LIOC profit Rs 1b

Lanka IOC, a unit of Indian Oil Corporation, saw an improvement in its performance with a profit of Rs 1 billion in the three months to June 2008, an increase of 109% in comparison to what the company made in the same period 2007.

The company’s turnover increased 13% to Rs 11 billion in the first quarter 2008, with Lanka Petrol 90 accounting for 52% of sales while Lanka Auto Diesel contributed 42%.

In terms of growth Lanka Petrol 90 had seen an increase 52% for the period under review while Lanka Auto Diesel had declined 15%. LIOC’s automotive lubricants division accounted for just Rs 214 million in turnover, but grew at nine per cent from 2007. The company’s EPS was Rs 1.90, while its NAV stood at Rs 20.69.

LIOC’s share which was actively traded on Thursday closed Rs24.25. The share which reached a low of Rs 18.00 in late July has seen its price increase with global oil prices coming down.

Source: First Guardian Equities