Sri Lanka’s Bogoal Graphite buoyed by growing demand from forging industry

Although group net profit of Sri Lanka’s Bogala Graphite declined by more than half to Rs33 million (US$253,699.79) last year from Rs70 million (US$ 538,151.08) the year before, the company is seeing more demand for its lubricants from the forging industry in the South Asian region. Bogola Graphite is a unit of Germany’s Graphit Kropfmuhl AG, and last year, its new lubricant plant began operations. “The lubricant plant which was installed during the year under review is beginning to pay reasonable returns,” Bogala Graphite Chairman Vijaya Malalasekara told shareholders in the company’s annual report. (April 18, 2012)