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LIOC net profit up over 300%

13 November 2012 12:49 pm - 18     - {{hitsCtrl.values.hits}}

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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.
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  Comments - 18

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  • Podi Eka Wednesday, 14 November 2012 02:20 AM

    Privatize? Its the same cow with different spots even after privertising. Its just too bad. Even without having a refinery in SL IOC is making record profits.

    Hiran Abeygooneratne Tuesday, 13 November 2012 01:26 PM

    But Why SLPC is not profiting? Corruption?

    Soobanana Tuesday, 13 November 2012 01:43 PM

    Proft is there but nothing is reduced by this government and day by day its getting more worse.

    Cool Hand Luke. Tuesday, 13 November 2012 01:46 PM

    After having hoodwinked the consumer!!!

    sunnyboy Wednesday, 14 November 2012 03:16 AM

    THINK A MOMENT !
    the price difference is almost Rs 10/- and they make 300% profit so where is all the CPC profit going to there must be leak in the financial pipes too!??

    Shan Tuesday, 13 November 2012 01:49 PM

    Ape salli. Indian malli.

    Lobo Tuesday, 13 November 2012 01:48 PM

    And our very own CPC still running at losses in the billions.

    Tharaka Chanaka Tuesday, 13 November 2012 01:52 PM

    So CPC is making losses while IOC is profiting 300%... now what? increase pump prices more?

    Arachchi Tuesday, 13 November 2012 01:55 PM

    Subha anagathayak....!! Ironically it's true....

    Ramesh Tuesday, 13 November 2012 02:12 PM

    and yet they want to increase the oil prices...

    RamUK Tuesday, 13 November 2012 03:00 PM

    looks like there is less miss management in IOC you know what lets say well done guys....

    buffaloa citizen Wednesday, 14 November 2012 04:32 AM

    It just shows what great crooks are running CPC and they call themselves "patriots".

    kamal Tuesday, 13 November 2012 04:09 PM

    Close all CPC and let IOC handle the job. We can reduce the prices and we can prevent the billions of losses.

    Sammy Wednesday, 14 November 2012 05:06 AM

    The corporates make large profits while the poor consumer has to bear the brunt of price increases, for this now essential commodity.

    Poet Thursday, 15 November 2012 12:20 PM

    As a senior economist let me tell you this . Taxes here are too mich on vehicles. But at the rate people ask for pay increases and free education money is got to come from somewhere. Most government servants hardly work , but demand pay.

    Ronny Tuesday, 13 November 2012 11:44 PM

    This is equal to the loss to the Sri Lankan vehicle users. If LIOC can why not the CPC - the only reason is it is highly politicised.

    Calistus Jayatilleke Wednesday, 14 November 2012 07:58 AM

    The obvious difference between "management" and "mis-management coupled with corruption"

    OMG Wednesday, 14 November 2012 01:14 AM

    Time to privatize CPC and, the paws of politicians off, and remove the excess staff.

    If IOC can make a hefty profit why cant the CPC atleast break even.


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