NSB among sellers of Chevron shares

Monday, 17 December 2012 00:00 - - {{hitsCtrl.values.hits}}

National Savings Bank (NSB) was among major sellers of Chevron Lubricants Lanka Plc (LLUB) to foreign investors last week as the price of the multinational gained for the second consecutive week.

NSB sold around 250,000 shares for Rs. 50 million, whilst JB Cocoshell was the other major seller, shedding 200,000 shares. As at September 2012, NSB held 1.15 million shares in LLUB, down from 1.27 million shares a year earlier.

Around 566,600 shares of LLUB traded last week for Rs. 113 million. It closed the week at Rs. 197.50, up by Rs. 4.30. The previous week LLUB rose by Rs. 6.20. A frontier market emerging fund invested Rs. 100 million in collecting the bulk of the shares.

NSB sold around 250,000 shares for Rs. 50 million, whilst JB Cocoshell was the other major seller, shedding 200,000 shares. As at September 2012, NSB held 1.15 million shares in LLUB, remaining as the ninth biggest shareholder, down from 1.27 million shares a year earlier.

LLUB saw net earnings of Rs. 522 million for the three months ended 30 September, which was were lower than the Rs. 603.4 million recorded a year earlier.

The top line (Rs. 2.99 billion, down from Rs. 3.08 billion) was affected due to the lower market consumption, while the gross margins were affected by the depreciation of the rupee against US dollar. The company said poor market sentiments, prolonged drought in the agricultural areas, the sharp duty increase on vehicles, and price increase to recover cost escalations were a few factors that contributed to lower consumption.

However, LLUB has shown impressive YTD financial performance at the end of 3Q (revenue up to Rs. 8.89 billion from Rs. 8.06 billion and net earnings up from Rs. 1.43 billion to Rs. 1.71 billion) and is well placed to end the year with a positive growth over 2012 with the stabilization of raw material prices and the exchange rate.

Net asset per share of LLUB is Rs. 34.62 whilst basic earnings per share was Rs. 4.35 at end 3Q and Rs. 14.30 at the end of first nine months.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.