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Chevron Lubricants 4Q profits up despite higher tax expenses

28 January 2016 02:45 am - 0     - {{hitsCtrl.values.hits}}

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Chevron Lubricants Lanka PLC, the local unit of US-based multinational, saw its December quarter (4Q15) net profit increasing 28 percent year-on-year (YoY) to Rs.713.3 million, the interim financial accounts released to the Colombo bourse showed.
The earnings per share (EPS) improved to Rs.5.94 from Rs.4.65 recorded for the same period of the previous year.
The higher profits came from better top line performance, as the company saw its lubricant sales growing 8 percent YoY to Rs.2.95 billion. 
Cost of sales for the period fell 10 percent YoY 1.61 billion, resulting in a gross profit of Rs.1.34 billion, up 42 percent YoY.
Operating profits for the quarter rose 53 percent YoY to Rs.1.03 billion, despite a 61 percent YoY increase in administrative expenses. 
However, this significant top line performance was somewhat dented by a steep 138 percent YoY rise in income tax expenses to Rs.374.4 million.
For the year December 31, 2015 (FY15), Chevron Lanka reported a net profit of Rs.3.08 billion, up 12 percent YoY.
The EPS improved Rs.25.73 from Rs.22.89 in the previous year. 
Total assets of the company as at December 31, 2015 stood at Rs.7.04 billion, improving from 6.47 billion 12 months ago.
The net cash position of the company as at the same data was Rs.2.33 billon, improving from Rs.1.29 billion. 
The retained earnings however fell to Rs.4.08 billion from Rs.4.6 billion.
As at December 31, 2015, Chevron Ceylon Limited held 51 percent of the issued shares of the company, while Wasatch Frontier Emerging Small Countries Fund held 5.19 percent as the second largest shareholder.
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