IOC Sri Lanka unit December quarter loss widens to Rs987mn

ECONOMYNEXT – Losses at Indian Oil Corporation’s Sri Lankan unit widened sharply to 987 million rupees in the December 2018 quarter from a year ago, interim accounts filed with the stock exchange showed.

Quarterly sales of Lanka Indian Oil Corporation (LIOC) rose 4.5 percent to 23 billion rupees while cost of sales rose 5.7 percent to 23 billion rupees, during the period.

LIOC lost 1.85 rupees per share in the December 2018 quarter compared with a loss of 64 cents per share a year ago.

LIOC’s share was trading at 21.50 rupees Monday morning, down 1.50 rupees or 6.5 percent from last week.

In the nine months to 31 December 2018, LIOC’s loss per share fell to one rupee from 1.22 rupees the year before with net loss down to 533 million rupees from 652 million rupees.

The December quarter accounts showed LIOC’s was carrying stock worth 10.5 billion rupees, down from 18.8 billion rupees in the September 2018 quarter.
(Colombo/January 28/2019)

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