SOBE incurs loss of Rs 86B in 2021

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The 52 State-Owned Business Enterprises (SOBE) incurred a total loss of Rs 86 billion during 2021 with Ceylon Petroleum Corporation, Ceylon Electricity Board and SriLankan Airlines leading as major loss making entities.

According to the Ministry of Finance Annual Report, the 52 SOBEs went from a profit of Rs 33.66 billion recorded as of end 2020 to an loss of Rs 86 billion as of end 2021.

The financial statement issued by the Ministry pointed out that 20 SOBEs had incurred losses during 2021, while 32 of them had managed to post profits.

Accordingly, Ceylon Petroleum Corporation made a loss of Rs 82 billion, SriLankan Airlines Rs 170.7 billion, Ceylon Electricity Board Rs 21.45 billion, National Water Supply and Drainage Board Rs 2.99 billion, Airport and Aviation Services Rs 755 million, Sri Lanka Transport Board Rs 3.14 billion, State Engineering Corporation Rs 1.02 billion, Sri Lanka State Plantation Corporation Rs 232 million and Janatha Estates Development Board Rs 481 million.

Other loss making entities were: Kalubovitiyana Tea Factory Rs 15 million, Sri Jayawardenepura General Hospital Rs 258 million, Independent Television Network Rs 344 million, Sri Lanka Rupavahini Corporation Rs 224 million, Sri Lanka Handicraft Board Rs 35 million, Lanka Sathosa Rs 880 million, State Printing Corporation Rs 208 million, Ceylon Fisheries Corporation Rs 63 million, Ceylon Fishery Harbour Corporation Rs 140 million, Hotel Developers Lanka Rs 947 million.

On a positive note, Bank of Ceylon made a profit of Rs 43.19 billion, Employee’s Trust fund Rs 33.15 billion, People’s Bank Rs 30.38 billion, National Savings Bank Rs 28.55 billion, State Mortgage and Development Bank Rs 845 million, HDFC Bank Rs 1.26 billion, Pradeshiya Sanwardena Bank Rs 2.6 billion, Sri Lanka Insurance Corporation Rs 11.7 billion, National Insurance Trust Fund Rs 5.9 billion, Sri Lanka Export Credit Insurance Corporation Rs 310 million, Agriculture and Agrarian Insurance Board Rs 1.78 billion and Sri Lanka Ports Authority Rs 25.6 billion.

Other profit-making entities were: Central Engineering Consultancy Bureau Rs 250 million, State Development and Construction Corporation Rs 43 million, Milco Rs 330 million, National Livestock Development Board Rs 158 million, Kurunegala Plantations Rs 468 million, Chilaw Plantations Rs 511 million, Sri Lanka Cashew Corporation Rs 16 million, Lanka Mineral Sands Rs 1.2 billion, Lanka Phosphate Rs 117 million, Kahatagaha Graphite Lanka Rs 4 million, Development Lotteries Board Rs 2.95 billion, National Lotteries Board Rs 1 billion, State Pharmaceuticals Manufacturing Corporation Rs 1.23 billion, State Pharmaceuticals Corporation Rs 3.15 billion, Sri Lanka Broadcasting Corporation Rs 9 million, State Timber Corporation Rs 1.23 billion, STC General Trading Company Rs 63 million, Ceylon Fertiliser Company Rs 124 million, Colombo Commercial Fertiliser Company Rs 260 million and Lanka Sugar Company 1.57 billion.

By Mario Andree