Indian Oilâ€™s Sri Lanka unit back in profit in June quarter
ECONOMYNEXT – The Sri Lankan unit of Indian Oil Corporation (IOC) returned to profit in the June 2018 quarter with net earnings of 246 million rupees compared with a loss of 135 million rupees a year ago, interim accounts showed.
Sales of Lanka IOC fell 6.7 percent to 19.1 billion rupees in the quarter, according to the accounts filed with the stock exchange.
Earnings per share for the quarter were 46 cent compared with a loss of 25 cents the year before.
The stock closed at 32.10 rupees Monday, down 40 cents (1.23%).
In March LIOC had raised 92 Octane petrol by 9 rupees a litre to 126 and auto diesel by 5 rupees to 100 a litre.
The June 2018 quarter accounts showed a fall in sales of auto diesel and a big increase in stocks. Standard petrol sales also fell slightly but LIOC increased fuel oil sales and bitumen.
In July the government introduced a fuel pricing formula under which retail prices will be changed according to international oil price fluctuations with state-run Ceylon Petroleum Corporation and Lanka IOC raising prices.
(COLOMBO, 6 August, 2018)