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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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Budget 2025
Budget 2025
Detailed analysis of the 2025 Budget
Sri Lanka's mounting interest cost: The largest expenditure in Budget 2025
In budget 2025, LKR 2,950 billion (8.9% of GDP) has been allocated for interest payments on public debt. Government revenue is estimated at LKR 4,990 billion in 2025, nearly 60% of which will be spent on servicing just the interest payments...
From The PF Wire
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Insight on Budget 2025
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Featured
The Problem with Procurement
Sri Lanka’s lack of compliance with the RTI Act and failure to meet IMF Commitments.Sri Lanka’s 2023 IMF Programme includes a commitment to disclose public pro...
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Debt Digest - March 2023
This article was compiled by Dr. Nishan de Mel and Professor Udara Peiris. Dr. Nishan de Mel is the Executive Director of Verité Research and an eco...
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Quantifying grants received by Sri Lanka from 1973...
Since independence, Sri Lanka has been the recipient of bilateral and multilateral grants that have supported various initiatives, including knowledge transfers, health and education improvements, infrastructure development, and critical hum...
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