Chevron Lubricants Lanka posts highest profit ever

Chevron Lubricants Lanka PLC achieved a milestone in its financial performance, recording the highest earnings in its history with a net profit of Rs 2 billion (US$15.4 million) in 2011, up 33.3% from the previous year. The company continues to be one of the best performing shares on the Colombo Stock Exchange. “During the year, we had to contend with a sharp increase in global oil prices. The company’s healthy financial performance was achieved in spite of this, through sound management decisions, strong marketing efforts, and a focus on cost management,” said Chevron Lubricants Lanka Chairman Farrukh Saeed. Managing Director/CEO Kishu Gomes said that the company also benefited from the government’s move to reduce corporate tax from 35% to 28%. He said the company’s raw material cost increased significantly in 2011, but “we combated this through a focused pricing strategy, taking a firm decision to prevent an erosion of our margins.” (March 15, 2012)