Lanka IOC profits up 45-pct in December quarter


Feb 15, 2016 (LBO) – Profits at Lanka IOC, a unit of Indian Oil Company rose 45 percent to 882 million rupees in the December quarter, interim accounts showed.

The firm reported earnings of 1.66 rupees per share in the quarter compared to earnings of 1.15 rupees per share posted a year ago.

Revenue at Lanka IOC fell 11 percent in the quarter to 18.1 billion rupees and sales costs dropped at a faster 13 percent to 16.4 billion rupees reporting a gross profit of 1.7 billion rupees for the quarter.

Net finance income was 11.8 million rupees and for the nine months the group reported earnings of 1.28 rupees per share.

In the nine months to December 2015 Profits at Lanka IOC, fell 77 percent to 680 million rupees.