Lanka IOC a unit of Indian Oil Corporation reported a loss of 239.18 million rupees for the June 2019 quarter, reversing from a profit of 246.86 million rupees a year earlier.

In the March 2019 quarter LIOC reported a profit of 937 million rupees.

Revenues fell from Rs.19.11 billion to 18.46 billion rupees in the June quarter from a year earlier, and cost of sales fell at a slower from Rs.17.98 billion to Rs. 17.91 billion, shrinking gross profits from Rs.1, 124 million to Rs.527 million.

Although international oil prices had risen since March, the government held local administered prices in April to provide relief to consumers during the traditional New Year period.

Hence, Market analysts say this situation has created some impact on Lanka IOC's financial statements.