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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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Insights and analysis of public debt.
The Government Has to Repay Yearly an Average of USD 4.4 BN Foreign Debt from 2021 Onwards
The infographic shows the actual annual foreign debt service payments of GOSL (Government of Sri Lanka) from 2010 to 2020 and the projected foreign debt service payments from 2021 to 2025.
From The PF Wire
Source:
Daily News
SL concludes debt restructuring agreements
Sri Lanka has finalized comprehensive debt restructuring agreements with key bilateral creditors, including the Official Creditor Committee and China Exim Bank, valued at USD 10 billion.
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Source:
EconomyNext
China supports Sri Lanka’s IMF deal, AIIB agrees t...
China’s has said it will support Sri Lanka in its negotiation with the International Monetary Fund, and the Asian Infrastructure Investment Bank has indicted its willingness to lend 160 million US dollars, Finance Mini...
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Source:
Daily Mirror
Govt. announces plans for new foreign currency ter...
The Finance Ministry this week called for proposals from banks, investment houses and institutional investors to raise a foreign currency term loan denominated in US dollars, euro, renminbi or Japanese yen.
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Insight on Debt
Historical Government Debt, 1950 to 2021
The diagram illustrates the Central Government Debt as a share of GD...
The Concessionality of Foreign Debt Over...
In 2007, the majority of Sri Lanka’...
Sri Lanka’s Government Debt Demystified
A Government’s public debt position includes both debt of the Ce...
Financing Infrastructure: The (non) Conc...
Sri Lanka is highly dependent on international lo...
Sri Lanka's Fiscal Indicators Before COV...
Does Sri Lanka have the fiscal space to deal with COVID-19?
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Featured
Sri Lanka met 25% of IMF commitments and failed 1...
Sri Lanka had met 25% of the trackable programme commitments of the International Monetary Fund (IMF) programme as at the end of March 2023 but had failed on one, according to 'The IMF Tracker', a new online tool launched by Verit&ea...
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Expenditure Proposals: Budget 2024
Major expenditure proposals from the 2024 Budget.
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An Overview of IMF Extended Fund Facility
This article was compiled by Professor Udara Peiris and Raj Prabu Rajakulendran. Udara Peiris joined Oberlin in the fall of 2022. He was previously a tenur...
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