ECONOMYNEXT – Profits at Sri Lanka’s Chevron Lubricants fell 9 percent from a year ago to 674.1 million rupees in the December 2024 quarter, the interim accounts showed as the revenue fell compared to the same quarter in the previous year.
The firm reported earnings of 2.81 rupees for the quarter.
The fall in the revenue outpaced the fall in cost of sales and and increase in finance cost, resulting in a falling net profit, the earning data showed.
The revenue fell 16 percent to 4.62 billion rupees in the quarter, compared to 5.53 billion.
Gross profits edged down 7 percent to 1.83 billion rupees despite cost of sales falling 21 percent to 3 billion.
The finance cost jumped 68 percent to 31.8 million rupees compared to 18.9 million in the September quarter last year.
Chevron Lubricants is a subsidiary of Chevron USA engaged in blending, importing, exporting & distribution of lubricants, greases & other specialties. (Colombo/October 30/2024)
