The Lanka Indian Oil Company (LIOC) has reported a significant jump in net profits in the three months that ended on September 30.
The net profits increased 43 times to 12.3 billion rupees, compared to the 281 million rupees reported in the same quarter last year.
The earnings per share in the quarter were 23.21, compared to 0.53 rupees last year.
Revenue for the September quarter jumped 327 percent to 87.9 billion rupees from a year earlier.
The cost of sales rose 267 percent to 71.6 billion rupees, leading to a gross profit of 16 billion rupees in the quarter, compared to the last year’s 1.08 billion rupees.
The operating profit was 14.1 billion rupees for the quarter, up from 268 million a year earlier.
LIOC total assets increased by 13.9 billion rupees in the quarter to 79 billion rupees.
Its finance income in the September quarter increased to 548 million rupees, up 61.7 percent from a year earlier.
Finance expenses fell to 193 million rupees from 294 million rupees resulting in a profit before tax of 14.5 billion rupees.
LIOC’s profit in September skyrocketed due to the fuel price hike and higher supply in the three months due to heavy demand after a foreign exchange shortage forced the state-run fuel to import less.
One of Sri Lanka’s primary fuel suppliers, the LIOC has about 10 to 15 percent of the fuel market in Sri Lanka. (NewsWire)