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Total SOE Losses in the first four months of 2022 Outweigh Annual Losses in 2021
During the first four months of 2022 the cumulative loss of State-Owned Enterprises (SOEs) amounted to LKR 860 BN. This figure outweighs the annual loss of SOEs in 2021. The top 3 contributors to the increase of the loss were (1) Ceylon Petroleum Corporation (CPC) (2) Sri Lankan Airlines and the (3) Ceylon Electricity Board. The loss was driven by the exchange rate loss due to the depreciation of the currency by 58% in the first four months of 2022. Certain SOE’s with higher level of exposure to foreign debt were more vulnerable to the depreciation of the currency. The CPC was one such SOE that was severely impacted by the exchange rate. The CPC’s losses in the first four months of 2022 amounted to LKR 628 BN which is 73% of the total SOE loss. The foreign exchange loss of the CPC amounted to 550 BN , which is 21 times higher than the same figure of LKR 26 BN reported in the in the same period in 2021. Exhibit 1 : Profit/Loss of 52 SOEs, Figures in LKR Million. Enterprise - Figures in LKR Million In the first four months of 2022 Ceylon Petroleum Corporation (628) Sri Lankan Airlines (248) Ceylon Electricity Board (47) Airport and Aviation Services (6) Sri Lanka Transport Board (1) National Water Supply and Drainage Board (0) State Engineering Corporation (0) Milco (Pvt) Ltd* (0) Sri Lanka Rupavahini Corporation (0) Lanka Sathosa Ltd* (0) Independent Television Network Ltd (0) Pradeshiya Sanwardena Bank (0) State Printing Corporation (0) Sri Lanka Broadcasting Corporation (0) Hotel Developers Lanka Ltd. (0) Sri Jayewardenepura General Hospital (0) Central Engineering Consultancy Bureau (0) Ceylon Fisheries Corporation* (0) Janatha Estates Development Board (0) Sri Lanka Handicraft Board (0) Ceylon Fishery Harbour Corporation (0) Kalubovitiyana Tea Factory Ltd 0 Sri Lanka Cashew Corporation 0 Sri Lanka State Plantations Corporation 0 Kahatagaha Graphite Lanka Ltd 0 Sri Lanka Ayurvedic Drugs Corporation 0 Ceylon Fertilizer Company Ltd* 0 State Development and Construction Corporation 0 STC General Trading Company 0 Chilaw Plantations Ltd 0 Lanka Phosphate Ltd.* 0 Sri Lanka Export Credit Insurance Corporation 0 Colombo Commercial Fertilizer Company Ltd* 0 Agriculture and Agrarian Insurance Board 0 State Timber Corporation 0 Kurunegala Plantations Ltd 0 State Pharmaceuticals Corporation 0 State Mortgage & Investment Bank 0 HDFC Bank 0 Lanka Mineral Sands Ltd 0 Lanka Sugar Company Ltd 0 National Livestock Development Board* 0 National Lotteries Board 0 State Pharmaceuticals Manufacturing Corporation 1 Development Lotteries Board 1 National Insurance Trust Fund 3 Employees’ Trust Fund Board 3 National Savings Bank 9 Sri Lanka Insurance Corporation Ltd 9 People’s Bank 10 Sri Lanka Ports Authority 14 Bank of Ceylon 20 Total SOE Profit/loss -860
Featured Insight
Total SOE Losses in the first four months of 2022 Outweigh Annual Losses in 2021
During the first four months of 2022 the cumulative loss of State-Owned Enterprises (SOEs) amounted to LKR 860 BN. This figure outweighs the annual loss of SOEs in 2021. The top 3 contributors to the increase of the loss were (1) Ceylon Petroleum Corporation (CPC) (2) Sri Lankan Airlines and the (3) Ceylon Electricity Board. The loss was driven by the exchange rate loss due to the depreciation of the currency by 58% in the first four months of 2022. Certain SOE’s with higher level of exposure to foreign debt were more vulnerable to the depreciation of the currency. The CPC was one such SOE that was severely impacted by the exchange rate. The CPC’s losses in the first four months of 2022 amounted to LKR 628 BN which is 73% of the total SOE loss. The foreign exchange loss of the CPC amounted to 550 BN , which is 21 times higher than the same figure of LKR 26 BN reported in the in the same period in 2021. Exhibit 1 : Profit/Loss of 52 SOEs, Figures in LKR Million. Enterprise - Figures in LKR Million In the first four months of 2022 Ceylon Petroleum Corporation (628) Sri Lankan Airlines (248) Ceylon Electricity Board (47) Airport and Aviation Services (6) Sri Lanka Transport Board (1) National Water Supply and Drainage Board (0) State Engineering Corporation (0) Milco (Pvt) Ltd* (0) Sri Lanka Rupavahini Corporation (0) Lanka Sathosa Ltd* (0) Independent Television Network Ltd (0) Pradeshiya Sanwardena Bank (0) State Printing Corporation (0) Sri Lanka Broadcasting Corporation (0) Hotel Developers Lanka Ltd. (0) Sri Jayewardenepura General Hospital (0) Central Engineering Consultancy Bureau (0) Ceylon Fisheries Corporation* (0) Janatha Estates Development Board (0) Sri Lanka Handicraft Board (0) Ceylon Fishery Harbour Corporation (0) Kalubovitiyana Tea Factory Ltd 0 Sri Lanka Cashew Corporation 0 Sri Lanka State Plantations Corporation 0 Kahatagaha Graphite Lanka Ltd 0 Sri Lanka Ayurvedic Drugs Corporation 0 Ceylon Fertilizer Company Ltd* 0 State Development and Construction Corporation 0 STC General Trading Company 0 Chilaw Plantations Ltd 0 Lanka Phosphate Ltd.* 0 Sri Lanka Export Credit Insurance Corporation 0 Colombo Commercial Fertilizer Company Ltd* 0 Agriculture and Agrarian Insurance Board 0 State Timber Corporation 0 Kurunegala Plantations Ltd 0 State Pharmaceuticals Corporation 0 State Mortgage & Investment Bank 0 HDFC Bank 0 Lanka Mineral Sands Ltd 0 Lanka Sugar Company Ltd 0 National Livestock Development Board* 0 National Lotteries Board 0 State Pharmaceuticals Manufacturing Corporation 1 Development Lotteries Board 1 National Insurance Trust Fund 3 Employees’ Trust Fund Board 3 National Savings Bank 9 Sri Lanka Insurance Corporation Ltd 9 People’s Bank 10 Sri Lanka Ports Authority 14 Bank of Ceylon 20 Total SOE Profit/loss -860
Featured Insight
Total SOE Losses in the first four months of 2022 Outweigh Annual Losses in 2021
During the first four months of 2022 the cumulative loss of State-Owned Enterprises (SOEs) amounted to LKR 860 BN. This figure outweighs the annual loss of SOEs in 2021. The top 3 contributors to the increase of the loss were (1) Ceylon Petroleum Corporation (CPC) (2) Sri Lankan Airlines and the (3) Ceylon Electricity Board. The loss was driven by the exchange rate loss due to the depreciation of the currency by 58% in the first four months of 2022. Certain SOE’s with higher level of exposure to foreign debt were more vulnerable to the depreciation of the currency. The CPC was one such SOE that was severely impacted by the exchange rate. The CPC’s losses in the first four months of 2022 amounted to LKR 628 BN which is 73% of the total SOE loss. The foreign exchange loss of the CPC amounted to 550 BN , which is 21 times higher than the same figure of LKR 26 BN reported in the in the same period in 2021. Exhibit 1 : Profit/Loss of 52 SOEs, Figures in LKR Million. Enterprise - Figures in LKR Million In the first four months of 2022 Ceylon Petroleum Corporation (628) Sri Lankan Airlines (248) Ceylon Electricity Board (47) Airport and Aviation Services (6) Sri Lanka Transport Board (1) National Water Supply and Drainage Board (0) State Engineering Corporation (0) Milco (Pvt) Ltd* (0) Sri Lanka Rupavahini Corporation (0) Lanka Sathosa Ltd* (0) Independent Television Network Ltd (0) Pradeshiya Sanwardena Bank (0) State Printing Corporation (0) Sri Lanka Broadcasting Corporation (0) Hotel Developers Lanka Ltd. (0) Sri Jayewardenepura General Hospital (0) Central Engineering Consultancy Bureau (0) Ceylon Fisheries Corporation* (0) Janatha Estates Development Board (0) Sri Lanka Handicraft Board (0) Ceylon Fishery Harbour Corporation (0) Kalubovitiyana Tea Factory Ltd 0 Sri Lanka Cashew Corporation 0 Sri Lanka State Plantations Corporation 0 Kahatagaha Graphite Lanka Ltd 0 Sri Lanka Ayurvedic Drugs Corporation 0 Ceylon Fertilizer Company Ltd* 0 State Development and Construction Corporation 0 STC General Trading Company 0 Chilaw Plantations Ltd 0 Lanka Phosphate Ltd.* 0 Sri Lanka Export Credit Insurance Corporation 0 Colombo Commercial Fertilizer Company Ltd* 0 Agriculture and Agrarian Insurance Board 0 State Timber Corporation 0 Kurunegala Plantations Ltd 0 State Pharmaceuticals Corporation 0 State Mortgage & Investment Bank 0 HDFC Bank 0 Lanka Mineral Sands Ltd 0 Lanka Sugar Company Ltd 0 National Livestock Development Board* 0 National Lotteries Board 0 State Pharmaceuticals Manufacturing Corporation 1 Development Lotteries Board 1 National Insurance Trust Fund 3 Employees’ Trust Fund Board 3 National Savings Bank 9 Sri Lanka Insurance Corporation Ltd 9 People’s Bank 10 Sri Lanka Ports Authority 14 Bank of Ceylon 20 Total SOE Profit/loss -860
Featured Insight
Total SOE Losses in the first four months of 2022 Outweigh Annual Losses in 2021
During the first four months of 2022 the cumulative loss of State-Owned Enterprises (SOEs) amounted to LKR 860 BN. This figure outweighs the annual loss of SOEs in 2021. The top 3 contributors to the increase of the loss were (1) Ceylon Petroleum Corporation (CPC) (2) Sri Lankan Airlines and the (3) Ceylon Electricity Board. The loss was driven by the exchange rate loss due to the depreciation of the currency by 58% in the first four months of 2022. Certain SOE’s with higher level of exposure to foreign debt were more vulnerable to the depreciation of the currency. The CPC was one such SOE that was severely impacted by the exchange rate. The CPC’s losses in the first four months of 2022 amounted to LKR 628 BN which is 73% of the total SOE loss. The foreign exchange loss of the CPC amounted to 550 BN , which is 21 times higher than the same figure of LKR 26 BN reported in the in the same period in 2021. Exhibit 1 : Profit/Loss of 52 SOEs, Figures in LKR Million. Enterprise - Figures in LKR Million In the first four months of 2022 Ceylon Petroleum Corporation (628) Sri Lankan Airlines (248) Ceylon Electricity Board (47) Airport and Aviation Services (6) Sri Lanka Transport Board (1) National Water Supply and Drainage Board (0) State Engineering Corporation (0) Milco (Pvt) Ltd* (0) Sri Lanka Rupavahini Corporation (0) Lanka Sathosa Ltd* (0) Independent Television Network Ltd (0) Pradeshiya Sanwardena Bank (0) State Printing Corporation (0) Sri Lanka Broadcasting Corporation (0) Hotel Developers Lanka Ltd. (0) Sri Jayewardenepura General Hospital (0) Central Engineering Consultancy Bureau (0) Ceylon Fisheries Corporation* (0) Janatha Estates Development Board (0) Sri Lanka Handicraft Board (0) Ceylon Fishery Harbour Corporation (0) Kalubovitiyana Tea Factory Ltd 0 Sri Lanka Cashew Corporation 0 Sri Lanka State Plantations Corporation 0 Kahatagaha Graphite Lanka Ltd 0 Sri Lanka Ayurvedic Drugs Corporation 0 Ceylon Fertilizer Company Ltd* 0 State Development and Construction Corporation 0 STC General Trading Company 0 Chilaw Plantations Ltd 0 Lanka Phosphate Ltd.* 0 Sri Lanka Export Credit Insurance Corporation 0 Colombo Commercial Fertilizer Company Ltd* 0 Agriculture and Agrarian Insurance Board 0 State Timber Corporation 0 Kurunegala Plantations Ltd 0 State Pharmaceuticals Corporation 0 State Mortgage & Investment Bank 0 HDFC Bank 0 Lanka Mineral Sands Ltd 0 Lanka Sugar Company Ltd 0 National Livestock Development Board* 0 National Lotteries Board 0 State Pharmaceuticals Manufacturing Corporation 1 Development Lotteries Board 1 National Insurance Trust Fund 3 Employees’ Trust Fund Board 3 National Savings Bank 9 Sri Lanka Insurance Corporation Ltd 9 People’s Bank 10 Sri Lanka Ports Authority 14 Bank of Ceylon 20 Total SOE Profit/loss -860
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Total SOE Losses in the first four months of 2022 Outweigh Annual Losses in 2021
During the first four months of 2022 the cumulative loss of State-Owned Enterprises (SOEs) amounted to LKR 860 BN. This figure outweighs the annual loss of SOEs in 2021. The top 3 contributors to the increase of the...
From The PF Wire
Source:
Daily News
Govt. to provide Kerosene subsidy to low-income fa...
Power and Energy Minister Kanchana Wijesekera said that the Government will take steps to provide a Kerosene subsidy for low-income families and people engaged in fisheries and plantations sectors. “This subsidy applies to low-income families dependent on Kerosene, as well as to p...
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Source:
Daily Mirror
Govt. grants monthly allowance to State officials...
With 5,533 State-owned vehicles not in running condition, the government has granted a monthly allowance to 8,500 senior officials in State institutions for using their private vehicles for official purposes.
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Source:
Ceylon Today
Govt to table Supplementary Estimate of Rs 200B
The Government is planning to table a Supplementary Estimate of Rs 200 billion in Parliament shortly, with the aim of getting it passed to control the spread of COVID-19 pandemic as well as to look after State-related expenses....
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Insight on Expenditure
Total SOE Losses in the first four month...
During the first four months of 2022 the cumulative loss of State-Ow...
Government Expenditure from 2012-2021
Government Expenditure increased by 126% over the past decade. Expen...
How did the government finance its expen...
The infographics provides details on government expenditure and the...
Fuel Price Tracker : Methodology
FUEL PRICE TRACKER
Infrastructure Watch Dashboard: Infograp...
A Sri Lankan Household Spends 24% of Av...
Sri Lanka's fuel prices increased rapidly within the last few mo...
Fiscal Performance From January to Novem...
The following infographic compares Sri Lankas' fiscal performance from January to Novemb...
Sri Lanka’s Imports Were 4% Higher in 2...
Sri Lanka’s Imports have grown by 4%...
Contributors to Rising Inflation
Sri Lanka has seen a trend in rising inflation, with inflation reach...
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Featured
Public Report on the 2022 Budget: Assessment of th...
This report provides an assessment and analysis of the fiscal, financial and economic assumptions and estimates applied in the formulation of the 2022 Budget. This repo...
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Sri Lanka’s Fitch Credit Rating has been downgrade...
Sri Lanka’s credit rating has been downgraded 7 times over the course of 7 years. 5 of those downgrades occurred since April 2020. In contrast, its regional peers have maintained their credit ratings. ...
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Total SOE Losses in the first four months of 2022...
During the first four months of 2022 the cumulative loss of State-Owned Enterprises (SOEs) amounted to LKR 860 BN. This figure outweighs the annual loss of SOEs in 2021. The top 3 contributors to the increase of the...
Read More
