Chevron sales top Rs4.6 billion in Q1

Chevron Lubricants Lanka performed well during the first half of this year. The company recorded Rs4.6 billion (US$40.94 million) in sales for the first six months compared to Rs 4.4 billion (US$39.16 million) during the same period a year ago, representing a 4% increase. Gross profit was Rs1.5 billion (US$13.35 million), an increase of 7%, from Rs1.4 billion (US$12.46 million) . “We were able to grow in top line due to two factors. The increase in volumes and the increase in price that was effective from June this year. If the volumes continue to grow during the year the performance of the company will be better than last year, Chevron Lubricant Managing Director Kishu Gomes told Daily News Business. Growth particularly from the North and the East was significant, contributed to its performance, as well as export volumes to Bangladesh and Maldives. However, the price increase in raw materials was a drawback, he said. (July 29, 2010)