Sri Lanka’s Indian Oil Company (IOC) owned fuel retailer Lanka IOC has posted a net profit of Rs.489.75 million for the December quarter from Rs.986.8 million loss a year earlier, the interim financial accounts released to the Colombo bourse showed.

The firm has posted 92 cents in earnings per share.

For the nine months ending 31^st December, the firm has posted Rs.767.99 million profits, up from Rs.533.7 million loss from a year earlier.

Lanka IOC PLC’s revenue fell to Rs.19.81 billion in the December quarter from Rs.23.1 billion a year earlier whilst the cost of sales fell to Rs.18.48 billion from Rs.23 billion.