Lubricant supplier Lanka IOC reported a steep net loss, and the lubricants business segment of Malaysian state-owned oil firm Petronas’ domestic marketing arm posted lower gross profit for the quarter ending June 30.
Lanka IOC PLC. reported a 795.5 million Sri Lankan rupees (U.S. $4.3 million) net loss for the quarter ending June 30, declining further from an Rs 239.2 million net loss in the year-earlier period.
Revenue for the quarter reached Rs 10.7 billion, down 42 percent from Rs 18.4 billion.
In its interim financial statement to the Colombo Stock Exchange, Lanka IOC reported an Rs 1.2 billion operating loss for the quarter, down from an Rs 280.1 million operating loss in the year-earlier period.
Lanka IOC is a subsidiary of India’s public sector utility Indian Oil Corp.
The lubricants business segment of Petronas Dagangan Berhad posted a 36 percent decrease to around 17 million Malaysian ringgit (U.S. $4.1 million) in gross profit for the quarter, which the company attributed to lower sales volume. Petronas Dagangan Berhad is the Malaysian state-owned oil firm’s domestic marketing arm.
Petronas said in its earnings news release it would focus on its AutoExpert service centers, full-fledged auto service centers that offer top-end products and services, to grow its lubricant business and capture new customers. In addition, the lubricant business recently secured a 5-year contract with Mazda to supply mainly Syntium branded lubricants. In its quarterly financial report, the company said it is expanding its efforts to market products on e-commerce platforms, such as Lazada and Shopee.
Petronas Lubricants Marketing (Malaysia) Sdn was formed in 2015 to integrate all sales and marketing of Petronas lubricants in Malaysia into a single entity under Petronas Dagangan Berhad.