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Article: INDIAN OIL CORP'S SRI LANKA UNIT LOSES US$7.5 MLN IN JUNE QUARTER.
- Article from:
- AsiaPulse News
- Article date:
- August 17, 2009
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COLOMBO, Aug 17 Asia Pulse - Lanka IOC, a unit of Indian Oil Corporation (BSE:530965), said it lost 856.7 million rupees (US$7.5 million) in the June 2009 quarter, down from a profit of 1.0 billion rupees a year earlier, as it was squeezed between high taxes and government mandated prices.
Revenues for the quarter increased 4.6 per cent to 11.32 billion rupees. Lanka IOC sells diesel and petrol and shares the market with state-run Ceylon Petroleum Corporation.
Lanka IOC managing director Suresh Kumar said a July price hike reduced losses but crude prices are now higher.
Crude prices which plummeted last year are now moving up. Sri Lanka slapped ...