Pakistans Hi-Tech Lubricants Ltd. reported a marginal increase in its annual profit as the impact of higher sales was offset by a surge in expenses, finance costs and taxes.
Consolidated net profit rose 2 percent year-on-year to Rs 759.5 million (U.S. $6 million) for the year ended June 30, the Lahore-based blender said in a regulatory filing last month.
The distributor of SK Lubricants Zic brand of finished lubes reported that its net sales increased 26 percent year on year to Rs 9.25 billion. The company did not discuss the impetus behind the boost in sales.
Total expenses for the company increased 36 percent to Rs 1.19 billion. Finance costs jumped 65 percent to Rs 127.3 million, and taxes rose about 17 percent to Rs 391 million.