Sri Lanka Chevron unit March 2016 net up 33-pct

ECONOMYNEXT – Chevron Lubricants Lanka PLC said March 2016 quarter net profit rose 33 percent to Rs986 million from a year ago, with margins expanding owing to low base oil prices.

The company reported earnings per share of Rs8.22 in the March 2016 quarter against Rs6.19 the year before, according to interim results filed with the stock exchange.

Quarterly sales rose 11 percent to Rs3.1 billion, with gross profit up 27 percent, while the cost of sales remained virtually unchanged.

Finance income was up 54 percent, according to the firm, the country’s largest player with a 50 percent market share.
(Colombo/May 05 2016)

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