Pakistan-based blender Hi-Tech Lubricants Ltd. reported higher consolidated net profit for the quarter and for the fiscal year ending June 30.
Net profit for the Lahore-based company increased 6% to 143.4 million Pakistan rupees (U.S. $718,846) for the quarter – the fourth of the company’s fiscal year – up from Rs 135.5 million in the same period last year. For the full fiscal year, the company’s net profit jumped 436% to Rs 651.5 million, improving from Rs 121.6 million in the prior fiscal year.
The company’s other income for the quarter declined 21% to Rs 23.8 million, compared with Rs 30 million in the same period last year. For the fiscal year ending June 30, the blender’s other income declined 18% to Rs 107.8 million.
Net sales revenue in the quarter ending June 30 reached Rs 3.3 billion, up 737% from Rs 1.9 billion. For the full fiscal year, net sales rose 88% to Rs 10.6 billion, up from Rs 5.6 billion.
Hi-Tech Blending (Private) Ltd., the company’s wholly owned subsidiary, started local blending of Fighter Brands – in-house production of South Korea’s SK Lubricants’ Zic lubricants – in November 2018.