Sri Lanka, Feb. 26 -- Revenue jumped and profit surged at Chevron Lubricants Lanka PLC during the three months ended December 31, 2019 (4Q19) as the company reported two quarters of positive results, ending a prolonged weak performance.
Sri Lanka's lubricant market leader reported revenues of Rs.2.5 billion for the quarter under review, up 15 percent year-on-year (YoY).
This is the second consecutive quarter where the company was able to record double digit expansion in the top line in a market fraught with intense competition and an economy which was losing steam.
Currently, there are 13 licensed lubricant players while the industry was also liberalised under the previous government, which resulted in mushrooming of lubricant importers....