Nov 13, Colombo: Lanka Indian Oil Corporation has informed in a stock exchange filing that their third quarter profit this year grew 327 percent from the previous year.

The LIOC says that the devaluation of the rupee and the foreign exchange netted contributed to earn such profit.

During the last two quarters from April to September, the income had risen by 58 percent to 20.2 billion rupees earning a gross profit of 1.58 billion rupees as of September 30, the company reported in its financial statement.

Rs.2.22 profit per share has been recorded in the third quarter and for the 06 months period ending in September, the company earned a profit of Rs 2.58 per share.

Lanka IOC, a subsidiary of the Indian Oil Corporation started commercial operations in Sri Lanka in 2003 and it is listed in the Colombo Stock Exchange.