Hi-Tech Lubricants Ltd. reported consolidated net profit of 41.9 million Pakistani rupees (U.S. $260,000) for its fiscal third quarter, jumping up almost 1,600 percent from Rs 2.5 million a year earlier, according to the Lahore, Pakistan-based blender’s financial results released April 28.

Much of the dramatic improvement in net profit stemmed from a large reduction in finance costs and a sizeable decrease in taxation costs. Finance cost accounted for Rs 64.5 million in the quarter, 33 percent less than the Rs 97.2 recorded in the year-earlier quarter. Taxation accounted for Rs 13.7 million for the quarter, 77.3 percent less than the Rs 60.4 million in taxation incurred in the year-earlier period.

Net sales for the distributor of SK Lubricants’ Zic brand of finished lubricants increased to Rs 1.6 billion, up 3 percent.

National Refinery Ltd.

National Refinery Ltd. reported the nine-month net profit for its lube segment – which includes API Group I base oils and waxes – declined more than 23 percent year-on-year.

The lube segment posted profit after tax of 907.4 million Pakistani rupees (U.S. $5.7 million) for the nine-month period that ended March 31, down from Rs 1.2 billion a year earlier, according to the crude oil and petroleum products supplier’s financial statement. NRL is part of Attock Oil Co.

Net sales for the lube segment declined almost 8 percent to Rs 26.5 million for the nine-month period, down from Rs 28.8 million in the same period in 2019.

Karachi, Pakistan-based NRL’s lube segment includes base oils, wax, slack wax, rubber process oil, bitumen and various other petroleum products, according to the company’s website. Its base oil products include high-viscosity index base oils (65, 100, 150, 400 and 500 neutrals and bright stock), mid-viscosity base oils (650 neutral and bright stock) and spindle oil.

According to its website, the company operates a refinery that has a base oil plant, and a second base oil plant that receives feedstock from the company’s fuel refinery. All three facilities are in the same company complex in Karangi.

NRL commissioned a crude oil refinery with its first base oil plant in 1966, with an annual base oil production capacity of 533,400 barrels (about 1,460 barrels per day). A second base oil plant, commissioned in 1985, had an annual base oil production capacity of 700,000 barrels, and then a revamp in June 2008 increased its capacity to 805,000 barrels (2,200 b/d).