CEB loses Rs 34bn in March 2023 quarter amid finance costs

COLOMBO – Sri Lanka’s state-run Ceylon Electricity Board (CEB) has lost 34.3 billion rupees, up 4.2% from a year ago, despite a tariff hike, as finance costs went up steeply, interim accounts show.

Revenues in the March 2023 quarter went up 86% to 121.1 billion rupees but costs also went up at a slower 50% to 142.0 billion rupees.

CEB reported a gross loss of 20.8 billion rupees in the March 2021 quarter, down from 30.4 billion rupees.

Other income went up to 3.1 billion rupees from 2.1 billion rupees.

The operating loss was down to 19.2 billion rupees from 35.1 billion rupees.

Finance costs grew 335% to 15.2 billion rupees from 3.5 billion rupees a year earlier.

At group level, revenues went up 46.4% to 152.9 billion rupees, and the operating loss fell 32% to 17.0 billion rupees.

The finance cost went up to 16.9 billion rupees from 4.1 billion rupees.

CEB’s group loss was 35.3 billion rupees, up from 21.5 billion rupees.

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