Sri Lanka’s CPC loses Rs11.1bn up to April 2018
ECONOMYNEXT – Sri Lanka’s state-run Ceylon Petroleum Corporation has lost 11.1 billion rupees in the first four months of 2018, against an operating profit 3.55 billion rupees in 2016, a finance ministry report said.
A collapsign rupee had also generated 9.1 billion rupees in losses to the CPC compared to 5.62 billion rupees last year.
The CPC also has dollar borrowings.
Total bank borrowings had was 375.49 billion rupees.
"The operational and financial shocks of the CPC is temporary absorbed by the government owned two commercial banks i.e. Bank of Ceylon and Peoples Bank," the report said. "
Brent Crude prices were 66.95 US dollars a barrel in 2018 up from 53.96 dollars last year.
In May 2018, the CPC raised retail fuel tarriffs.
However, the CPC accumulated losses of 218.6 billion rupees and a negative net worth of 218.6 billion rupees, the report said.
Other loss-making state entirites like SriLankan Airlines and Ceylon Electricity Board also owe the CPC billions of rupees of arrears. (Colombo/July03/2018)