Other

Chevron first quarter profits rise to Rs.770 million

24 Apr 2013 - {{hitsCtrl.values.hits}}

Sri Lanka’s Chevron Unit said profits for the March quarter (1Q13) rose to Rs.769.8 million against Rs.661.1 million in the same quarter of the previous year, despite a drop in revenue.

The revenue during the quarter fell to Rs.3.16 billion against Rs.3.3 billion in the previous year while cost of sales fell to Rs.1.96 billion from Rs.2.24 billion.

The firm reported a finance income of Rs.65 million, up from Rs.30 million. Earnings per Share for the quarter was Rs.6.42 against Rs.5.51 in 1Q12.

According to Chevron Lanka Managing Director Kishu Gomes, lubricants consumption has remained sluggish during the first quarter mainly due to reduced demand from thermal power plants, floods-hit agricultural sector and market contraction with extended oil drain intervals as a result of consumers moving from lower tier to higher tier technology.

“Construction sector volume too has had a setback on the back of lower growth recorded in the sector,” he added.

However Gomes noted that favorable base oil prices, local currency appreciation against the US dollar contributed to increased gross margins while increased interest income contributed to the increase of net earnings by 14 percent compared to last year.

Other

Chevron first quarter profits rise to Rs.770 million

Most Popular Articles

Sri Lanka’s exports surpass US$9 billion in first half of 2026

Sri Lanka’s IMF reserve target comes under pressure: KPMG

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

HMD introduces latest range of feature phones to Sri Lanka

CSE opens the week lower as broad-based selling offsets strong institutional activity

Latest News

Singer “Chili” fined for attempted assault on police officers

Sri Lanka’s exports surpass US$9 billion in first half of 2026

China ready to work with Sri Lanka to build strategic trust: Chinese Ambassador

Wildlife holiday bungalows to be upgraded

Toxic alcohol addiction changes brain chemistry: Psychotherapist