Chevron Sri Lanka unit Sept net up 20-pct

ECONOMYNEXT – Chevron Lubricants Lanka’s September 2016 quarter net profit rose 20 percent to just over a billion rupees from a year ago, helped by lower base oil prices and increased consumption owing to a surge in vehicle imports.

Sales rose 8 percent to Rs3.2 billion, with the cost of sales rising at a slower rate, according to interim accounts filed with the stock exchange.

The accounts showed lower distribution costs and administrative expenses during the September 2016 quarter.

Earnings per share for the quarter rose to Rs4.17 from Rs3.48 the year before.

In the nine months to 30 September 2016, EPS rose to Rs11.82 from Rs9.89 a year ago.

The company has said it has benefitted from lower base oil prices and increased consumption owing to the sharp increase in vehicle imports.
(COLOMBO, Oct 13, 2016)

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