Lanka IOC Ltd, Indian Oil Corp's Sri Lankan unit, said fourth-quarter profit more than doubled after the government reimbursed the company for selling fuel below cost.
Net income rose to Rs 831 million ($7.5 million) in the three months ended March 31 from Rs 341 million a year ago, the Colombo-based company said.
Lanka IOC said the year-earlier fourth-quarter figures had been restated. Sales fell to Rs 9 billion from Rs 10.05 billion.
Lanka IOC, which owns a third of Sri Lanka's gas stations, received Rs 5.16 billion as settlement from the government on January 5. The company reported five consecutive quarters of losses until December 31 as the company stopped supplying gasoline to some of its outlets and sales dropped because it didn't match prices of state-owned Ceylon Petroleum Corp, or Ceypetco.
Net income rose to Rs 831 million ($7.5 million) in the three months ended March 31 from Rs 341 million a year ago, the Colombo-based company said.
Lanka IOC said the year-earlier fourth-quarter figures had been restated. Sales fell to Rs 9 billion from Rs 10.05 billion.
Lanka IOC, which owns a third of Sri Lanka's gas stations, received Rs 5.16 billion as settlement from the government on January 5. The company reported five consecutive quarters of losses until December 31 as the company stopped supplying gasoline to some of its outlets and sales dropped because it didn't match prices of state-owned Ceylon Petroleum Corp, or Ceypetco.
