CEB, which made a Rs. 28.85 billion profit in 2015, posted a Rs. 14.5 billion loss in 2016 due to the government not approving a price increase to avoid losses. CEB’s projected loss for 2017 is Rs. 28 billion.
Meanwhile, CPC, which had accumulated approximately Rs. 245 billion in losses by end-2014, saw Rs. 19.47 billion in losses added in 2015, before making a Rs. 69.62 billion profit in 2016. CPC losses for the first four months of this year stood at Rs. 3.85 billion.
Sri Lankans are happy to accept subsidized fuel and energy prices, forgetting that the losses and debt incurred by the SOEs will have to be recouped by the government through taxes in the future.
Starting this year, the financial performances of CPC, CEB and SriLankan will be subjected to quarterly monitoring….
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