Chevron Lubricant Lanka tops Rs 2 b profit
Chevron Lubricant Lanka Limited has recorded the highest profit so
far exceeding Rs two billion for the first time since its inception in
1994. The company recorded Rs 2.116 billion profit after tax for the
last financial year up from Rs 1.50 billion in 2010, a growth of 33
percent. The earnings per share also grew to reach Rs 16.67 in 2011 as
against Rs 12.51 in 2010.
We consider this to be a significant performance due to the saturated
lubricant market at present, Chevron Lubricant Lanka Managing Director
and CEO Kishu Gomes told Daily News Business. The turn over recorded 17
percent growth despite an increase in the cost of sales by 18 percent
due to the increase in prices. The cost savings made the gross margins
to reach 14 percent growth to record 20 percent and 19 percent increases
in the operating profit and PAT during the last year, he said.
Last year was a challenging year for the country’s lubricant industry
where volatile global market conditions had a negative impact. We were
compelled to pass on the rising cost to consumers by two upward
revisions in prices during the year.