Chevron Lanka Profit Plunges

Chevron Lubricants Lanka Plc reported that its third-quarter profit fell 34 percent year to year, hurt by lower revenue and finance income. Higher expenses also hit the companys bottom line.

The Colombo-based subsidiary of American oil giant Chevron recorded a profit of 656.6 million Sri Lankan rupees (U.S. $4.2 million) in the quarter ended Sep. 30, down from Rs 1 billion a year ago.

Revenue fell 12 percent to Rs 2.8 billion, and finance income slumped 57 percent to Rs 16.2 million, the lubricant maker said in a regulatory filing last week. Total distribution costs and administrative expenses, however, increased nearly 19 percent to around Rs 315 million.

For the nine months ended Sep. 30, Chevrons profit declined 28 percent year on year to Rs 2 billion, and revenue fell 10 percent to Rs 8.2 billion.

Chevron Lubricants Lanka is the largest lube supplier in Sri Lanka.