Pakistans National Refinery Ltd. reported its half-year net profit for its lube segment - which includes API Group I base oils and waxes - plunged 52 percent year-on-year, hurt by weak domestic sales.
South Koreas major base oil refiners - SK Lubricants, S-Oil, GS Caltex, and Hyundai Shell Base Oil - each reported steep declines in operating profit for 2019. In India, Castrol India Ltd. reported increased profits for 2019, while profits for the year were down for Balmer Lawrie & Co.s greases and lubricants segment, Savita Oil and MJL Bangladesh Ltd.
Gulf Oil Lubricants India Ltd. and Maximus International Ltd. each reported increased profits, while GP Petroleums and Continental Petroleums each posted a decline in profit for the quarter ending Dec. 31.
Hi-Tech Lubricants Ltd. rebounded with a profit in its second quarter, as higher other income, as well as lower expenses and taxes, offset the impact of a decline in sales.
Singapores lubricant blenders United Global and AP Oil reported strong increases in net profit for 2019, and Sri Lankas Chevron Lubricants Lanka also posted substantially higher net profit for last year, compared to 2018.
Kolkata-based Tide Water Oil Co. (India) Ltd. reported a net profit of Rs 30.8 crore (Rs 308 million or U.S. $4.3 million) for the three months ending Dec. 31, up almost 53 percent from Rs 20.1 crore. Revenue from operations for the quarter declined to Rs 298.5 crore, down 3.2 percent from Rs 308.4 crore million.