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Monday September 25th, 2023

Sri Lanka’s IOC unit reports Rs9.9 bn in June 2022 profits

India’s Minister of External Affairs S Jaishankar visiting an LIOC filling station in Colombo (file photo)

ECONOMYNEXT- Lanka IOC, a unit of Indian Oil Corporation said its net profits were 9.9 billion rupees in the June 2022 quarter, up from 273 million rupees in the same quarter a year earlier due to higher operating profits.

The earnings per share were 18.64, while the firm’s share closed 4.63 percent firmer at 113.00 rupees at the close of trading on Friday.

Revenue for the June quarter was 49.9 billion rupees, up 196.7 percent from a year earlier, while the cost of sales was 34.4 billion rupees up 115.2 percent, leading to gross profits of 15 billion rupees, up 1,701 percent.

LIOC has about 10 to 15 percent of the fuel market in the country.

It raised fuel prices in the quarter in line with the state-run fuel retailer due to sharp depreciation of the currency coupled with high global prices.

LIOC total assets increased by 4.9 billion rupees to 70 billion rupees by June 2022.

LIOC finance income in the June quarter increased to 436 million rupees, up 24 percent from a year earlier and Finance expenses increased to 1.7 billion rupees from 122 million rupees resulting a price before tax of 11.8 billion rupees.

The price of LIOC shares has more than tripled in the quarter on speculation of the company’s increased role in Sri Lanka’s energy sector.

The firm also entered into joint venture agreement with the state owned Ceylon Petroleum Corporation in January, to invest in 49 percent shares of Trinco Petroleum Terminal (Pvt) Ltd, the JV company.

The LIOC has entered into a deal to develop 61 oil tanks in Trincomalee China Bay Oil Tank Farm.

(Colombo/Aug 06/2022)

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Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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