The Ministry of Power and Energy has granted permission for the Lanka Indian Oil Company (LIOC) to open more fuel stations in Sri Lanka.
LIOC Managing Director Manoj Gupta said thereby, permission has been received to open 50 new fuel stations.
He further said that the new Lanka IOC fuel stations will be opened islandwide.
Meanwhile, the Lanka IOC PLC reported robust performance for the quarter ended June 30, 2022 (1Q23) with significant growth in revenue and profits.
The robust performance has been reported despite the operational challenges stemming from the forex crisis.
The company said its revenue increased by 196 percent year-on-year (YoY) to Rs.49.93 billion. The Sales volume of the company also increased to 139,762 MT from 135,354 MT on a YoY basis.
The cost of sales for the quarter was Rs.34.4 billion compared to Rs.16 billion a year ago as a result of the steep rise in international oil prices.
The company reported earnings of Rs.18.64 per share for the quarter under review on a net profit of Rs.9.93 billion compared to earnings of 51 cents a share or Rs.273 million in the corresponding quarter of the previous year.
However, Lanka IOC said the sudden devaluation of currency from Rs.299 to Rs.367 per US$ coupled with extremely high borrowing costs, raised its finance expenses during the quarter to Rs.1.79 billion as against Rs.123 million a year ago. (NewsWire)