Sri Lanka’s IOC unit records 1.06 billion loss in March 2015

IOC

May 19, 2015 (LBO) – Lanka IOC, a unit of Indian Oil Company reported 1.06 billion rupees loss in March 2015 against 722 million rupees profit reported last year, interim accounts showed.

In the year to March profits were down to 1.8 billion rupees from 4.8 billion rupees a year earlier.

The firm reported negative earnings of 2.00 rupees per share in the quarter ended March while in the year to March 2014, earnings were 3.54 rupees per share on total profits.

Total comprehensive income was 1.06 billion rupees in the quarter ended March 2015 compare to 722 million rupees in the same period last year.

LIOC posted revenues of 15.82 billion rupees, down 25.4 percent from a year earlier and cost of sales were reported as 16.19 billion rupees and the firm reported a gross profit of 365 million rupees down 75 percent from 1.49 billion rupees.

Finance income were also down to 91 million rupees from 144 million rupees while finance expenses were at 131 million rupees compared to 28 million rupees in the same quarter, a year earlier.

Sri Lanka’s new government cut the fuel prices in Sri Lanka through the interim budget 2015 following the reduction of world oil prices.

However the prices picked sharply in the first quarter by about 20 dollars a barrel after the reduction of Sri Lankan oil prices.

The administration also promised to introduce a regulated pricing formula for fuel prices in end June.