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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka Chevron unit net down 13-pct in Sept

Sri Lanka Chevron unit net down 13-pct in Sept

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Oct 30, 2012 (LBO) - Sri Lanka's Chevron Lubriants unit said profits fell 13 percent to 521 million rupees in the September 2012 quarter from a year earlier poor market sentiment and a price hike due to currency depreciation hurting consumption.

Revenues grew by a marginal 2.9 percent to 3.0 billion rupees from a year earlier, cost of sales were flat at 2.0 billion rupees and gross profits fell 8.6 percent to 929 million rupees.

The firm reported earnings of 4.35 rupees per share for the quarter. For the nime months to September Chevron Lubricants reported earnings of 14.30 rupees per share on total profits of 1.71 billion rupees.

"The top line was affected due to the lower market consumption while the gross margins were affected by the depreciation of the rupee against US dollar," chief executive Kishu Gomes told shareholders in interim accounts filed with the Colombo Stock Exchange.

Gomes said consumption fell with a steep duty increase in vehicles, a fall in the currency and a price rise to cover higher costs of raw materials.

Sri Lanka's rupee fell from 110 rupees to 134 to the US dollar over the past year after authorities took tens of billions of rupees in loans to manipulate energy prices and accommodated then with central bank credit (printed money) to manipulate interest rates.

After printing money to manipulate credit and energy prices it is usual in Sri Lanka for authorities to blame 'imports' with cars and oil being singled out as usual suspects in a remarkable throwback to Mercantilism.

In the past rulers and state officials determined were 'luxury goods' for citizens (such as electric appliances) were also targeted with high taxes. But this time they were left alone.

In February 2012 energy prices and interest rates were allowed rise and the exchange rate allowed to adjust to the underlying monetary policy (the money printed), through a float of the exchange rate.

Meanwhile Gomes said raw material prices and the exchange rate was stabilizing and he expected to the market to end the year with positive growth.
http://lbo.lk/fullstory.php?nid=1102747179

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