Profits up for Sri Lankan Lube Suppliers


Profits up for Sri Lankan Lube Suppliers

Chevron Lubricants Lanka Plc. reported large increases in profit and sales for the quarter ending March 31, compared to the same period last year, and Lanka IOC Plc. reported higher net profit and higher lubricants sales for its fiscal year ending March 31.

Chevron Lubricants Lanka

Colombo-based Chevron Lubricants Lanka Plc reported profit of 1.5 billion Sri Lankan rupees (U.S. $7.6 million) for the first quarter, a 198% improvement from Rs 517.2 million in the same period last year.

In interim financial statements released to the Colombo Stock Exchange, Chevron Lubricants Lanka said that operating profit grew 99% to Rs 1.4 billion, compared to Rs 717.3 million. Profit before income tax climbed 93% to Rs 1.4 billion.

Sales revenue rose 53% at Rs 4.4 billion, up from Rs 2.8 billion.

Chevron Lubricants Lanka imports, blends, distributes and markets lubricants and greases. The company operates a blending plant in Sapugaskanda.

Lanka IOC

Lanka IOC Plc. posted Rs 882.6 million net profit for the fiscal year ending March 31, improving by 109% from Rs 421.8 million in the previous fiscal year.

However, operating profit was down 75% to Rs 161.4 million, compared to Rs 634.7 million for the prior fiscal year. This was likely due in part to higher finance income and lower finance expenses for the completed fiscal year. Finance income – including income from short-term investments and deposits – was up 38% at Rs 1.3 billion. Finance expenses – including interest expenses and currency exchange gains or losses – were down 51% to Rs 476.3 million.

Sales of lubricants improved 38% to Rs 4.1 billion for the fiscal year, increasing from Rs 2.9 billion.

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

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