MJL sees profits soar 71pc

MJL Bangladesh Ltd saw its profits surge to Tk 62.8 crore in the July-September quarter, up 71 per cent from Tk 36.7 crore during the same period a year ago, as the reopening of economic activities since August powered its lubricant sales.

The company registered revenue of Tk 606 crore in the quarter, up 30 per cent from Tk 506 crore a year ago.

"We had good business in the July-September quarter as industries and power plants ran, while there was increased vehicle movement," said Md Rokibul Kabir, company secretary of MJL Bangladesh.

He went on to say that the company's profit soared as it could cut its administrative expenses and loan costs by 22 per cent and 18 per cent respectively in the July-September period.

MJL's share price rose 0.53 per cent to Tk 94.90 yesterday at the Dhaka Stock Exchange.

The company has the capacity to produce around 150,000 barrels of blended lubricants each year and imports about the same quantity of finished lube oil, which is mostly consumed by the domestic market.