Pakistani lubricant supplier Hi-Tech Lubricants Ltd. reported a 110 percent rise in its third-quarter net profit, thanks to higher other income and lower expenses.
The company posted a consolidated net profit of Rs 155.65 million (U.S. $1.49 million) from January to March, up from Rs 74.23 million in the same period last year.
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Other income soared to Rs 6.98 million compared to Rs 996,084 a year earlier. Total expenses went down by 11 percent to Rs 201.13 million.
Sales largely remained unchanged year on year at Rs 1.52 billion, as pick-up in volumes offset the impact of lower product prices.
For the nine months ended March 31, Hi-Techs consolidated net profit rose 76 percent year on year to Rs 441.14 million, and sales jumped 26 percent to Rs 4.95 billion.
Hi-Tech, which distributes South Koreas SK Lubricants Ltd.s Zic brand of finished lubricants to more than 150 sellers in Pakistan, reduced prices of its products by 2 to12 percent per liter in the third quarter, in line with lower international product prices. As a result, the companys volumes jumped by 9 percent compared to the corresponding quarter of last year.