Castrol India and GTS Chemicals lubricant business both reported big jumps in profits for the quarter ended March 31, while Chevron Lubricants Lanka and Apar Industries oil and lubricants segment suffered setbacks.
Castrol Indias net profit rose around 32 percent to 1.5 billion rupees (U.S. $23 million) during the first quarter of this year compared to about 1 billion in the same quarter last year.
The Mumbai-headquartered lube suppliers sales revenue dropped slightly – to 9.2 billion rupees versus 9.4 billion rupees in 2013. Operating profit for its automotive and non-automotive segments shot up 36 percent and 16 percent, respectively, to 2 billion rupees and 17 million rupees. Its net sales, however, shrank – automotive lubes dropped 14 percent to 7.1 billion rupees, and non-automotive dipped 8 percent to around 900 million rupees.
GTS Chemical reported that first quarter sales revenues for its lubricating oils were 68 percent higher than the same period of 2014. Sales of lubes – primarily engine and gear oils – brought 35.7 million (U.S. $5.8 million) for the three months ended March 31, up from 21.3 million for the first quarter of 2014.
Management attributed the improvement to expanded marketing efforts, including the hosting of a lubricant sales conference in March. The Hong Kong-based company, which is Chinas largest producer of ammonium sulfite, said it is proceeding with plans to build an additional lubricant production line on land purchased in December.
Chevron Lanka recorded net profit of 743 million Sri Lankan rupees (approximately U.S. $12 million) in its quarter-ended March 31, down about 3 percent from 764 million rupees in 2014s first quarter.
The Colombo-based blenders sales revenue also dipped, to about 2.8 billion rupees this year versus around 3 billion rupees in last years corresponding quarter.
The companys cash flow increased, however, to 1.3 billion rupees compared to a negative cash flow of 350 million rupees.
Apar reported a 38 percent dip in annual earnings for its year ended March 31. The Indian transformer manufacturers transformer and specialty oils segment profit before finance costs and tax shrank in 2014 to 980 million rupees in 2014 compared to 1.6 billion rupees in 2013.
Revenue for the segment dropped around 6 percent to approximately 21 billion rupees.
For Apar, based in Vadodara, March 31 also marked the end of its fourth quarter. Its profit before various costs and taxes was marginally unchanged from 2014s last quarter to 2013s, at around 20 million rupees. Revenue for the segment dropped to about 4.9 billion, a dip of about 18 percent compared to 2013s corresponding quarter.