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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 2022
Budget 2022
Detailed analysis of the 2022 budget.
Public Report on the 2022 Budget: Assessment of the Fiscal, Financial and Economic Assumptions used in the Budget Estimates
This report provides an assessment and analysis of the fiscal, financial and economic assumptions and estimates applied in the formulation of the 2022 Budget. This repo...
From The PF Wire
Source:
Daily Mirror
First quarter budget deficit expands 21% amid shar...
The fiscal deficit for the first three months of 2022 expanded by 21.2% to Rs. 484.3 billion over the same period in 2021, signalling another year of a stretched budget.
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Source:
Daily Mirror
Govt presents supplementary estimate to Parliament
Government yesterday presented to Parliament a supplementary estimate to spend Rs 695 billion for various purposes. The estimate presented to the House to spend Rs 67 billion to continue payment of the monthly allowance of Rs. 5000 to govern...
Read More
Source:
Daily FT
Public Finance Committee clears 2022 Appropriation...
The Appropriation Bill for 2022 has been approved by the Committee on Public Finance. According to the Bill, which was tabled in Parliament, the total expenditure for 2022 is estima...
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Insight on Budget 2022
Interim Budget or Secret Budget?
The Ministry of Defense was specified as...
Interim Budget or Secret Budget?
24 expenditure proposals and 5 regulatory...
State of The Budget Report 2022: Assessm...
This is the second report in a series of two reports on Sri Lanka&rs...
How has the Amended (Interim) Budget Cha...
The Amended (Interim) Budget, which was presented to Parliament on A...
Amendments to the Appropriation Bill Inc...
The Amendment to the Appropriation Bill f...
Supplementary Estimate 2022 : What it En...
Sources of Financing for Top 5 Ministrie...
Based on the 20...
Inconsistency in Budget Numbers Across D...
In November 2021, the Government rel...
Over Estimation Of Social Security Contr...
Budget 2022 proposed a Social Security Co...
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Featured
Violation of Fiscal Rules: Budget 2024
The proposed 2024 budget violates the deficit rule set in the Fiscal Management (Responsibility) Law of 5% of GDP.
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Is Sri Lanka Addicted to Missing Revenue Targets?
This article was compiled by Dr. Nishan de Mel. Dr. Nishan de Mel is the Executive Director of Verité Research and an economist with extensive acade...
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Government introduces new expenditure and relief t...
On 05 December 2024, the government presented supplementary estimates totalling LKR 219.4 billion for the year, which was not included in the original 2024 budget. Supplementary allocations are typically introduced to address unforeseen emer...
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