Tide Water Oil Co. and MJL Bangladesh Ltd. each reported significant gains in net profit but declines in revenue for the quarter ending Sept. 30, according to recently released reports.
Tide Water Oil Co.
Lubricants maker Tide Water Oil Co. (India) Ltd. reported second-quarter net profit of Rs 29.8 crore (Rs 298.4 million or U.S. $4.2 million), up 20.2 percent from Rs 24.8 crore in the year-earlier period. However, revenue from operations for the quarter declined 1.3 percent to Rs 280.2 crore.
In interim financial statements released to the Bombay Stock Exchange for the April-September 2019 period, the company reported an increase in net profit year-on-year to Rs 51.5 crore, up almost 7 percent from Rs 48.2 crore. The company also reported a 4 percent rise in total revenues to Rs 575.9 crore, up from Rs 573.6 crore.
MJL Bangladesh Ltd.
According to an earnings statement released to the Dhaka Stock Exchange, Dhaka-based MJL Bangladesh Ltd.s net profit for the three months ending Sept. 30 reached 521.6 million takas (U.S. $6.2 million), up 20.7 percent from 432.1 million takas in the year-earlier period. However net revenue declined to 4.9 billion, down 2 percent from 5 billion taka.
MJL Bangladesh Ltd. is a joint venture between state-owned Jamuna Oil Co. and EC Securities Ltd. It supplies ExxonMobils Mobil brand of lubricants and its Omera Lubricants.