Sri Lanka, April 22 -- Setting the stage for a busy earnings season in the coming weeks, Lanka IOC PLC (LIOC) last week reported higher revenues for the three months ended March 2024.

The only listed downstream operator in the conventional energy business reported revenues of Rs.75.1 billion for the January - March period, the company's final fiscal quarter, up 9.3 percent from the same period in 2023.

On a quarterly basis too the revenues improved by 4.3 percent.

LIOC saw its cost of sales rising by 18.9 percent from a year ago to Rs.69.35 billion in the March quarter.

This left the company with a gross profit of Rs.5.75 billion, down from Rs.10.39 billion a year ago.

The company reported earnings of Rs.6.43 a share or Rs.3.42 billi...