Oil Outline

Feb 10, 2012 (LBO) – Net profit for the December 2011 quarter of the Sri Lanka unit of Indian Oil Corporation rose 3.5 percent to 623 million rupees from a year ago, with a sharp rise seen in finance costs. Lanka Indian Oil Corporation’s December 2011 quarter sales rose 15 percent to 15.4 billion rupees, a stock exchange filing said.

Earnings per share edged up to 1.17 rupees from 1.13 rupees the year before.

The interim accounts showed a sharp rise in finance expenses to 177 million rupees compared with income of 72 million the previous year.

LIOC had reported net profit fell 44.6 percent to 277.8 million rupees in the September 2011 quarter from the year before with sales virtually stagnant in that period.