Profits Up for South Asian Firms

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Profits Up for South Asian Firms

For the quarter ending Dec. 31, profits were up for  India’s Tide Water Oil Co.GP Petroleums Ltd. and Continental Petroleums Ltd., along with MJL Bangladesh Ltd. and Sri Lanka’s Lanka IOC. The results indicate that the companies’ performance had not just rebounded from the depths of the pandemic but were generating better returns than before it began.

MJL Bangladesh

MJL Bangladesh Ltd. reported consolidated net profit of 837.9 million taka (U.S. $9.9 million) for the quarter ending Dec. 31, an increase of 58% from TK 531.2 million in the year-earlier period.

Consolidated net sales revenue for the quarter edged up 7% to TK 5.9 billion.

The Dhaka-based company is a joint venture between state-owned Jamuna Oil Co. and EC Securities Ltd. It supplies ExxonMobil’s Mobil brand lubricants – some of which MJL blends and some of which is imported – and its Omera-branded lubricants.

Tide Water Oil

Standalone profit for Kolkata-based Tide Water Oil rose 15% to Rs 35.3 crore (353 million Indian rupees or U.S. $1.8 million) for the quarter, up from Rs 30.8 crore the same period in 2019.

The manufacturer and distributor of Veedol-branded lubricants said revenue from operations increased 7% to Rs 315 crore. Total expense for the quarter rose 7% to Rs 282.1 Crore.

GP Petroleums

Mumbai-based GP Petroleums reported its net profit increased 62% to Rs 7.6 crore for the quarter ending Dec. 31, up from Rs 4.7 crore.

The company’s revenue from operations for the quarter climbed 53% to Rs 170 crore.  Other income jumped 317% to Rs 93.5 lakh, up from Rs 22.4 lakh. Total expenses increased 53% to 160.7 crore.

GP Petroleums’ manufacturing segment produces and markets lubricating oils and greases. The segment’s revenue was Rs 88.7 crore, up 13%. Revenue for its trading segment, which includes base oil trading activities, jumped 150% to Rs 81.3 crore.

Lanka IOC

Lanka IOC PLC posted 686.9 million Sri Lankan rupees (U.S. $3.5 million) in net profit for the quarter ending Dec. 31, a 40% increase from Rs 489.8 million. Sequentially, this also represented a dramatic improvement on only Rs 17.2 million net profit for the quarter ending Sept. 30, 2020.

Revenue for the quarter declined to Rs 16.6 million, a 16% decrease.

Lanka IOC is a subsidiary of India’s public sector utility Indian Oil Corp.

Continental Petroleums

Jaipur, India-based lubricant and grease seller Continental Petroleums reported net profit rose to Rs 143.4 lakh for the quarter ending Dec. 31, up 684% from Rs 18.3 lakh in the year-earlier period.

Total income, including revenue from operations and other operating income, jumped 317% to Rs 30 crore, while total expenses rose 303% to Rs 31.3 crore.

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