Pakistans Hi-Tech Lubricants Ltd. reported a 44 percent jump in its annual net profit, as sales and other income surged. A decline in expenses also positively contributed to the companys bottom line.
The Lahore-based blender posted a consolidated net profit of approximately Rs 744 million (U.S. $7 million) for the year ended June 30, up from Rs 518 million in the same period last year, according to a regulatory filing.
The companys other income more than doubled to Rs 96.2 million from Rs 46.6 million a year ago, while total expenses declined 28 percent to Rs 871 million.
Consolidated net sales rose 4.5 percent to approximately Rs 7.3 billion, reported the distributor of SK Lubricants Zic brand of finished lubricants, greases and specialty oils.
Hi-Tech, which recently made its foray into the fuel retail and service center businesses, opened its first HTL Express Service Center in Lahore last month. The company expects to complete construction of its fuel storage depot facility by the end of this calendar year, according to its latest quarterly progress report.