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| Sunday, 11 September 2005 |
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Business |  |
| News Business Features Editorial
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Lanka IOC net profit up 302% to Rs. 2.329 billion Lanka IOC Chairman N. K. Nayyar has told shareholders in the annual report for the year ended March 31, 2005 that the company's turnover increased by 89.8% from Rs. 14,533 billion to Rs. 27,586 billion and the net profit by 302.9%, up from Rs. 0.578 billion to Rs. 2.329 billion. The return on capital employed (ROCE) was a healthy 17.75%. He said the international oil market was extremely dynamic in 2004. It is anticipated that the same trend would continue through a better part of 2005 and that oil prices would continue to rule at over USD 50 bbl. "Notwithstanding the constraints, our plans for future expansion are on track and our focus continues to remain on further improving infrastructure, productivity and on providing better facilities to our customers, so as to enhance shareholder value," he said. Through concerted efforts and due to the experience and strength of our principal, we have successfully managed procurement of fuels at competitive prices, which have eventually translated into a healthier bottom line. "Our efforts in retail marketing have ensured that the company has successfully established a distinct identity by creating differentiation for the benefit of our customers, both by way of technology and service," he said. Managing Director M. Nageswaran said the company has posted excellent financial results and the company has lived up to the promises made in the prospectus. The turnover of the company has scaled a new peak of Rs. 27,586 million resulting in a gross profit of Rs. 2,503 million and a post tax profit of Rs. 2,329 million. The earnings per share is Rs. 5.24 with the net worth standing at Rs. 10.36 billion. The company hopes to create further financial records in the ensuing years, he said. DJ |
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