Revenue in the same period was down 46.3% y-o-y to $34 million. Gross profit margin over the same period increased by 8.7 percentage points to 24.6%, as the company benefited from lower crude and base oil prices which it uses as raw materials.
Lubricant maker United Global has posted earnings of US$1.7 million for the half year financial period ended 30 June 2020, down 63.5% y-o-y from the year earlier period.
The drop was because the company recognised just 60% of its share of earnings from an entity called United Oil Company which was sold to a Spanish company Repsol
Downstream Internacional S.A last November.
