Break Even

Chandi Dharmaratne

May 16, 2012 (LBO) – Lanka IOC, a unit of Indian Oil Corporation made profits of 41 million rupees in the March 2012 quarter, recovering from a 111 million rupee loss a year earlier interim accounts showed. Petrol and diesel retail prices were raised in February.

The firm reported earnings of 8 cents per share.

Lanka IOC firm posted operating profits 894 million rupees before being hit by finance chargers of 845 million rupees.

Lanka IOC had dollar denominated borrowings 33.2 million.

In March 2012, Sri Lanka’s rupee fell from around 110 to 130 to the US dollar followings sterilized sales of foreign currency by the Central Bank, amid credit taken by state energy utilities to manipulate oil prices.