Profits Up for MJL, Down for Tide Water

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Profits Up for MJL, Down for Tide Water

Tide Water Oil Co. and base oils and lubricants trader Maximus International both reported drops in profits for the quarter ended Sept. 30, while profits were up for a third Indian company, Continental Petroleums Ltd., and Bangladeshi MJL Bangladesh Ltd.

Tide Water Oil

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Kolkata-based Tide Water Oil said in its stock exchange filing that its standalone profit fell 25% to Rs 30 crore (Rs 300 million or U.S. $4 million) for the quarter, down from Rs 40 crore in the same period last year.

The manufacturer and distributor of Veedol-branded lubricants said revenue from operations improved 20% to Rs 323.5 crore, up from Rs 270.4 crore. However, total expenses for the quarter climbed 25% to Rs 295.2 crore.

MJL Bangladesh

MJL Bangladesh reported that its consolidated net profit jumped 71% to 628.8 million taka (U.S. $7.3 million) for the quarter ending Sept. 30, improving from 367.5 million taka in the same period last year.

Consolidated net sales revenue for the quarter rose 30% to 6.1 billion taka, up from 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.

Continental Petroleums

Continental Petroleums, based in Jaipur, India, reported that net profit skyrocketed 411% to Rs 133.4 lakh (Rs 1.3 crore) for the quarter, improving from Rs 26.1 lakh in the year-earlier period.

Total income, including revenue from operations and other operating income, grew 37% to Rs 31.3 crore, while total expenses increased 30% to Rs 29.4 crore. Continental sells lubricants and greases.

Maximus International

Maximus International Ltd. reported consolidated net profit of Rs 3.6 lakh (Rs 360,000) for the quarter, dropping 72% from Rs 12.9 lakh. The company – which is based in Vadodara, Gujarat, and trades base oils and lubricant – a said in its regulatory filing that consolidated revenue from operations declined 14% to Rs 132.1 lakh.