Lanka Indian Oil Company posted a yearly profit of Rs 404 million as opposed to a Rs 755 million loss last year. Fourth quarter and audited annual statements were released on 7 May. In the fourth quarter, the company made a profit of Rs 938 million as opposed to a loss of Rs 103 million last year.
The share last traded at Rs 17.4. The daily price had appreciated by 2.35 percent. In the same time period last year the share traded at a volume-weighted average of Rs 33. The company has a market cap of Rs 9.2 billion.
Sri Lanka’s demand for petroleum is mainly driven by the transportation sector which accounts for over 60% of consumption. Demand for automotive fuels increased by around 5% during the year with the demand for petrol and diesel increasing by 10% and 2% respectively.
Ceylon Petroleum Corporation, LIOC’s main competitor, according to the Central Bank 2018 annual report had an increase in public guaranteed debt from Rs 207 billion to Rs 333 billion.
LIOC’s current liabilities fell from Rs 13.5 billion to Rs 8.8 billion.
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