ECONOMYNEXT – Sri Lanka’s state-run power utility, Ceylon Electricity Board has lost 4.5 billion rupees in the half year to June 2021, down from 22 billion rupees a year ealier, with all the losses coming in the first quarter, interim accounts showed.
Revenues were up 7.3 percent to 121.5 billion rupees but cost of sales fell 5.2 percent to 120 billion rupees, giving gross profits of 425 million rupees compared to a loss of 14.3 billion rupees last year year.
In 2020 the government cut furnace oil given at high prices to the CEB.
In the June 2021 quarter the CEB made a 4.3 billion rupee profit, compared to 4.4 billion rupees last year.
The June quarter contains part of the May to August monsoon season when rains are strong and also April inter-monsoon rains start giving more hydro power.
At group level which also includes Lanka Electric Company, the second state-run power distributor and LTL Holdings there was a 2.6 billion rupee profit.
However 3.5 billion rupees were due to outside shareholders, with the CEB component reducing the overall loss to 936 million rupees. (Colombo/Aug17/2021)