ECONOMYNEXT – Sri Lanka’s state-run Ceylon Electricity Board (CEB) has reported a profit of 34.5 billion rupees for the three months ended on June 30, a 67 percent jump compared to 20.7 billion rupees in the same quarter in 2023 despite a fall in the revenue, interim accounts showed.
The state-run utility provider reported profits of 119.2 billion rupees for the first six months of this year, compared to a loss of 13.7 billion rupees last year.
The CEB’s finance cost in the June quarter fell more than 60 percent to 7.6 billion rupees compared to 19.3 billion last year.
CEB revenues fell 16.5 percent to 146.6 billion rupees in the June quarter, cost of sales fell 20 percent to 109.6 billion rupees and the gross profit also fell 4.3 percent to 37 billion rupees for the quarter.
In the six months up to end-June, CEB revenues were 314.4 billion rupees, up 5.9 percent from 297 billion rupees, while cost of sales also fell to 214.6 billion rupees from the previous year’s 279 billion rupees. Gross profits were 99.7 billion rupees.
At group level, which includes LTL Holdings, profits were 121 billion rupees for the first six months of the year, with income taxes of 1.43 billion rupees, provided.
CEB consolidated profits were 122.8 billion rupees, with other shareholders of subsidiaries accounting for 1.6 billion rupees.
Equity was 618 billion rupees at company level by June 30, with 991 billion rupee capital contribution as well as profits earned in the last quarter. (Colombo/August 15/2024)