Officials said Valvoline performed well in thethree monthsended Dec. 31 (the company’s fiscal year begins Oct. 1), despite a softening economy. Profits increased from nearly every Valvoline business unit, Chairman and Chief Executive Officer Paul W. Chellgren said. Results from the core lubricants business and Valvoline Instant Oil Change were particularly strong. Gains in Europe contributed tobetter results for international operations, he added.

Income from Ashlands refining and marketing operations – mostly from MAP, in which Ashland holds a 38 percent share – dropped from $109 million to $74 million. Although refining margins typically dip in winter, Chellgren said they fell more than usual this year, due to the recession and unusually warm weather. MAPs refining and marketing margin fell to $2.70 per barrel, down from $3.75 per barrel for the same period a year earlier.

Ashland was forced to declare an $18 million after-tax, non-cash charge to adjust the carrying value of MAP inventories to market value.