Chevron Lubricants Lanka PLC saw a growth in the company’s sales during its most recent financial quarter ended on June 30, 2018 (2Q18), ending a long losing streak in its quarterly revenues and made an operating profit, compared to what it posted a year ago. 

The company, the leader in the local lubricant market, increased its top line by a strong 22 percent year-on-year (YoY) to Rs.2.8 billion for the April-June period, the interim financial accounts released to the Colombo Stock Exchange (CSE) showed. 

However, the rise in sales could be due to base effect, as the lubricant sales in the second quarter of the previous year were hit by the floods.

By end-2016, Chevron had a market share of 45.29 percent, which had been coming down from over 50 percent a few years ago. 

Meanwhile, Lanka IOC, Chevron Lubricant’s closest competitor, had gained a share of 16.4 percent from 12.59 percent in 2014. 

Laugfs, a relatively new entrant, had little over 5.0 percent share in the 64,585 kL volume market, which grew by 11.4 percent YoY to Rs.26.11 billion.

Meanwhile, Chevron reported earnings of Rs.2.11 a share or Rs.506.8 million for the three months, down 4.0 percent YoY.

For the six months ended on June 30, 2018, the company reported earnings of Rs.5.02 a share or Rs.1.2 billion in total earnings, down 11 percent YoY. 

The revenues for the six months grew by 7.0 percent YoY to Rs.5.8. 

The Chevron share closed Rs.1.90 or 2.07 percent lower at Rs.90.00, yesterday. 

The company’s share is amongst the most battered stocks in the CSE and it lost almost half of its value from the 2017 high of Rs.179.90. 

On May 22, Chevron’s long-serving Chief Executive Officer Kishu Gomes tendered his resignation and Rochna Kaul, General Manager of Chevron’s Asian- Pakistan region, who is also Chairman of Chevron Lubricants Lanka, took over as the acting CEO. 

The company in July announced the appointment of Patrick McCloud as the new CEO with effect from September 1, 2018. 

Chevron Ceylon Limited has 51 percent of issued shares of the company.