GP Petroleums Ltd. reported its second-quarter net profit fell nearly 4 percent year on year to Rs 3.13 crore (Rs 31.3 million, or U.S. $477,174), due primarily to higher expenses. The decline in GPs bottom line was tempered by a gain in its other category.
GPs total expenses increased approximately 11 percent to Rs 120.8 crore in the quarter ended Sept. 30, the company said in a regulatory filing last week. The company reported a gain of Rs 38.7 lakh in the second quarter in its other income category. In the corresponding quarter of the previous year, it reported a loss of Rs 8.8.
Revenue from operations increased 10 percent to Rs 125.2 crore, the supplier of Ipol-branded lubricants said. GP, which sells industrial and automotive lubricants along with process oils, transformer oils and greases, didnt provide reasons for its increase in sales.
GP, a subsidiary of the United Arab Emirates-based GP Global Group, reported net profit plunged 40 percent to Rs 6.6 crore for the April to September 2017 period. Revenue from operations declined 5 percent to approximately Rs 238 crore.