Profits at Lanka IOC the second fuel distributor in Sri Lanka surged to 1.39 billion rupees in the June 2013 quarter from 191 million rupees a year earlier.

The firm reported earnings of 2.53 rupees per share in the quarter. Revenues dropped to 18.4 billion rupees in the June 2013 quarter from 18.6 billion rupees a year earlier and cost of sales dropped faster to 16 billion rupees from 17.4 billion, almost doubling gross profits to 2.4 billion rupees from 1.26 billion.

Managing director said revenues dropped because bunker sales were weak in the quarter, lubricant volumes were up and costs were kept down. “We optimized our purchases though procurements,” he said.

Oil prices have been moderate during the period, he said.

Finance costs fell to 251 million rupees in the quarter from 442 million rupees a year earlier.

The Lanka IOC said a stronger exchange rate in the June quarter helped bring down finance costs but in the September quarter a weaker exchange rate will push up costs.

Lanka IOC PLC as one of the leaders in Sri Lanka Oil Companies had a Rs 2.83 billion net profit for the six months ended 30 September 2013, up from Rs 1.37 billion a year ago, interim financial results filed with the stock exchange showed.

Revenue for the six-month period increased to Rs 39.23 billion, up from
Rs 38.86 billion a year ago.Distribution costs fell to Rs 855.75 million, down from Rs 889.24 million a year ago.

Finance income grew to Rs 100.98 million, down from Rs 51.3 million and finance costs increased to Rs 309.49 million, up from Rs 155.84 million a year ago. Basic earnings-per-share amounted to Rs 5.32, up from Rs 2.58 a year ago

Lanka IOC PLC,an active player in the field of downstream petroleum marketing in Sri Lanka and ranked as No.1 amongst Corporates and Sri Lanka oil companies, now offers excellent career opportunities in the following functions.

Manager Sales (Lubes and Bitumen)
Manager -Human Resources
Executive Sales (Bitumen) – Colombo
Lubes Sale Supervisor (Non-Executive)