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 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, 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 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.