Sat, 17 Apr 2021 Today's Paper

Chevron Lanka March profit up 33% to Rs.986 mn

6 May 2016 10:26 am - 0     - {{hitsCtrl.values.hits}}

A A A

Chevron Lubricants Lanka PLC, the local unit of US-based multinational, saw its March quarter (1Q16) net  profit rising as much as 33 percent year-on-year (yoy) to Rs.985.9 million, amid improved gross margins.


The revenue for the quarter rose 11 percent yoy to Rs.3.1 billion while cost of sales edged down 1 percent yoy to Rs.1.6 billion, resulting in a gross profit of Rs.1.52 billion, up 27 percent yoy.
The earnings per share for the period improved to Rs.8.22 from Rs.6.19.


A two percent distribution cost also helped the company to post an operating profit of Rs.1.3 billion, up 30 percent yoy, despite a 23 percent rise in administrative expenses.
The company’s income tax expense also rose 25 percent yoy to Rs.357.3 million.
Chevron Lanka said it would pass on the impact created by VAT increase on the company to the customers. Government raised the VAT rate from 11 percent to 15 percent and removed the NBT exemption prevailed for lubricants.


Meanwhile, Chevron Lanka recently announced a decision to increase the number of shares by way of share sub-division, subject to shareholder approval. Accordingly, each existing share will be split to two ordinary shares, the company said in a stock exchange filing.


Chevron accounts for over 50 percent of the country’s 55 million litre lubricant market.
The company is expecting relatively slower growth this year due to exchange rate volatilities and lower vehicle imports due to higher import taxes. 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




What is in a meme?

As fun as memes are, what do they mean for our mental health? An expert has a

Justice Delayed is Justice Denied!

Two years after the Easter Sunday carnage people are left with false hopes an

Cinematic links between director Lester and actor Gamini

Sinhala cinema’s pioneering director Lester James Peries is the Sri Lankan

Difficult to forgive Easter Sunday bombers: Brother of tourists killed in Sri Lanka

This year marks two years since the deadly Easter Sunday attacks in Sri Lanka

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.