Lanka IOC makes gross profit of LKR 495.5 million

Lanka IOC, a wholly-owned subsidiary of the IndianOil, managed to stay in the black for the July-September quarter, realising a gross profit of LKR 495.5 million (net profit - LKR 277.8 million).

The gross profit during the same period last year was LKR 617.4 million (net profit – LKR 501.5 million). Higher operating costs had its pressure on margins, leading to a lower profit after tax – a trend that has held through since April this year. For the period April-September, gross profits were just a shade over LKR 800 million, compared to LKR 675 million during the same period last year. Here too, net profit declined from LKR 385.4 million in April-September 2010 to LKR 241.6 million during the corresponding period this year.

(Courtesy: The Hindu Business Line, New Delhi, November 22, 2011)