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January 19, 2016

Volume 7 Issue 4

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Profits Jump for Eastern Lubricants

Bangladeshi Eastern Lubricants reported a nearly six-fold jump in earnings for the six months ended Dec. 31, compared to the same period of last year.

The company, a subsidiary of state-owned Bangladesh Petroleum Corp., posted net earnings of 10.7 million taka (U.S. $136,000) for the first half of its 2015-2016 fiscal year, compared to 1.8 million taka during the first half of 2014-2015.

The company, which is based in Chittagong, managed to improve its bottom line despite the fact that revenue dropped 9 percent year to year.

BPC owns just over 50 percent of Eastern Lubricants, which contract blends finished lubricants for three other BPC subsidiaries Meghna Petroleum Ltd., Padma Oil Co. and Jamuna Oil Co. All three are oil products marketers offering lubricants and fuels. Jamuna also has a joint venture with ExxonMobil, MJL Bangladesh Ltd., which was formerly known as Mobil Jamuna Lubricants. MJL operates its own blending plant and also imports lubricants.