Losses during the fourth quarter to March were 37 million rupees, after the oil retailer fully provided 411 million rupees on account of monies from the Sri Lankan government.
"The loss was below our expectations of around 60 million rupees," says Chinthaka Ranasinghe, Head of Research John Keells Stockbrokers.
His sentiments are shared by most analysts who expect LIOC to make a loss of around 6.6 billion if the government fails to settle any part of the mammoth bill.
The government's privatisation arm PERC (Public Reform Enterprise Commission) has contested the validity of LIOC’s claim through a legal opinion from the Attorney General's Dept.
While the company is contesting PERCs opinion, Managing Director K Ramakrishnan is optimistic the funds will be r