Hi-Tech Lubricants posted higher net profit for the quarter ending March 31, while National Refinery Ltd. reported decreased net profit for its lube segment for the nine months that ended March 31, compared to year-earlier results. Both companies are based in Pakistan.
Pakistans National Refinery Ltd. reported its half-year net profit for its lube segment - which includes API Group I base oils and waxes - plunged 52 percent year-on-year, hurt by weak domestic sales.
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.
Castrol India Ltd. reported a substantial increase in profit for the quarter ending Sept. 30, while Pakistans Hi-Tech Lubricants Ltd. posted a steep decline in annual profit for the fiscal year ending June 30.
The Competition Commission of Pakistan served notice last month of a finding that Hi-Tech Blending (Pvt) Ltd. used false and misleading statements in a promotion of Zic brand lubricants.
Gulf Oil Lubricants India Ltd and Continental Petroleum both reported healthy increases in profit for their third quarters, the former thanks to a jump in sales, the latter due to cost cutting. Meanwhile Tide Water Oil Co. and Hi-Tech Lubricants both had setbacks in performance.
National Refinery Ltd. plans to boost the production capacity of its base oil plant in Pakistan and has contracted a Chinese company to do the work.
Continental Petroleums, Hi-Tech Lubricants, Balmer Lawrie, Tide Water Oil and Castrol India each reported higher profits for the quarter ended Dec. 31, compared to the same period a year earlier.
The China-Pakistan Economic Corridor (CPEC) is set to overhaul Pakistans infrastructure and strengthen its economy, which could increase its annual base oil demand by 143,000 metric tons and its finished lubricants by 190,000 metric tons, according to an industry executive.
Allegedly defective oil produced in Ukraine was blamed for the failure of 30 Pakistan Army tanks last month after similar cases were reported in Ukraine.