Petroleum Prospects

Nov 15, 2011 (LBO) – The Sri Lanka unit of Indian Oil Corporation’s profit for the September 2011 quarter fell sharply from a year ago with sales staying virtually stagnant, interim accounts filed with the stock exchange showed. Lanka Indian Oil Corp. said net profit fell 44.6 percent to 277.8 million rupees in the quarter from the year before with sales up just 1.2 percent to 12.76 billion rupees.

Earnings per share for September 2011 were 52 cents compared with 94 cents the previous year.

LIOC’s net profit in the first half fell 37 percent to 242 million rupees from the previous year.

Lanka Indian Oil Corp has said it has in recent months “reoriented” its business strategies by increasing focus on profitable business lines like lubricants, bitumen and bunkering given low margins or losses in fuel retailing.