Lanka IOC PLC (LIOC), a unit of Indian Oil Company saw net profit for the September quarter (2Q13) soar over by 300 percent Year-on-year (Yoy) to Rs.1.1 billion amidst higher finance income and foreign exchange gains, the interim financial accounts released to the Colombo Stock Exchange showed.
The revenue during the three months rose to Rs.20.1 billion against Rs.12.7 billion in 2Q12 with sales costs also rising to Rs.18.6 billion against Rs.11.9 billion.
Both distribution and administrative expenses rose considerably, though the firm reported an operating profit of Rs.884.3 million during the period under consideration against Rs.325 million in the corresponding period of the previous year.
The finance income during the period rose significantly to Rs.341 million against Rs.12 million in 2Q12. LIOC also reported an exchange gain of Rs.112 million during the quarter against a Rs.3 million gain reported in the same period of the previous year.
The earnings per share for the three months stood at Rs.2.22, up from 52 cents in 2Q13.
For the six months ended September 30 (1H13), LIOC's net profit rose to Rs.1.37 billion against Rs.241.6 million in 1H12.
Apart from selling fuel, LIOC is also engaged in lubricant sales and bunkering.