Afton Chemical and independent lubes producer, Fuchs, have both started 2012 on a positive note.
Afton posted Q1 operating profits of $107m - a 33% improvement on the $80m for Q1 last year - based on revenues of $557m, nearly 11% better than the previous Quarter. The company stated higher operating profit margins, product line improvements and good performance across all operating regions.
According to NewMarket - Afton's parent company - market consumption was returning to normal levels after a slump at the end of last year, helped by lower raw material costs, although these are set to increase again. While NewMarket itself posted record Q1 results with a 10.8% year-on-year revenue increase to $562m, the company cautioned that although expecting a positive year, it was unlikely that the remaining Quarters would be quite so bouyant.
For independent lubes producer, Fuchs Petrolub, it was also a good start to the year. A nine percent year-on-year profit boost took the figure to €51.5m ($66.8m from €47.1m $61m while sales revenues grew by 11% to €448.4m, helped by around two percent of currency benefits.
Fuchs' Asia-Pacific and African regions recorded the strongest growth, helped by a good Australian performance and the company declared a target of exceeding 2011's €264.2m ($342.7m) EBIT by the end of the year.