Adverse weather hurts Chevron revenues
View(s):Adverse weather conditions and lower demand from thermal power stations led to sluggish lubricants consumption for Chevron Lubricants Lanka PLC in the first quarter of the 2012/13 financial year.
The company which reported a 5 per cent dip in revenue for the quarter said adverse weather conditions affected the agricultural and fisheries sector.
However gross margins recorded a marginal growth due to a 10 per cent reduction in cost of sales realizing a net margin increase of 5.5 per cent with the significant increase in interest income, according to the quarterly figures filed at the Colombo Stock Exchange.
Net earnings for quarter to June 2013 showed an increase of 11 per cent compared to 2012 largely helped by the increased interest income and 11 per cent reduction in cost of goods sold due to stable raw material prices in the global market, the company added.
“The decline (in consumption) is seen across all consumer segments in almost all geographies while the Bangladesh market started to recover from an initial setback due to various macro issues,” the company noted.
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