Chevron Lubricants unit profits down 13-pct in June quarter amid flat Sri Lanka revenues
ECONOMYNEXT – Profits at Chevron Lubricants Lanka Plc, a unit Chevron. fell 13 percent from a year earlier to 439 million rupees in the June 2019 quarter, amid flat revenues and rising costs.
The firm reported earnings of 1.83 rupees per share for the quarter. For the six months to June 2019, it reported earnings of 4.34 rupees per share on total profits of 1.04 billion rupees which fell 13 percent.
The stock last traded at 65.10 rupees a share.
Revenue in the June 2018 quarter was down 1 percent 2.7 billion rupees and the cost of sales was up 1 percent to 1.7 billion rupees, shrinking gross profits by 6 percent to 979 million rupees from a year earlier.
Distribution costs rose 12 percent to 189 million rupees amid flat revenues
Other operating income fell 92 percent to 3.6 million rupees from a year earlier.
Net finance income fell 46 percent 4.1 million rupees in the June 2019 quarter.
Chevron has won several tenders to supply lubricants to state-owned power stations and transport services in 2019.
However the firm had been steadily losing market share amid stronger competition. (Colombo/Aug06/2019)