Chevron profit tops Rs 1.5 billion

Sanjeevi JAYASURIYA

Chevron Lubricants Lanka Limited recorded net profit of Rs 1.5 billion for the financial year ended December 2010. The company has performed well during 2010 achieving better financial results. Its top line and the bottom line has recorded growth and for the first time net profit has reached the Rs 1.5 billion mark, Chevron Lubricants Lanka Managing Director Kishu Gomes told Daily News Business. “The industry suffered a dip in the region of four to five percent in its volumes for the past few years, but recovered in 2009 to show progress. There is a growth of six to seven percent at present,” he said.

“We capitalize on this volume growth and the company has performed well. We look forward for an improved performance this year too. The Bangladesh volumes grew by 50 percent while Maldives volumes grew by 20 percent. We are in the process of strengthening the market positioning. It further expects to grew in volumes and capture new market opportunities, Gomes said. The company has plans to expand the local market reach for greater coverage. It will focus on technological improvements and synergies to enhance service quality on the part of local operations, Gomes said.