Lanka IOC unit records Rs373mn loss in Sept quarter

Nov 12, 2015 (LBO) – Lanka IOC, a unit of Indian Oil Company, has reported 373 million rupees loss in September 2015 quarter against 1.1 billion rupees profit reported a year earlier, interim accounts showed.

The firm reported negative basic earnings of 0.70 rupees per share in the quarter compared to positive earnings of 2.13 rupees per share a year ago.

Revenue at Lanka IOC fell 22 percent in the quarter to 17.4 billion rupees amidst falling global oil prices.

Sales costs dropped by 17 percent to 16.8 billion rupees reporting a gross profit of 544 million rupees for the quarter, a 72 percent drop of gross profits against a year earlier.

Finance costs were up by 6.7 folds in the quarter to 258 million rupees and distribution costs were also up by 21 percent to 559 million rupees.

Super gain tax liability for the company has been estimated at 1.4 billion rupees and first installment of 480 million rupees has been paid on 30 October 2015.

Lanka IOC closed at 41.60 rupees on the Colombo Stock Exchange on Wednesday.