Eyebrows raised over Central Bank Annual Report

Eyebrows raised over Central Bank Annual Report

Eyebrows raised over Central Bank Annual Report

Written by Lahiru Fernando

04 May, 2015 | 10:07 pm

The Central Bank’s Annual Report reveals that several public sector enterprises including Ceylon Petroleum Corporation earned profits in 2014. However, the report also states that the Ceylon Electricity Board which gained profits in year 2013 incurred a loss last year.

According to the Central Bank Report, the Ceylon Electricity Board recorded an operating loss of Rs. 11.7 billion in 2014 in contrast to an operating profit of Rs. 24.6 billion in 2013.

Considering all cost components, the CEB’s average unit cost at selling point stood at Rs. 20.45 per unit while the overall average
tariff was Rs. 18.55 per unit, reflecting a loss margin of Rs. 1.90 per unit at the selling point.

Meanwhile, according to the report the CPC’s financial position improved in 2014 recording a turnaround from the loss position in 2013. As per the provisional financial statements, CPC reported a profit of Rs. 1.7 billion in 2014 compared to a loss of Rs. 7.9 billion in 2013.

The main contributory factor for this profit is due to the decline in international crude oil prices and repayment of debts.

Furthermore, the Sri Lanka Transport board was able to reduce losses by Rupees 1.9 billion after they incurred a loss of 3.5. billion rupees in 2013.

The Department of Railways incurred a loss of 11 billion rupees in 2014.

The Central Bank Report further noted that the national airline which recorded a loss of 28.6 billion rupees in 2013, incurred a loss of 29 billion rupees in 2014.

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