Colombo Stock Exchange listed Petroleum retailer Lanka IOC (LIOC) has reported a profit of Rs490mn for the quarter ended December 31, 2019. This is in contrast to a loss of close to a billion Sri Lankan Rupees in the prior year December quarter.
Results were likely benefitted by lower oil prices as well as Sri Lanka’s government imposed fuel price formula, which relieves the company from having to sell fuel at significantly below world market prices.
LIOC is 75% owned by Indian Oil Corporation. LIOC stock currently trades at a market capitalization of just under Rs10bn, half its net asset value.