Financial Daily from THE HINDU group of publications
Sunday, Oct 17, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 17, 2004 |
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Corporate
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Outlook Lanka IOC expects 4-fold increase in net Our Bureau
Chennai , Oct. 16 LANKA IOC, a subsidiary of Indian Oil Corporation, expects to achieve a four-fold increase in its net profit for the current year. The company's Managing Director, Mr M. Nageswaran, said on Saturday that the net profit was projected to increase to about Rs 120 crore (Sri Lankan Rs 240 crore) this year, compared with about Rs 30 crore last year. To finance its projects — setting up a lube blending plant, conversion of Trincomalee into a bunkering hub by upgrading the tank farm there, and getting into aviation and LPG business — Lanka IOC proposes to come out with a public issue of 1.33 million shares to raise about Rs 100 crore. While IOC, a Fortune 500 company, could have financed the projects on its own, it proposes to come out with the public issue so that the public of Sri Lanka is a partner in the progress of the country, Mr Nageswaran said. Lanka IOC sells 10,000 kilolitres of petrol, 8,000 kl of diesel and 32,000 kl of kerosene a day in Sri Lanka. The products are imported from India.
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