Petro Balance

Feb 15, 2013 (LBO) – Profits at Lanka IOC, a Sri Lanka unit of Indian Oil Corporation rose 16 percent to 728 million rupees in the December 2012 quarter from a year earlier, partly helped by forex gains, an official said.

About 27 percent of the retail price of petrol is made up of government taxes.

Dakwale said lubricants made up about 2.5 percent of revenues with or about 1.4 to 1.5 billion rupees a quarter. Bunkering brought about 13 to 14 percent of revenues with bitumen making up the balance.

He said bunkering was extremely competitive with price fluctuations in the international market.

Update II Profits came from the sale of bitumen, bunkers and lubricants with combined margins of petrol and diesel making up being less than one percent, managing director Subodh Dakwale said.

The firm reported earnings of 1.37 percent share. In the nine months to December it reported earnings of 3.95 rupees per share on total profits of 2.0 billion rupees which rose from 864 million rupees a year earlier.

The firm’s revenues rose 10.5 percent to 17.0 billion rupees and expenses rose at a faster 13.1 percent to 15.9 billion rupees, shrinking gross margins 19.2 percent to 1.16 billion rupees.