Pakistans Hi-Tech Lubricants reported a steeper net loss, while Indias Savita Oil and Apar Industries each reported higher net profit for the quarter ending Sept. 30, compared to results in the same period last year.
Hi-Tech Lubricants Ltd. reported a consolidated net loss of Rs 242 million (U.S. $1.5 million), declining further from a net loss of Rs 143.3 million a year ago, according to the companys latest earnings release. The Lahore, Pakistan-based blenders first quarter ended Sept. 30.
Net sales for the distributor of SK Lubricants Zic brand of finished lubes slumped to Rs 463.2 million during the quarter from Rs 1.73 billion a year earlier, a 73 percent slide. The lubricant blender did not discuss factors contributing to the decline in sales.
Total expenses declined 25 percent to Rs 327.5 million, while finance costs rose nearly 23 percent to Rs 52.5 million.
Savita Oil - a supplier of transformer oils, white oils, lubricants and other products - reported a 37.4 percent increase in net profit for the quarter ended Sept. 30 to Rs. 25.02 crore (Rs 250.2 million or U.S. $3.5 million), up from Rs 18.2 crore during the same quarter in 2018.
Total revenue from operations for the companys second quarter fell to Rs 544.1 crore, down 6.2 percent from Rs 580.3 crore in same period last year.
For the first half of the fiscal year - April through September - the company reported a 3.5 percent decrease in total revenue year-on-year to Rs 1,083 crore, down from Rs 1,122.53 crore. The company reported a 46.6 percent increase in first-half net profit to Rs 53.40 crore, up from Rs 36.42 crore.
In interim financial statements released to the Bombay Stock Exchange, the company reported revenue from petroleum products declined to Rs 52.36 crore in the quarter, down 6.2 percent from Rs 55.84 crore in September 2018. Revenues from petroleum products for the first half of the year declined to Rs 1,050.90 crore, down 3.6 percent from Rs 1,090.48 crore for the first half of 2018.
Indian transformer oil supplier Apar reported a net profit of Rs 36.71 crore for the three months ending in September, up 37 percent from Rs 26.79 crore in the same period last year. Net profit for the six month period from April to September also increased to Rs 78.84 crore, up 45.7 percent from Rs 54.11 crore last year.
In its regulatory filing with the Bombay Stock Exchange, the company said revenues from its transformer and specialty oil segment declined to Rs 475.50 crore in the three months ended September 2019, down 13.5 percent from Rs 549.94 crore of the same period last year. Revenues from the transformer and specialty oil segment in the six months from April through September declined to Rs. 979.33 crore, down 5.3 percent from Rs 1,034.00 crore for the same period last year.