Chevron Sri Lanka unit December net down 03-pct to Rs693mn

ECONOMYNEXT – Chevron Lubricants Lanka’s December 2016 quarter net profit fell three percent to Rs693 million from a year ago, with sales flat at Rs2.9 billion.

Interim accounts filed with the stock exchange showed a sharp rise in distribution costs and administrative expenses, and a fall in finance income.

The company had earlier been helped by lower base oil prices and increased consumption owing to a surge in vehicle imports. Vehicle imports have now declined.

Earnings per share for the quarter fell to Rs2.89 from Rs2.99 the year before. The share was last traded at Rs164.

Chevron Lubricants Lanka’s business in the December 2016 quarter was much lower than that of the previous quarter, with net profit down a steep 31 percent from the September 2016 quarter and sales down 9.4 percent.

In the year to 31 December 2016, EPS rose to Rs14.51 from Rs12.88 a year ago.

Annual net profit rose 13 percent to Rs3.5 billion, while sales grew 5 percent to Rs12 billion.
(Updated – with comparison with previous quarter)
(COLOMBO, Feb 02 2017)

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