Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post
Market Place

Add an ad

View all ads

Latest topics

» LOTUS TOWER economy
by Teller Today at 4:41 pm

» AAIC - Profit over one billion!!!!!
by Teller Today at 4:16 pm

» Market again heading to 4800? :D
by Teller Today at 4:15 pm

» CFVF.N0000 -Deal to be happned on Next week?
by Teller Today at 4:12 pm

» RWSL can hit 3.10 LKR
by Teller Today at 4:06 pm

» Look PAP Amazing company
by Teller Today at 4:01 pm

» GOOD SHARES TO BUY
by Teller Today at 10:19 am

» BIL පුපුරා යාමට ආසන්නයි
by Equityinvestor Today at 9:43 am

» Massive Fraud At AEL subsidiry
by Beta1 Today at 8:23 am

» AEL Target price Rs 24
by rukshan1234 Yesterday at 11:35 pm

» TKYO X Target prce Rs.32.50
by rukshan1234 Yesterday at 11:31 pm

» Positive News
by Promoney Yesterday at 7:24 pm

» Bansei Royal Resorts BRR up 23%
by Invest-Wise Yesterday at 4:52 pm

» RAL....RAL, Renuka Agri
by nirowat Yesterday at 3:33 pm

» Just About Prima Glass – GLAS
by KOLAA Yesterday at 1:18 pm

» LOOKOUT FOR SIRA
by Eugine Fernando Yesterday at 12:51 pm

» SEMB.N predictions
by 4Corners Yesterday at 10:14 am

» FORUM POLITICIANS
by CITIZEN Yesterday at 10:10 am

» After Advanced level what is
by lankaspeaker Yesterday at 9:57 am

» PRESIDENT ELECTION
by Ahcha Yesterday at 7:21 am

» Why AAIC Should trade above RS.50/-
by wisdom79 Mon Sep 16, 2019 7:56 pm

» Stupid fucking UNP and ranils ass hole economics
by samaritan Mon Sep 16, 2019 7:14 pm

» KAPI (MDT Walkers PLc)
by samaritan Mon Sep 16, 2019 7:12 pm

» Learn To Invest Yourself.
by Asoka Samarakone Mon Sep 16, 2019 5:56 pm

» DIVIDEND UPDATES Link
by Beta1 Mon Sep 16, 2019 3:12 pm

» lOFC definitely will hit 6/-
by Teller Mon Sep 16, 2019 1:04 am

» Renuka managemnt Treat SH as Trash
by Sanju121 Sun Sep 15, 2019 5:36 pm

» Blue Diamonds Voting & Non Voting
by Ahcha Sun Sep 15, 2019 6:35 am

» MULL trade up possibilities
by crs Sat Sep 14, 2019 7:22 pm

» MARA marai
by SECsux Fri Sep 13, 2019 6:22 pm

» SLTL REVALUATION OF ASSETS IS ON............
by Eng Krishantha Fri Sep 13, 2019 5:06 pm

» LIOC shares
by lakmal Fri Sep 13, 2019 12:47 pm

» JKH will touch 175 very soon
by Rare Fri Sep 13, 2019 11:10 am

» ඇවන්ගාඩ් අල්ලස් නඩුවෙන් ගෝඨාභය නිදහස්
by samansilva Fri Sep 13, 2019 12:25 am

» Invest AEL and TKYO return more than 30%...
by samaritan Thu Sep 12, 2019 5:15 pm

» Watch Out for MAL.X
by Cricketman Thu Sep 12, 2019 1:56 pm

» LOOKOUT FOR GLASS
by Sanju121 Thu Sep 12, 2019 1:02 pm

» NEXT RUN LDEV
by Sanju121 Thu Sep 12, 2019 12:28 pm

» BIL. N mandatory offer at Rs 6.80
by Equityinvestor Thu Sep 12, 2019 12:05 pm

» PAP vs RAL
by Teller Thu Sep 12, 2019 11:04 am

» RAL AND KZOO
by Ahcha Thu Sep 12, 2019 10:40 am

» RENUKA CAPITAL PLC KZOO.N0000@2.80
by ThilinaM Thu Sep 12, 2019 9:56 am

» PIRAMAL GLASS (GLAS)
by Sanju121 Thu Sep 12, 2019 9:45 am


You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Losses Double..

Losses Double..

Go down  Message [Page 1 of 1]

1Losses Double.. Empty Losses Double.. on Thu May 09, 2019 12:55 pm

Uaecoindubai

Uaecoindubai
Manager - Equity Analytics
Manager - Equity Analytics

Combined losses at six key state utilities rose 144 percent from a year earlier to 165.3 billion rupees in 2018 mainly due to the collapse of Sri Lanka's soft peg; these losses amounted to about 1.1 percent of the island's gross domestic product that year.

These agencies, which provide energy, transportation, aviation, ports and water related services were also constrained by controlled pricing, weak infrastructure and poor management, according to the Central Bank's 2018 annual report.

Losses at Ceylon Petroleum Corporation soared to 104 billion rupees, against a profit of 3.4 billion rupees a year earlier.

The average price paid by CPC for crude oil was 76.25 US dollars a barrel in 2018, up 32 percent from 57.79 US dollars a year earlier. Refined fuel imports rose 25.3 percent to 650.2 US dollars per metric tonne.

A pricing formula was introduced in May 2018 to reflect global oil price movements, but it was a little too late.

"CPC's financial performance deteriorated substantially during 2018, amidst rising global oil prices, depreciation of the rupee against the US dollar and the non-adjustment of domestic retail petroleum prices until May 2018," the Central Bank said in its 2018 annual report.

Also, Sri Lanka's soft-peg collapse led to 83 billion rupees in losses from a depreciating rupee at the CPC. The corporation's bank borrowings rose nearly three-fold from a year earlier to 293.2 billion rupees by end 2018.

Receivables from government agencies amounted to 82 billion rupees in the year, down 10 percent from a year earlier with energy utility Ceylon Electricity Board (CEB) owing 48 billion rupees at end 2018 and national carrier SriLankan Airlines owing 26 billion rupees to the petroleum agency.

During the year, Ceylon Electricity Board saw losses fall 37 percent to 28.9 billion rupees on improved hydropower generation.

The energy utility's annual fuel bill fell 28.2 percent during the year to 41.6 billion rupees as rains filled up the catchment areas.

Cost of electricity at the point of sales fell to 19.13 rupees per kWh, down from 20.06 rupees the previous year.

National carrier Sri Lankan Airlines continued to haemorrhage. Losses fell deeper into the red, down 56 percent from a year earlier to 18.6 billion rupees.

Attempts at enhancing operational efficiency through improvements in fuel efficiency, changes in flight schedules and aircraft fleet has been carried out during the year, the central bank said.

"A ten-member expert committee was appointed in January 2019, which has already made recommendations on key areas for a restructuring strategy," it said.

Sri Lanka Railway losses fell 9 percent to 6.9 billion rupees.

The rail system is deteriorating due to out-dated technology, inadequate service, lack of skilled labour and poor administration, the central bank said.

"(This) should be addressed through public and private investment aimed at improving service delivery," it said.

The Department of Posts made losses of 5.1 billion rupees, 9 percent lower than the previous year.

The water supply and drainage utility reported a 1.8 billion rupees loss in 2018, reporting a 25 percent loss of water it treats due to leaky pipes.

However, two of the eight utilities reported by the central bank made profits that year.

Sri Lanka Ports Authority reported a profit of 8.7 billion rupees, down 28 percent from 12 billion rupees a year earlier, with foreign exchange losses increasing 413 percent to 11.3 billion rupees.

Sri Lanka Transport Board which operates a fleet of busses saw profits grow 5 percent to 2.2 billion rupees.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum