For the year ended March 31, 2015, the profit of Gulf Oil Lubricants India Ltd. increased by 13.6%; during the six months ended February 28, 2015, China Runyuan Chemical Group's profit before tax decreased by 50%. .
The performance of the two companies described the different conditions in the two major lubricant markets in Asia. Due to the rebound in car sales, the outlook for the lubricants market in India is gradually improving, while the Chinese lubricants market is facing fierce competition.
According to Gulf Oil Lubricants India Ltd.’s first annual report since the spin-off of Gulf Oil, the company’s after-tax profit was 774 million rupees ($12.1 million) for the year ending March 31. The profit before tax of 10.546 billion rupees in the fiscal year increased. The company still belongs to the Hinduja Group, which said its revenue has increased by 12% to 11.14 billion rupees.
Gulf Oil Lubricants relied heavily on the automotive market; in the 2014-2015 fiscal year, sales of all types of cars on the Indian market increased by 7%, and the company benefited a lot from it. Prior to this, India’s auto industry continued to be in a slump for two years.
Three quarters of Gulf's revenue comes from sales of automotive lubricants. The company continues to introduce new products in the automotive market, such as the Gulf Pride Scooter 10W-30 oil that was launched earlier this year, in order to tap India's fastest growing market for small wheel motorcycles. potential.
China Runyuan Chemical Group is headquartered in Daqing City, Heilongjiang Province. For the six months ended February 28, 2015, its pre-tax profit was 13.6 million yuan (US$2.2 million), compared with 32.7 million yuan in the same period last year. Sales revenue was RMB 139.7 million, down from RMB 164.7 million in the first half of last year. The cost of sales also decreased, from RMB 114 million to RMB 105 million, a slight decrease.
"After long-term sustained growth in revenue and profits, there has been a sudden drop in key financial indicators, which is somewhat disappointing," said Chairman Wu Xinghe.
Management believes that the company’s profit decline is mainly due to sales volume dropped to 7 million liters, a decrease of 13.6%. Although the company invested a lot of money to try to drive sales, sales still fell. Sales and distribution expenses increased from RMB 11.2 million to RMB 14.1 million, mainly due to an increase in sales commission rates, distributor tax rebates and distribution costs.
“We are now in a more competitive environment than in the past, and some market share has also been lost,†said Wu Xinghe, adding that the company will invest in product development, human resources and equipment to meet the current development situation. "We believe that in the face of more challenging market conditions, this is a correct response. This strategy has been successful for many years and we believe it will be successful again."
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