ECONOMYNEXT – Lanka IOC, a Sri Lanka unit of the Indian Oil Corporation has reported profits of 273 million in the June 2021 quarter, up from a loss of 795 million rupees last year, helped by finance income and positive gross margins.
Lanka IOC reported earnings of 51 cents for the quarter. LIOC traded at 20.90 rupees a share on Tuesday.
Gross profit grew to 860 million rupees in the June 2021 quarter from a loss of 580 million rupees, with revenues up 57 percent to 16.8 billion rupees and cost of sales up 42 percent to 16.0 billion rupees.
Lanka IOC posted finance income of 351 million rupees and finance expenses of 122 million rupees.
The firm had borrowings of 26 billion rupees and bank deposits 18 billion rupees.
Oil prices have gained sharply over the last quarter. (Colombo/July27/2021)