Chevron Lanka 3Q net profit up 11%

3 November 2015 03:07 am - 0     - {{hitsCtrl.values.hits}}

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Company makes no provision for Super Gain Tax as law not enacted


Chevron Lubricants Lanka PLC, the local unit of US-based multinational, saw its September quarter (3Q15) net profit increasing 11 percent year-on-year (YoY) to Rs.834.76 million.

The earnings per share accordingly improved to Rs.6.96 from Rs.6.25, a year earlier. The increase in profits came in spite of a drop in the top line as the revenue fell 3 percent YoY to Rs.2.99 billion. However, the company was able cut its cost of sales by 11 percent YoY to Rs.1.62 billion to record a gross profit of Rs.1.37 billion, up 9 percent. Despite a 19 percent rise in distribution costs, the company reported an operating profit of Rs.1.09 billion, up 10 percent.
The finance income for the quarter rose 90 percent YoY to Rs.40.1 million, boosting the bottom line. 

For the nine months ended September 30, 2015, the company’s net profit rose 8 percent YoY to Rs.2.37 billion.

A drop in sales can also be seen in the nine months results as revenue fell 2 percent YoY to Rs.8.60 billion. 

The retained earnings of the firm as at September 30, 2015 stood at Rs.5.65 billion, up from Rs.4.59 billion in December 31, 2014.  Chevron Lanka said it would be liable to pay Rs.847.36 million as the Super Gains Tax in three equal instalments, which fall due on or before October 31, November 30 and December 31, 2015. The Finance Bill incorporating the Super Gain Tax as proposed in the interim budget in January was passed in Parliament on October 20, 2015 and was certified by the Speaker on October 30.

However, Chevron Lanka stated that the company didn’t make any adjustments to the interim financial statements as the Finance Bill had not been enacted as at the balance sheet date.
 
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