Sri Lanka, Jan. 27 -- Lanka IOC PLC returned to profits during the three months ended December 31, 2019 from a year earlier, but the top line declined reflecting the slowdown in the economy, which took toll on overall economic activities.
Filing the interim financial accounts for the October-December period (3Q20), the local unit of Indian Oil Corporation Limited reported earnings of 92 cents a share on a total profit of Rs.489.8 million.
The company suffered a loss of Rs.1.85 a share or Rs.986.9 million during the corresponding period last year.
The downstream crude oil operator appears to have benefited from the easing global oil prices, which fell from about US$ 65 per barrel to US$ 58 per barrel in the Brent futures exchange durin...