Chevron Lanka PAT up

Chevron Lubricants Lanka's profit after taxes (PAT) showed a 58 percent growth over last year at Rs 1,495 million.

The global economic downturn had an adverse effect on the manufacturing industry in Sri Lanka thereby hurting revenue from industrial operations Chevron Lanka Lubricants Managing Director Kishu Gomes said.

Kishu Gomes

"Our global synergies have always enabled us to achieve economies of scale that have a positive reflection on our bottom line," Gomes said.

The North and East have become more accessible but the demand for lubricants anticipated from these regional markets has failed to materialise to the levels expected," he said.

It is anticipated that the Northern and Eastern markets will see brisk expansion in 2010 already infrastructure is being upgraded and trading activity is being expanded.

It is likely that the transport system too will grow in tandem, with more investment in upgraded personal and commercial transport vehicles, he said.

This anticipated development has the potential to create new revenue streams for Chevron Lubricants Lanka.

"We will undoubtedly face new challenges in 2010. At the same time, we are geared and ready to reap the benefits from the changes that are taking place in Sri Lanka and look forward to improved investor confidence," he said.

The company's volumes in Maldives have recorded negative growth during the year.

Only marginal growth was recorded in Bangladesh, where depressed sentiment affected both the consumer and industrial segments.

Both countries have started turning around and the outlook for exports in 2010 is positive.