MJL Profits Drop Steeply

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MJL Profits Drop Steeply

Lubricant blender and supplier MJL Bangladesh reported a steep drop in consolidated net profit and a slight increase in consolidated net sales revenue for the quarter ending Dec. 31.

MJL Bangladesh reported that its consolidated net profit plunged 46% to 455.4 million taka (U.S. $5.3 million) for the quarter – the second quarter of its fiscal year – dropping from 837.9 million taka in the same period in 2020.

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Consolidated net sales revenue for the quarter increased 3% to 5.6 billion taka, improving from 5.4 billion taka.

MJL’s products include automotive, industrial and specialty lubricants. Automotive lubricants include motor oils for passenger cars, motorcycles and buses, along with related lubricants, such as gear oils, automatic transmission fluids, greases and brake fluid.

Headquartered in Dhaka, the company is a joint venture between Jamunsa Oil Co. – owned by Bangladesh’s government – and EC Securities Ltd. MJL supplies ExxonMobil’s Mobil lubricants brand – both by blending the products locally and importing them – and its own Omera Lubricants brand.