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Sri Lanka IOC unit net up 44-pct as oil prices fall

Feb 22, 2016 07:58 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Profits at Lanka IOC, a unit of Indian Oil Corporation rose 44 percent to 882 million in the December 2015 quarter from a year earlier interim accounts showed, as crude oil prices fell.

The firm reported 1.66 rupees for the quarter. In the nine months to December the firm reported earnings of 1.28 rupees per share on total profits of 680 million rupees.

Revenues fell 10 percent to 18.15 billion rupees in the December quarter as controlled prices were lowered by the state but cost of sales fell by a faster 13 percent to 16.44 billion rupees allowing gross profits to rise 18.1 percent to 1.71 billion rupees.

The firm was charged 1.4 billion rupees in a retrospective super gains tax, which has undermined Sri Lanka's tax predictability and rule of law.

The Super Gains tax had also overridden Sri Lanka's accounting standards to apply the charge to a prior year.


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