Sri Lanka unit of Chevron profits grow in Sep with higher sales

ECONOMYNEXT- Sri Lanka’s Chevron Lubricants Lanka Plc posted 622.3 million rupees in profits for the September quarter, up 20 percent from a year earlier due to higher sales, interim financial results showed.

Earnings per share for the quarter were 2.59 rupees, the firm said. Chevron posted 6.94 rupees in earnings per share for the first nine months of the year. The firm’s share closed 1.20 rupees up at 65 rupees a share on Thursday.

Revenue for the quarter grew 15 percent to 3.3 billion rupees, while cost of sales grew 10 percent to 2 billion rupees, leading to gross profits growing 22 percent to 1.3 billion rupees.

Finance costs were 11.2 million rupees, up from 386,000 rupees a year earlier, while finance income grew 139 percent to 10.7 million rupees.

Chevron incurred 381 million rupees in lease liabilities in September due to financial leases being accounted for in the balance sheet under a new accounting standard, while the right of use assets for the leases were 405 million rupees.

The firm’s assets grew to 6.4 billion rupees in September, up from 6 billion rupees nine months earlier. (Colombo/Oct24/2019)