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Sri Lanka IOC unit profits up 40-percent to in Dec quarter

ECONOMYNEXT – Profits at Lanka IOC, a publicly traded unit of Indian Oil Corporation rose 40.2 percent to 686.9 million rupees in the December 2020 quarter from a year earlier, interim accounts showed.

The firm reported earnings of 1.29 rupees per share for the quarter. For the nine months to December

Lanka IOC reported earnings of 17 cents per share on total profits of 91.2 million rupees.

Gross profits grew 5.4 percent to 1.39 billion rupees with revenues falling 16.2 percent to 16.5 million rupees and cost of sales fell 17.7 percent to 15.2 billion rupees.

Finance income rose 36.4 percent to 360 million rupees while Finance expenses rose at a slower 12.3 percent to 177.2 million rupees.

Selling and distribution fell 14.9 percent to 452.2 million rupees.

The firm has 10.9 billion rupees in short-term investments and 17.2 billion rupees in borrowings.

Today the IOC shares closed 20 cents down at 26.50 rupees before market closed at 1207 pm due to a system breakdown. (Colombo/ Jan 29/2021)

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