August 7, 2018
Volume 3 Issue 3
Profits Rise for Fuchs, Fall at BP
Mannheim, Germany-based Fuchs reported €73 million (U.S. $84.6 million) in earnings after tax, a 7.4 percent increase from €68 million in the same quarter last year. Sales revenue grew 6.2 percent to €668 million.
The blender’s revenue in Asia-Pacific and Africa jumped 15.4 percent to €210 million compared to €182 million in the same period last year.
In North and South America, the company’s revenue grew 3 percent to €104 million after posting €101 million in second-quarter 2017.
Sales revenue in Europe increased 3.1 percent to €395 million compared to €383 million the year before.
“The significantly negative currency effects in the first quarter slowed down in the second quarter and are expected to continue to decline in the subsequent quarters,” the company stated in its earnings news release.
BP’s lubricants business reported an underlying replacement cost profit before interest and tax of $326 million for the second quarter, down 8.2 percent from $355 million for the same period in 2017.
Replacement cost profit or loss reflects the replacement cost of supplies and is calculated by excluding inventory holding gains and losses from profit or loss, according to BP’s supplementary information provided with its earnings statement.
“The result for the quarter and half year reflects continued premium brand growth, more than offset by the adverse lag impact of increasing base oil prices,” the London-based company said in its stock exchange announcement.