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23 May, 2014 09:05 AM Source: Lanka Business Online - LBO

May 23, 2014 (LBO) - Profits at Lanka IOC, a unit of Indian Oil Corporation fell 10 percent to fell 10 percent from a year earlier to 722 million rupees on a higher tax charge, interim accounts showed.

The firm reported earnings of 1.36 rupees per share. In the year to March 2013, earnings were 9.04 rupees per share on total profits of 4.8 billion rupees, up from 2.9 billion rupees a year earlier.
Total comprehensive income after small actuarial charge was 722.7 million rupees.

LIOC posted revenues of 21.2 billion rupees, up 10 percent from a year earlier and costs rose at a faster 11 percent to 19.7 billion rupees, and the firm grew gross profits at a slower 3.9 percent to 1.49 billion rupees.

Finance income rose 144 million rupees from 106 million rupees while finance expenses at 28.7 million rupees were hardly changed from 27.9 million rupees a year earlier.

In the year to March revenues rose to 81.7 billion rupees from 75.1 billion rupees. Lanka IOC said auto diesel sales rose to 22.2 billion rupees from 14.3 billion rupees, lubricants rose to 2.2 billion rupees from 1.6 billion rupees.
It sold 5.5 billion rupees of Lanka Petrol 92 Octane, 16.4 billion rupees of the older 90 Octane petrol (down from 21.7 billion rupees) and 8.0 billion rupees of Xtrapremium Euro 03 fuel up from 6.6 billion rupees.

Exports sales of bunkers fell to 12.8 billion rupees from 17.2 billion rupees.

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