Chevron Lubricants Lanka PLC and Tide Water Oil Co. both reported improved performance for the three months ended Sept. 30, while Savita Oil Technologies Ltd. posted a decline in profits. Gulf Oil Lubricants India Ltd. had higher revenues in its first report as a demerged publicly traded company.
Chevron Lubricants Lanka reported Rs 750 million (U.S. $12.2 million) in net profit for the quarter ended Sept. 30, a 23 percent increase over last years corresponding quarter figure of Rs 610 million. Operating from Colombo, Sri Lanka, Chevron Lanka also reported an increase in revenue of 11 percent year-over-year, to Rs 3 billion, from Rs 2.78 in 2013. Costs of sales increased to Rs 1.8 billion, up 3 percent from Rs 1.76 billion, which the company reported during the quarter ended Sept. 30, 2013.
The companys distribution costs fell to Rs 120.2 million, an 8 percent drop from Rs 131 million last year. Administrative expenses increased 18 percent to Rs 153 million from Rs 130 million in the third quarter of 2013. The operating profit for the quarter stood at Rs 991 million, up 30 percent from Rs 763 in the third quarter of 2013. Finance income sank to Rs 25 million, a 63 percent decline from Rs 67.7 million.
Tide Water Oil Co. reported a marginal increase in second quarter net earnings over the same quarter last year. For the period ended Sept. 30, the company had net earnings of $61 million. For the same quarter last year, net earnings were $54.2 million.
Gulf Oil Lubricants India Ltd. reported revenues of Rs. 243 crores ($U.S. 39.5 million) for the quarter ending Sept. 30, up 16 percent from the previous years corresponding quarter, when it was Rs. 204 crores. For the second quarter, the companys profit after taxes was Rs. 19.40 crores.
The lubricant marketer was previously the lubricants segment of Gulf Oil Corp. but was demerged earlier this year and listed on the National Stock Exchange and Bombay Stock Exchange on July 31.According to a statement released last week, the companys personal mobility segments, including two wheelers and passenger vehicles, are improving, while its commercial vehicle diesel engine oils segment continues to struggle. However, the company expects that the segment will pick up in the next few quarters, which it hopes will bring an all-around improvement for its lubricants business.
Gulf Oil Lubricants is also optimistic that an impending economic revival, along with government actions on mining and infrastructure, will stimulate demand for lubricants in the coming months, which it says will bring upticks in its sales and revenues.
Savita Oil Technologies Ltd. reported a decline in total income from operations for the quarter ended Sept. 30, compared to the year-earlier period. Savita, operating from Mumbai, reported total net income from operations of Rs 49,772.01 lakhs (Rs 4.9 billion), a 4.8 percent decrease compared to Rs. 52,281.83 lakhs for 2013s third quarter.