Sri Lanka’s Chevron Lubricants posts 12% rise in yearly profit

Sri Lanka’s Chevron Lubricants Plc reported a 28% rise in quarterly profits during the period ending in December 2015, compared to a year ago period. Chevron Lubricants reported earnings of LKR 5.94 (USD 0.04) per share during the quarter.

For the full year of 2015, earnings were LKR 25.73 (USD 0.17) per share on total profits of LKR 3.0 billion (USD 20.4 million), which represented a 12% increase from a year ago.

Chevron Lubricants said total revenues grew 8% to LKR  2.95 billion (USD 20 million), while cost of sales declined 10% to LKR 1.61 billion (USD 10.9 million), due to lower raw material costs, increasing gross profits by 42% to LKR 1.36 billion (USD 9.2 million).

While Sri Lanka’s currency depreciated by nearly 10% during this period, from LKR 131 to LKR 144 per U.S. Dollar, the decline in global crude oil and base oil prices helped boost Chevron Lubricant’s profits. Also, in 2015 imports of new vehicles in Sri Lanka rose to record levels, local media reported.