported lubricants accounted for 9.9 million taka.

Gulf Oil Lubricants India Ltd.s second quarter profit after taxes, Rs 23.6 crores (U.S. $3.6 million), was 21 percent higher than last years Rs 19.4 crores. Sales were up 4 percent year over year.

Gulfs revenue in the quarter ended Sept. 30 was Rs. 249 crores – a 4 percent jump from RS 239 crores.

Gulf said its personal mobility segment continued to strengthen with the introduction of a new line of products for scooters. The segment also saw growth in motorcycle products sales volumes that were up to three times higher than the market rate so far this year.

The Hyderabad-based lubes producer attributed its successful quarter in part to its Bike Stop retail network, noting in a release this week that the new sales channel has resulted in almost doubled sales year over year. It said its June 2015 marketing initiative helped its two-wheeler segment achieve double-digit growth.

Gulf said sales volumes grew in business-to-business, original equipment manufacturer-factory fill, infrastructure and industrial segments.

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