Sri Lanka’s lubricant market leader Chevron Lubricants Lanka PLC saw its earnings for the September quarter (3Q18) falling 21 percent year-on-year (YoY) to Rs.516.4 million with tepid growth in sales, the interim financial accounts released to the Colombo Stock Exchange showed. The revenue from lubricants sales edged up only 1 percent YoY to Rs.2.8 billion while the cost of sales rose at a much faster pace of 12 percent YoY to Rs.1.8 billion, resulting in a gross profit of little over Rs.1 billion, down 13 percent.
The earnings per share for the period deteriorated to Rs.2.15 from Rs.2.74 reported for the same quarter, last year.
According to the data released by Sri Lanka’s shadow lubricant market regulator, Public Utilities Commission of Sri Lanka (PUCSL), Chevron Lubricant Lanka’s market share had come down to 41.88 percent by the end of the first quarter of 2018 from 46.87 percent a year ago.
Indian Oil Corporation Limited operating through its local subsidiary, Lanka IOC PLC—Chevron Lubricant Lanka’s closest competitor was able to retain its market share at 16.67 percent being the second largest player in the market.
ExxonMobil, the third largest player in the market, had increased its share to 7.17 percent from 5.36 percent a year earlier while the State-owned Ceylon Petroleum Corporation saw its market share coming down to 6.98 percent from 7.86 percent a year ago.
Laugfs Lubricants, a more recent entrant to the crowded lube market had also increased its market share to 5.93 percent from 3.51 percent. Laugfs Lubricants remains the fifth largest player.
Sri Lanka’s overall lube market had shrunk to 16,843 kilo litres during the first quarter of 2018 compared to the 17,278 kilo litres sold during the same quarter of 2017.
Meanwhile, for the first nine months ended September 30, 2018, Chevron Lubricants Lanka reported earnings of Rs.7.17 a share or Rs.1.7 billion, down 14 percent YoY.
The revenue for the nine months grew 5 percent YoY to Rs.8.6 billion.
The company announced its third interim dividend of Rs.2 per share to be paid on November 19, 2018.
On May 22, Chevron’s long-serving Chief Executive Officer Kishu Gomes tendered his resignation and Rochna Kaul, General Manager of Chevron’s Asian-Pakistan region, who is also Chairman of Chevron Lubricants Lanka, took over as the Acting CEO.
The company in July announced the appointment of Patrick McCloud as the new CEO with effect from September 1, 2018.
Chevron Ceylon Limited has 51 percent of issued shares of the company.
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The earnings per share for the period deteriorated to Rs.2.15 from Rs.2.74 reported for the same quarter, last year.
According to the data released by Sri Lanka’s shadow lubricant market regulator, Public Utilities Commission of Sri Lanka (PUCSL), Chevron Lubricant Lanka’s market share had come down to 41.88 percent by the end of the first quarter of 2018 from 46.87 percent a year ago.
Indian Oil Corporation Limited operating through its local subsidiary, Lanka IOC PLC—Chevron Lubricant Lanka’s closest competitor was able to retain its market share at 16.67 percent being the second largest player in the market.
ExxonMobil, the third largest player in the market, had increased its share to 7.17 percent from 5.36 percent a year earlier while the State-owned Ceylon Petroleum Corporation saw its market share coming down to 6.98 percent from 7.86 percent a year ago.
Laugfs Lubricants, a more recent entrant to the crowded lube market had also increased its market share to 5.93 percent from 3.51 percent. Laugfs Lubricants remains the fifth largest player.
Sri Lanka’s overall lube market had shrunk to 16,843 kilo litres during the first quarter of 2018 compared to the 17,278 kilo litres sold during the same quarter of 2017.
Meanwhile, for the first nine months ended September 30, 2018, Chevron Lubricants Lanka reported earnings of Rs.7.17 a share or Rs.1.7 billion, down 14 percent YoY.
The revenue for the nine months grew 5 percent YoY to Rs.8.6 billion.
The company announced its third interim dividend of Rs.2 per share to be paid on November 19, 2018.
On May 22, Chevron’s long-serving Chief Executive Officer Kishu Gomes tendered his resignation and Rochna Kaul, General Manager of Chevron’s Asian-Pakistan region, who is also Chairman of Chevron Lubricants Lanka, took over as the Acting CEO.
The company in July announced the appointment of Patrick McCloud as the new CEO with effect from September 1, 2018.
Chevron Ceylon Limited has 51 percent of issued shares of the company.
www.dailymirror.lk
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