Sri Lanka Chevron unit March quarter net profit down 14-pct

ECONOMYNEXT – Chevron Lubricants Lanka said March 2019 quarter net profit fell 14 percent to 603 million rupees from a year ago.

A stock exchange filing said quarterly sales rose 10 percent to 3.3 billion rupees over the same period, although cost of sales rose faster, reducing gross profit.

Earnings per share for the March 2019 quarter was 2.51 rupees.

Chevron Lubricants Lanka shares were trading at 61.60 rupees in mid-morning trade, up 2.50 rupees or 4.2 percent.

The company’s profit margins have been squeezed in recent quarters owing to stiff competition, higher income tax and rising costs from currency depreciation.

However, in February, it won several tenders to supply lubricants to state-owned power stations and transport services

In September 2018, Patrick McCloud took over as chief executive and managing director of Sri Lanka’s Chevron, replacing Kishu Gomes, the firm’s long-serving chief executive, who resigned abruptly in May.

(COLOMBO, April 25, 2019-SB)

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