Mon, 28 Nov 2022 Today's Paper

Chevron Lubricants June earnings impacted by lower sales

29 July 2020 08:50 am - 0     - {{hitsCtrl.values.hits}}

A A A

Sri Lanka’s lubricant market leader, Chevron Lubricants (Lanka) PLC posted a net profit of Rs.427 million for the June quarter, recording 3 percent decline compared to the corresponding period last year, due to lower sales resulting from COVID-19 crisis. 


Chevron Lubricants reported earnings of Rs.1.78 a share in the quarter, down from Rs 1.83 a share a year ago. 


The firm’s revenue fell by 8 percent year-on-year (YoY) to Rs.2.54 billion during the quarter.


In particular, the firm earlier said blending and filling operations remained lower than normal levels due to the curtailed economic activities in Sri Lanka and among its export markets mainly due to the curfew/lockdown conditions.


The company also said that it had implemented several measures to control operational expenses and to reduce capital expenditures for discretionary projects.


However, its administrative expenses shot up by 12 percent YoY to Rs.202 million during the quarter under review. 


For the six month period ended June 30, 2020 Chevron Lubricants reported earnings of Rs.3.93 as share or Rs.944.2 million down from Rs.4.34 a share or Rs.1.04 billion a year ago. 


The company had Rs. 1.7 billion in cash and cash equivalents at the end of the June quarter compared to Rs.869 million at the end of December 2019 quarter. Chevron Ceylon Limited has 51 percent stake in the company followed by 8.25 percent stake held by Global Master Fund LP. 


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop 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




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning

Rishi Sunak; why SL did not have a Tamil or Muslim as President?

Britain now has a British Asian, Hindu Prime Minister, though Rishi Sunak is

How and why MGR launched ADMK 50 years ago

17 October 1972 was a Tuesday. Fifty years ago on that auspicious day, a new

Amitabh Bachchan: Evergreen Emperor of Hindi cinema turns 80

Well-known Hindi film actor Amitabh Bachchan celebrated his eightieth birthda