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Sri Lanka’s Chevron Lubricant unit revenues slide, profit down

ECONOMYNEXT – Profits at Chevron Lubricants Lanka Plc, a unit of Chevron, fell 21 percent from a year earlier to 549 million rupees in the December 2017 quarter, with revenues sliding 5 percent, interim accounts showed.

 The firm reported earnings of 2.29 cents per share. For the year to December it reported earnings of 10.54 rupees per share on total profits of 2.55 billion rupees which fell 27 percent. The stock last traded at 114.70 rupees down 40 cents.

Revenues in the December 2017 quarter was down 5 percent to 2.8 billion rupees and cost of sales rose 1 percent to 1.68 billion rupees, shrinking gross profits 12 percent to 1.22 billion rupees.

Distribution cost rose 17 percent to 206 million rupees.

The firm reported finance income of 22.3 million rupees, down from 38 million a year earlier.

The quarterly fall in revenues at 5 percent was slower than the full year fall of 9 percent to 11.05 billion rupees. (Colombo/Feb02/2018)

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