Sri Lanka Chevron lubricants unit profits flat

Feb 08, 2013 (LBO) – Sri Lanka’s Chevron Lubricants Plc said profits in the December quarter rose 1.7 percent to 571 million rupees from a year arlier, while volume sales dropped amid an economic slowdown.

The firm reported earnings of 4.76 rupees per share. For the year to December the firm reported earnings of 19.06 rupees on profits of 2.28 billion rupees, up from 2.0 billion a year earlier in interim accounts filed with the Colombo Stock Exchange.

In the December quarter revenues fell 3.7 percent to 2.81 billion rupees, cost of sales also fell 5.0 percent to 1.95 billion rupees and gross profits fell at a slower 0.7 percent to 902 million rupees.

“Volatility in the macro environment and adverse weather that resulted in prolonged floods in many districts led to lower industry growth which had a negative impact on volumes relative to the previous year..,” managing director Kishu Gomes told shareholders.

“Exports to Bangladesh suffered slightly due to similar macro issues while Maldives recorded a positive volume growth.”

Finance income of 76.9 million rupees, up from 30 million rupees a year earlier, helped boost the bottom line.