Tide Water Oil Co., Sah Petroleums and Apar Industries Ltd.s oils segment all reported significant drops in profitability for the quarter ended Dec. 31.
Apar said its transformer oil and specialty oil division made a profit of Rs 12.31 crore (123 million rupees or U.S. $2 million) before finance costs and taxes for the third quarter of its fiscal year, down 70 percent from Rs 39.61 crore the same period of 2013. The oils division had revenue of Rs 501 crore, a decline of 17 percent from the same period a year earlier.
Headquarted in Vadodara, India, Apar is the countrys largest supplier of transformer oils. Effective Jan. 1, it merged its lubricants division with its other segments, including conductors and power and telecom cables.
Tide Waters net profit came in at Rs 1,412 lakhs (141 million rupees)- around 19 percent lower than the third quarter of 2013. The Kolkata-based company reported revenue of Rs 23473 lakhs, down from Rs 24357 lakhs a year earlier. Expenses were less in 2014s third quarter, at Rs 21738 lakhs compared to Rs 22021 lakhs in 2013.
Mumbai-based Sah Petroleums posted a net profit of Rs 78 lakhs - a dramatic drop from Rs 306 lakhs in the third quarter of 2013. Third quarter 2014 revenue was Rs 9,714 lakhs, a minor dip from the previous years Rs 10,454 lakhs. Expenses were also down in its Dec. 31-ended quarter, to Rs 9,588 lakhs, versus Rs 10,224 lakhs in 2013.