The firm reported earnings of 4.69 per share in interim accounts filed with the Colombo Stock Exchange. In the six month to June earnings were 11.10 rupees on total profits for 1.33 billion rupees, which were up 11 percent from a year earlier.
The company reported revenues of 2.4 billion rupees for the quarter, down 5.1 percent from a year earlier, but cost of sales fell 9.6 percent to 1.51 billion rupees, helping boost gross profits 3.2 percent to 915 million rupees.
Managing director Kishu Gomez said raw material prices were stable in the global market allowing higher profits despite weaker sales.
"Lubricants consumption has remained sluggish during the first half of the year mainly due to reduced demand from thermal power plants, adverse weather conditions affecting the agricultural & fisheries sector..." he told shareholders in an interim review.
"The decline is seen across all consumer segments in almost all geographies while Bangladesh market started to recover from an initial setback due to various macro issues."
He said there was an overall market contraction with drain intervals widening due as a result of consumers moving from higher technology.