Feb 27, 2008 (LBO) – Lanka IOC has made a net profit of 282 million rupees for the December quarter compared with a loss of 327 million rupees in the same period last year. However, the profit was much lower than the 677 million rupees the company, a unit of Indian Oil Corp., earned during the September quarter.
Turnover for the December quarter rose to 11.5 billion rupees from eight billion rupees the year before, according to interim results sent to the Colombo bourse.
In the nine months ending December 2007, the company made a net profit of 1,450 million compared with a loss of 1,516 million in the year before period.
Turnover rose to 32.3 billion rupees from 23.8 billion rupees.
The income statement had a provision of 796 million rupees for doubtful receivables that had been provided for or written off.