Asia/Pacific News
Huge Jump in Q1 Profits for Lanka IOC
Lanka IOC, a subsidiary of Indian Oil Corporation (IOC) whose activities include supplying bunkers in Sri Lanka, increased its profits nineteen fold to 805 million rupees ($14.5 million) in the quarter ended March 2013, local news site Lanka Business Online reports.
The company reported profits of 42 million rupees ($758,000) in the same period last year, with the big gain this quarter helped by an absence of foreign exchange losses.
Revenues for the quarter fell year-over-year to 19.2 billion rupees ($346 million) from 19.4 billion rupees ($350,000), while gross profits fell to 790 million rupees ($14.3 million) from 895 million rupees ($16.1 million).
The company lost 870 million rupees ($15.7 million) in finance costs during the March 2012 quarter, including losses due to the depreciation of the rupee against the U.S. dollar.
One of Lanka IOC's efforts for growth in recent years has been the refurbishment and upgrading of facilities at the China Bay tank farm.
