Sri Lanka LIOC December quarter net down 51-pct

EconomyNext – Lanka Indian Oil Corporation (LIOC) said December 2014 quarter net profit fell 51 percent to 610 million rupees from a year ago.

Earnings per share fell to 1.15 rupees from 2.36 rupees previously with sales down 4.5 percent to 20.4 billion rupees in the period, interim results filed with the stock exchange showed.

In the nine months to 31 December 2014, EPS was 5.53 rupees with net profit down 28 percent to 2.9 billion rupees while sales rose 5.8 percent to 64 billion rupees.

Recent government budgets have cut fuel prices by reducing taxes which analysts say will not affect LIOC’s margins but could lead o higher demand especially coupled with import tax cuts on vehicles.

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