Apar Profits Up, Lanka IOC’s Slump

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Apar Profits Up, Lanka IOC’s Slump

For the quarter ending Sept. 30, India’s Apar Industries posted higher net profit and Sri Lanka’s Lanka IOC reported a huge decline in profit, compared to results a year earlier.

Apar Industries

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Indian transformer oil supplier Apar Industries reported Rs 45.6 crore net profit (456 million Indian rupees or U.S. $6.2 million), up 24% from Rs 36.7 crore in the same period last year.

Revenue from Apar’s transformer and specialty oil segment reached Rs 480.4 crore for the quarter, up 1% from Rs 475.5 crore.

Operations during the quarter continued to be impacted by measures to contain the COVID-19 pandemic, the company said in notes on its financial results filing with India’s two stock exchanges – the National Stock Exchange of India and BSE, formerly known as the Bombay Stock Exchange. “The overall business has gathered momentum, though recovery has been gradual and partial due to constraints on movement of labor and supply chain operations,” the company stated.

Lanka IOC

Lanka IOC PLC reported 17.2 million Sri Lankan rupees (U.S. $93,400) in net profit for the quarter ending Sept. 30, down 97% from Rs 517.4 million rupees in the year-earlier period.

Revenue for the quarter fell to Rs 18.7 billion, down 13% from Rs 21.5 billion.

In its interim financial statement to the Colombo Stock Exchange, Lanka IOC reported an Rs 146.2 million operating loss for the quarter, down from an Rs 700.2 million operating profit in the year-earlier period.

Lanka IOC is a subsidiary of India’s public sector utility Indian Oil Corp.

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Asia    Business    Earnings    Finished Lubricants    India    Industrial Lubricants    Market Topics    Region    Sri Lanka    Transformer Oils