Chinese lubricant marketer Lopal Tech Co. reported that operating income for its lubricant products segment fell nearly 30%, and Richful Lube Additives Co. posted a decline of more than 10% in net profit for the first quarter.
Lopal reported operating income of ¥193.3 million ($28.8 million) for its lubricants segment in the first quarter, a 29% decline from ¥272.9 million in the same period last year.
The company said it sold 12,549 metric tons of lubricants in the quarter, a 34% drop from 18,963 tons.
The company’s lubricants production declined 33% to 13,067 tons, compared to 19,604 tons.
The company markets engine oils and gear oils under its Lopal brand and car care products, including coolants, under the 3ECARE brand.
Richful’s first-quarter net profit declined 12% to ¥51.5 million, compared to ¥58.9 million.
Operating income for the quarter rose 61% to ¥396.3 million, improving from ¥246.7 million.
Richful is based in Xinxiang, Henan province, where it has a facility with capacity to produce about 100,000 metric tons per year of additive components and 15,000 t/y of packages.