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It reported earnings of 39 cents for the quarter in the quarter. Earnings for the first six months to end September were 85 cents a share on a profit of 453.2 million rupees, up from a loss of 312.1 million rupees a year earlier.
Lanka IOC fell 20 cents to 27.10 rupees on Monday.
Revenue for the September quarter grew 2.1 percent from a year earlier to 25.6 billion rupees, cost of sales fell 1 percent to 24 billion rupees leading to gross profits doubling to 1.5 billion rupees.
In May, the government put in place a formula that would change local fuel prices based on global oil price movements every month.
Selling and distribution expense fell 22.8 percent to 580.2 million rupees from a year earlier, while administrative expenses were down 29.3 percent to 364.2 million rupees.
Finance costs increased over tenfold to 546.2 million rupees from 48 million rupees a year earlier.
Lanka IOC's assets grew to 40.3 billion rupees from 33 billion rupees at the start of the financial year with increased inventories.
Borrowings, all short-term, increased to 7.1 billion rupees in September from 5 billion rupees in March. (COLOMBO, 29 October 2018)
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May be possible reduction of oil price in the form of carrot Ala deter the IOC price movement.
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