Profits Rise for Fuchs, Fall at BP

Independent lubricants blender Fuchs Petrolub SE increased profits and sales, and BPs lubricants business reported a decline in profit for the second quarter, compared to 2017s second quarter.

Fuchs

Mannheim, Germany-based Fuchs reported 73 million (U.S. $84.6 million) in earnings after tax, a 7.4 percent increase from 68 million in the same quarter last year. Sales revenue grew 6.2 percent to 668 million.

The blenders revenue in Asia-Pacific and Africa jumped 15.4 percent to 210 million compared to 182 million in the same period last year.

In North and South America, the companys revenue grew 3 percent to 104 million after posting 101 million in second-quarter 2017.

Sales revenue in Europe increased 3.1 percent to 395 million compared to 383 million the year before.

The significantly negative currency effects in the first quarter slowed down in the second quarter and are expected to continue to decline in the subsequent quarters, the company stated in its earnings news release.

BP

BPs lubricants business reported an underlying replacement cost profit before interest and tax of $326 million for the second quarter, down 8.2 percent from $355 million for the same period in 2017.

Replacement cost profit or loss reflects the replacement cost of supplies and is calculated by excluding inventory holding gains and losses from profit or loss, according to BPs supplementary information provided with its earnings statement.

The result for the quarter and half year reflects continued premium brand growth, more than offset by the adverse lag impact of increasing base oil prices, the London-based company said in its stock exchange announcement.