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Caltex posts record profits

CALTEX Lubricant Lanka Ltd, for the first half posted a net profit of Rs.370 million, showing an increase of 23.9% compared to the corresponding period of the previous financial year.

The increase in net profits was mainly due to a 23.9% increase in turnover to stand at Rs. 2.64 billion. The 2nd quarter alone saw turnover increasing by 32%, compared to the 2nd quarter of FY2004, to stand at Rs. 1.36 billion.

The increase was attributed to a 15% price increase, which came about during mid March 2005, and a moderate volume increase, which occurred during the period.

Quarter on Quarter (QoQ), gross margins showed a notable improvement from 25.6% posted during the 1st quarter to 29.6% posted during the 2nd quarter. The improvement was mainly due to a 15% price increase, which came into play during the latter part of the 1st quarter.

The Gross profit for the 1st half stood at Rs.730 million, showing a notable 6% increase, compared to the corresponding period of last financial year. Meanwhile the gross margins, which stood at 32.8% during the 1st half of last year, dipped to 27.7% during the 1st half of FY2005.

The annualised earnings based on the 1st half result stand at Rs.740 million, resulting in an EPS of Rs.12.33, and a PER based on current prices of 4.7x.

"Rising oil prices have become a major concern. oil prices currently, high averaging $59 per barrel for the month of July and with the coming winter season price are set to reach even higher levels, thus adversely affecting the company's margins and subsequently the bottom line," said Managing Director/CEO Kishu Gomes.

"However we maintain our forecast for the full year of FY 2005, of a net profit of Rs.715.1 million resulting in an EPS of Rs.11.92, and a PER of 4.9x, he said.

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