Lanka Indian Oil Company PLC (LIOC) posting impressive results for the quarter and the nine months ending 31st December 2010 said the net profit for the quarter was Rs. 602 million compared to the same period last year where a profit of only Rs 12 million was made.
The profits were made from its lubricant, bunkering and bitumen operations and not so much from fuel sales, according to LIOC Managing Director Suresh Kumar.
He further added "there's going to be a tremendous impact on the company's profits for the current quarter as global oil prices have shot up and that current prices do not reflect that increase in global oil prices."
For the nine months ended December 2010 profits soared to Rs. 988 million against the loss for the same period in the last financial year of Rs 1 billion.
At present the company incurs a loss of Rs.16 per liter on petrol and Rs.17 per liter on diesel according to LIOC.
Meanwhile the company made a gain on exchange on its forex loan amounting to Rs 230 million due to appreciation of the rupee against the dollar. Short term borrowings amounted to USD 63.762 million raised through SBI Colombo and Singapore.
Over 75% of the company's shares are held by Indian Oil Corporation of India and the public holding is at 24.88% of the issued ordinary shares.
source - www.dailymirror.lk
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