Sri Lanka Chevron Lubricants profits up 28-pct
ECONOMYNEXT – Profits at Sri Lanka’s Chevron Lubricants Plc rose 28 percent in the December 2015 quarter from a year earlier, amid strong margin growth, interim accounts showed as oil prices fell.
The firm reported earnings of 5.94 rupees per share. For the year to December 2015 it reported earnings of 25.73 rupees per share on total profits of 3.0 billion rupees, which were up 12 percent.
The firm said total revenues grew 8 percent to 2.95 billion rupees in the quarter, and cost of sales fel 10 percent to 1.61 billion rupees, allowing gross profits to grow 42 percent to 1.36 billion rupees.
Despite Sri Lanka’s rupee falling due to money printing, from 131 to 144 to the US dollar, global oil prices have also fallen sharply. In 2015 imports of new vehicles also rose to record levels. (Colombo/Jan27/2016)