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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka IOC unit net up 16-pct

Sri Lanka IOC unit net up 16-pct

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1Sri Lanka IOC unit net up 16-pct Empty Sri Lanka IOC unit net up 16-pct Fri Feb 15, 2013 3:11 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Feb 15, 2013 (LBO) - Sri Lanka's LankaIOC, a unit of the Indian Oil Corporation said its profits rose 16 percent to 728 million rupees in the December 2012 quarter from a year earlier, partly helped by forex gains, an official said.

The firm reported earnings of 1.37 percent share. In the nine months to December it reported earnings of 3.95 rupees per share on total profits of 2.0 billion rupees which rose from 864 million rupees a year earlier.

The firm's revenues rose 10.5 percent to 17.0 billion rupees and expenses rose at a faster 13.1 percent to 15.9 billion rupees, shrinking gross margins 19.2 percent to 1.16 billion rupees.

But the bottom line was helped by 189 million rupees in financial income which also included around 50 million rupees in forex gains, an official said.

Managing director Subodh Dakwale said 66 percent of the firms revenue came from the sale of petrol where margins were less than 0.8 percent.

After the last price revision petrol brought a profit of around 2.5 a litre and diesel was making a loss of around 5.0 rupees he said.

About 27 percent of the retail price of petrol is made up of government taxes.

Dakwale said lubricants made up about 2.5 percent of revenues with or about 1.4 to 1.5 billion rupees a quarter. Bunkering brought about 13 to 14 percent of revenues with bitumen making up the balance.

He said bunkering was extremely competitive with price fluctuations in the international market.
http://lbo.lk/fullstory.php?nid=406754244

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