Sri Lanka IOC unit in profits soar in March

ECONOMYNEXT – Profits at a Sri Lanka unit of Indian Oil Corporation, which is involved in fuel, lubricants and bitumen distribution, soared to Rs1.59 billion in the March 2016 quarter from a loss of Rs1.178 billion a year earlier.

The firm reported earnings of Rs2.92 for the quarter. In the year to March, the firm reported earnings of Rs4.21, on total profits of Rs2.2 billion.

Revenues rose to Rs16.4 billion in the March quarter from Rs15.8 billion and the cost of sales fell from Rs16.1 billion to Rs15.6 billion, with gross profits soaring to Rs2.7 billion from a loss of Rs394 million.

Net finance income also turned positive this quarter, from negative last year. (Colombo/May20/2016)

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