The interim statements of Lanka Indian Oil Company (LIOC) showed that the company had increased short term investments by Rs 3.3 billion over the quarter.
The company had however reduced short term borrowings for the quarter ended December 2019 by a negligible amount.
The company reported short term investments of Rs 15 billion in December. This figure represents a 21 fold increase over the level of short term investments in March 2019. The company has been taking loans from the State Bank of India Colombo Branch by collateralizing their trading stocks in Trincomalee, Muthurajawala, and Kolonnawa. The company last paid a dividend in May 2019 making earning of Rs 767 million for the nine months ended December representing earnings per share of Rs 1.44.
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