Profits Up for Tide Water, GP; Down for MJL


Profits Up for Tide Water, GP; Down for MJL

For the quarter ending Sept. 30, India’s Tide Water Oil Co. and GP Petroleums Ltd. both reported strong increases in profits, while MJL Bangladesh Ltd. posted a steep decline.

Tide Water Oil

Kolkata-based Tide Water Oil said in a filing on the National Stock Exchange that its standalone profit reached Rs 40 crore (Rs 400 million or U.S. $5.4 million) for the quarter, up 100% from Rs 20 crore year earlier.

The manufacturer and distributor of Veedol-branded lubricants said revenue from operations was Rs 270 crore, down 4% from Rs 280 crore a year earlier. Total expenses for the quarter declined 6% to Rs 236.9 crore.

GP Petroleums

In another filing on the NSE, GP Petroleums reported net profit of Rs 7.4 crore for the quarter ending Sept. 30, up 37% from Rs 5.4 crore in the year-earlier period.

The Mumbai-based company’s revenue from operations climbed 7% to Rs 168.4 crore. Other income dropped 84% to 4.5 lakh. Total expenses increased 4% to Rs 158.6 crore.

The company’s manufacturing segment produces and markets lubricating oils and greases. The segment’s revenue was Rs 76.7 crore, up 2% from Rs 75.2 crore. Revenue for its trading segment, which includes base oil trading activities, rose 11% to Rs 91.7 crore.

“Robust bottom line performance can be attributed to efficiency and effectiveness programs rolled out over the last six months,” Prashanth Achar, CEO of GP Petroleum, said in the company’s earnings press release. The company said India’s buoyant rural economy enabled GP to bounce back with growth in the agricultural and motorcycle segments in the country’s second and third tier towns, through virtual appointment of lubricant distributors.

MJL Bangladesh

MJL Bangladesh Ltd. reported consolidated net profit of 367.5 million taka (U.S. $4.3 million) for the quarter ending Sept. 30, down 30% from 521.6 million taka in the year-earlier period. Consolidated net sales revenue for the quarter fell 4% to 4.7 billion taka.

The Dhaka-based company is a joint venture between state-owned Jamuna Oil Co. and EC Securities Ltd. It supplies ExxonMobil’s Mobil brand of lubricants – some of which MJL blends and some of which is imported – and its Omera Lubricants.

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