The South Korean lubricants suppliers sales revenue dropped 12.2 percent year over year to ?2.6 trillion. Its operating profit for the year increased just 1.8 percent from ?290 billion in 2014.

SK’s sales revenue for the three months ended Dec. 31 was ?680.6 billion, down 14.8 percent from the same period of 2014. Its operating profit rose 59.4 percent to ?113.8 billion, which the company said was due to improved base oil spreads as feed stock prices declined while sales volume increased.

On market outlook, SK said that it anticipates a robust base oil spread…to be sustained due to lower oil price stabilization and gradual growth of premium base oil demand, despite possible negative factors such as delayed purchases, oil price slides and supply increase.

South Korean refiner GS Caltex said its lubricant business saw a decrease in both revenue and operating profit in 2015. Sales revenue for the full year was ?1.1 trillion – a 28.6 percent drop from 2014. Operating profit also decreased 14.3 percent to ?196 billion, GS announced in its earnings report last week.

In the fourth quarter of 2015, GS lubricants business earned ?52.8 billion, a 9.5 percent increase from the same period of 2014, while revenue was down 20.5 percent to 259 billion won.

GS average export price of base oilsreduced 31 percent to ?631 per liter in the third quarter of 2015 from ?919 in 2014. GS said in a regulatory filing last November that the price fluctuation resulted from supply increase, intensifying competition, and price changes in base oil and additives. It exports 74 percent of its lubricant products.

Indias Tide Water Oil Co. recorded an 86 percent jump in net profit for the quarter, a 4.7 percent gain in revenue, and a marginal decrease in its total expenses, all compared to the year earlier.

The Kolkata-headquartered lube suppliers earnings were up to 263 million rupees (U.S. $3.8 million) in the quarter ended Dec. 31, over 2014s corresponding quarter profit of Rs 141 million.

Its quarterly income was Rs 2.5 billion compared to Rs 2.3 billion the prior year. Its total expenses were 1 percent less than its 2014 spending, at approximately Rs 2 billion.

During the quarter, the firms stock rose 66 percent, reaching record highs. An alliance led by Indian supplier Standard Greases and Specialitiesmade an effort to increase its share in the company to become its majority stakeholder, but ultimately fell short, leaving state-owned Andrew Yule Group in control of the company.

Apar Industries Ltd.s specialty oils and auto lubes segment profit was up 236 percent in its third quarter over the year before. Despite an uptick in sales volume, its revenue sank 15 percent on account of falling oil prices, the Mumbai, India-based transformer oil manufacturer said.

Apar sold over 85 million liters of lubricants in its third quarter, or 10 percent more year over year. Its revenue of Rs 453 crore, however, was down from Rs 531 crore in the prior years third quarter.

Apar said that its revenues were affected by global crude prices, which continue to be under pressure. It noted, however, that margins improved with better operational management and strong growth in its automotive and industrial lubes business. Its transformer and specialty oils segment earned Rs 41.4 crore this quarter, compared to Rs 12.3 a year before.

Specialty oils – of which it manufactures over 300 types – accounted for 38 percent of the companys revenue. Its licensed sales of Eni Italys automotive lubricants made up 5 percent. Tide Water Oil also supplies conductors, which held 45 percent of its revenue, and cables, which made up the remaining 11 percent.

Tide Water noted that its auto lubes sales improved 8.3 percent year over year despite retail sales continuing to be sluggish. It said that its profitability in the category improved because of disciplined pricing, improved product mix and lower raw material costs, adding that it will continue to focus on expanding its distribution reach and improving product mix.