Hi-Tech Lubricants Ltd. rebounded with a profit in its second quarter, as higher other income, as well as lower expenses and taxes, offset the impact of a decline in sales.
The company posted a consolidated net profit of 107.7 million Pakistani rupees (U.S. $695,986) for the quarter that ended Dec. 31, improving from a net loss of Rs 128.5 million in the year-earlier period, according to its financial statement.
The Lahore, Pakistan-based blenders other income increased nearly 76 percent to Rs 36.6 million for the quarter.
Total expenses fell 7.7 percent to Rs 292 million and finance cost declined 17 percent to Rs 75 million. Tax expenses decreased 74 percent to Rs 24.3 million.
Net sales declined 35 percent to Rs 1.61 billion. The distributor of SK Lubricants Zic brand of finished lubes did not discuss the reasons behind the decline in sales.
For the six months ended Dec. 31, Hi-Techs consolidated net loss narrowed to Rs 134.4 million, down from Rs 271.9 million a year ago. Net sales slumped 51 percent to Rs 2 billion for the period.