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Monday August 15th, 2022

Sri Lanka schedules power cuts up to 10-hours for March 30

ECONOMYNEXT – Power cuts of up to 10 hours in some areas in Sri Lanka on March30, Public Utilities Commission Chairman Janaka Ratnayake said as a flexible exchange regime created severe foreign exchange shortages and power deficits in the dry season.

Areas ABCDEF and PQRS will have 10 hour continuous power cut from 2.00pm to 12.00am.

Areas MNOXYZ will have a power cut from 8.00am to 6.00pm.

Areas GHIJKL and TUVW will have 10 hour power cuts of 6 hours from 8.00am to 2.00pm and 4 hours and 30 minutes from 6.00pm to 10.00pm.

Download the power cut schedule for March 30 30-03-2022-Power-Interruption-Schedule-full

Though the government has said power cuts will be reduced gradually, they have been extended mainly due to lack of fuel and higher demand as demand went up due to a lack of price increase.

The lack of fuel also has resulted in large queues for diesel and petrol despite record price hikes. (Colombo/ March 29/2022)

Comments (13)

Your email address will not be published.

  1. Vischjager says:

    When will this ever end? We are worse off than 3rd world countries in Africa. And the government does absolutely nothing.

  2. Anusha says:

    Puttlam
    Area

  3. Ranga says:

    For some areas no power for 10 hours continuesly

  4. Samanthi Ranasinghe says:

    I am very happy is power cut schedule. Meeta wada hodai light nathima unanam. purudu vidiyata lampu eliyema inna thibuna. Rata Karana barinam yanna. Podi lamayek nidi Karawanne kohomada? Me rasne dawaswala.

  5. David says:

    Naasamaapeirivingada

  6. Kapila Gamage says:

    what are the X Y Z area

  7. Nadeen says:

    Thanks to all help to our future

  8. gotam ponnaya says:

    harima sapai

  9. තරංග අබේවර්දන says:

    පැය 10ක්‌ අද කපනවා, ඊයෙ පැය 13, හෙට ඉදන් දෙන්න විදිහක් නෑ විදුලි බලමණ්ඩල ය වැහුව කියහලල

  10. sudath says:

    how do we know in which zone we are in ????????

  11. Mr Thuring says:

    why is it some areas no power cut ,and areas like kudamaduwa has daily power cuts but never on shadule, dont they think of the seanoior citizens in the countrt, how the manage without lights
    candles not avelable all hid to sell at black market they should put a price control on all goods

  12. හින්නිඅප්පුහාමි says:

    රැ12ටමොකටද.එලිවෙනකම්.කපපල්ලා.

  13. Disura fernando says:

    Plese don’t droup our current in rawathawatta can you please

View all comments (13)

Comments (13)

Your email address will not be published.

  1. Vischjager says:

    When will this ever end? We are worse off than 3rd world countries in Africa. And the government does absolutely nothing.

  2. Anusha says:

    Puttlam
    Area

  3. Ranga says:

    For some areas no power for 10 hours continuesly

  4. Samanthi Ranasinghe says:

    I am very happy is power cut schedule. Meeta wada hodai light nathima unanam. purudu vidiyata lampu eliyema inna thibuna. Rata Karana barinam yanna. Podi lamayek nidi Karawanne kohomada? Me rasne dawaswala.

  5. David says:

    Naasamaapeirivingada

  6. Kapila Gamage says:

    what are the X Y Z area

  7. Nadeen says:

    Thanks to all help to our future

  8. gotam ponnaya says:

    harima sapai

  9. තරංග අබේවර්දන says:

    පැය 10ක්‌ අද කපනවා, ඊයෙ පැය 13, හෙට ඉදන් දෙන්න විදිහක් නෑ විදුලි බලමණ්ඩල ය වැහුව කියහලල

  10. sudath says:

    how do we know in which zone we are in ????????

  11. Mr Thuring says:

    why is it some areas no power cut ,and areas like kudamaduwa has daily power cuts but never on shadule, dont they think of the seanoior citizens in the countrt, how the manage without lights
    candles not avelable all hid to sell at black market they should put a price control on all goods

  12. හින්නිඅප්පුහාමි says:

    රැ12ටමොකටද.එලිවෙනකම්.කපපල්ලා.

  13. Disura fernando says:

    Plese don’t droup our current in rawathawatta can you please

Sri Lanka stocks rally continues for 12th straight session on political stability hopes 

The main index fell for the 4th consecutive session

ECONOMYNEXT – Sri Lanka stocks gained for the 12th consecutive session on Monday (15) ending at their highest in more than four months pushed by retail shares amid signs of political stability after months of protests, dealers said.

The market generated 5.8 billion rupees in turnover, nearly twice of this year’s average daily turnover of 3.11 billion rupees.

The main All Share Price Index (ASPI) rose 1.82% or 164.04 points to 9,191.52, its highest since March 30. The index has risen 19.6% in the last 12 sessions.

“We are seeing a lot of volatility in the market today due to profit taking in the key shares that gained in the last 11 sessions,” a market analyst said.

“Profit-taking also returned after the CSE (Colombo Stock Exchange) published the last set of June reports that showed some counters having done very while some not so much, therefore, there is a significant reaction for that.”

In the last few sessions, the market was mostly driven by Lanka IOC and the plantation sector.

However, ahead of the fuel price revision, LIOC moved to red.

“There was a bit of profit taking on anticipation of price cuts. However, unless fuel prices are cut sharply, LIOC will continue to move,” the analyst said.

At the start of the month, CPC cut fuel prices by 10 rupees based on the price formula.

Globally, crude oil prices have dropped hence there is strong speculation that fuel prices will be cut further.

Last week, Sri Lanka announced a 75 percent electricity tariff hike.

Investors previously feared the move would drag the market down due to possible higher costs for manufacturing firms.

However, the political stability after four months of protest is seen as the catalyst for the market gain, dealers said.

The government also tabled an interim budget last week, revising the budget presented last year as the country is going through an unprecedented economic crisis amid plans on a four-year IMF loan programme, debt restructuring, fiscal reforms, and dealing with loss-making state-owned enterprises.

Sri Lanka already declared sovereign debt default on April 12 this year and failed to pay its first sovereign debt in May amid a deepening economic crisis which later turned into a political crisis and led to a change in the president, cabinet, and government.

The more liquid S&P SL20 index moved up, closing at 0.82% or 25.28 points stronger at 3,097.30.

Sri Lanka is facing its worst fuel and economic crisis in its post-independence era and the economy is expected to contract 7 percent this year.

The main ASPI gained 18.8 percent in August so far after gaining 5.3 percent in July. It lost 9.3 percent in June, 23 percent in April, and 14.5 percent in March.

The market index has lost 24.8 percent so far this year after being one of the world’s best stock markets with an 80 percent return last year when large volumes of money were printed.

Sri Lanka’s sovereign debt default on April 12 has already led the country to be rated with restricted/selective default rating by rating agencies, which has weighed on investor sentiment.

Net foreign outflow was 117 million rupees on Monday while the total net foreign outflow so far this year is 1.3 billion rupees.

Investors are also concerned over the steep fall of the rupee from 203 to 370 levels so far in 2022.

Ceylinco Insurance which pushed the ASPI, closed 11.9 percent up at 2,143.2 rupees a share. Browns Investment closed 8.5 percent up at 8.9 rupees a share, and John Keells Holdings gained 2.5 percent to 129.7 rupees. (Colombo/Aug15/2022)

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Sri Lanka’s Laugfs Gas makes a loss of 94-pct in June 2022 quarter

ECONOMYNEXT- Sri Lanka’s Laugfs Gas Plc, a cooking gas distributor, said it lost 94 percent or 1.75 billion rupees in the June 2022 quarter due to a shortage of dollars that hampered the company’s ability to import while the rupee slipped against the dollars drastically.

The loss per share for the quarter was 4.53 rupees.

Laugfs Gas revenue for the June 2022 quarter fell 16 percent from a year earlier to 8 billion rupees in the quarter, while the cost of sales fell 22 percent to 7.4 billion rupees generating a 628 million rupee gross profit.

Foreign currency losses have shot up 3,622 percent to 796 million rupees compared to 21 million rupees in the previous year.

“Main contributory factor for the adverse financial performance observed for the quarter was due to non-availability of foreign exchange for imports, unbearable interest cost burden during the period under review and both of which were beyond the control of the management,” the company said in its stock exchange filing.

Laugfs supply controls 20 percent of Sri Lanka’s LP gas market.

Finance costs rose to 905 million rupees from 514 million rupees a year earlier.

Despite the price increases in the market for cooking gas most companies including Laugfs had issues opening letters of credit.

(Colombo/Aug15/2022)

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Sri Lanka protestor who stormed state-run TV station out on bail

Dhaniz Ali

ECONOMYNEXT – A Sri Lankan protestor who was arrested for forcibly entering a state-run television station has been released on bail.

Dhaniz Ali, an activist linked to Sri Lanka’s youth-led Aragalaya (Struggle) protest movement, was arrested on July 27 aboard an aircraft at the Bandaranaike International Airport (BIA) due to depart to Dubai. Ali was part of a group of protestors who had stormed the state-run Sri Lanka Rupavahini Corporation (SLRC) on July 13.

He was accused of interrupting the SLRC’s scheduled programming that day and demanding the producers there that the TV station only air content approved by the Aragalaya.

Police Media Spokesman SSP Nihal Thalduwa confirmed that Ali was released on bail on Monday August 15 on a cash bail of 25,000 rupees and two personal bails of 500,000 rupees each.

Thalduwa said Ali had been remanded till August 26 for another incident that took place in Colombo Fort when protestors entered the President’s House on July 09.

He was produced in the Colombo Fort Magistrate’s Court on Monday before Colombo Chief Magistrate Nandana Amarasinghe.

Ali has been ordered to provide a statement at the Colombo Garden Police. (Colombo/Aug15/2022)

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