Chevron records excellent performance

Chevron Lubricants Lanka (CLL) achieved an year exceptional performance recording an increase turnover of 12 percent over the previous year, said CLL Managing Director, Kishu Gomes in their annual report.

Turnover in 2007 grew from Rs. 7.7 Billion in 2006 to Rs. 8.7 Billion in 2007. Profit after tax rose by 34 percent in comparison with 2006 to Rs. 1.078 billion.

The year continued to pose a multitude of challenges not only to Chevron Lubricants Lanka but also to every other industry player. The impact of the spiralling costs of products was heightened by the contraction of the geographic outreach - a result of hostilities in the north and the east.

The year saw a decline in the growth of the retail market as a result of narrowed disposable incomes amongst our target audiences, whilst commercial and industrial markets posted a healthy rise in the growth rate with the operational commencement of new power generation projects.

“Looking to the future, our operations and margins will continue to be impacted by the increasingly competitive market, volatile base oil prices, high inflation and the constricted market access to the North, unless the government finds an early solution to the problem”, he added.