03 February 1997 00:00 [Source: ACN]
LUBRIZOL India has warned that its profits will be down for the year ending 31 March 1997 because of intense competition in Indian lubricant markets following reductions in import duties.
Sales are projected to increase from US$98.97m to US$100.36m this year, but gross profit will fall from US$11.52m to US$10.27m, the company said.
The company has also informed the Indian Petroleum Ministry that the volume of additives manufactured and blended during 1996-97 will be up only slightly over 1995-96 because of pressure on domestic additive producers to compete on price with imports of both additives and blended oil.
Lubrizol India is 40% owned by US company Lubrizol and 60% by the Indian government.
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