SOBEs lose Rs 860B

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The 52 State-Owned Business Enterprises (SOBE) incurred a total loss of Rs 860 billion during first four months of this year with Ceylon Petroleum Corporation and SriLankan Airlines leading as major loss-making entities.

According to the Ministry of Finance, the 52 SOBEs went from a loss of Rs 13 billion recorded during the first four months of 2021 to a loss of Rs 860 billion during the same period of this year.

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

Accordingly, Ceylon Petroleum Corporation made a loss of Rs 628.3 billion, SriLankan Airlines Rs 248.4 billion, Ceylon Electricity Board Rs 47.1 billion, National Water Supply and Drainage Board Rs 483million, Airport and Aviation Services Rs 6.4billion, Sri Lanka Transport Board Rs 599 million, State Engineering Corporation Rs 215 million, Central Engineering Consultancy Bureau Rs 41 million, Milco Rs 131 million and Janatha Estates Development Board Rs 22.4 million.

Other loss making entities were: Sri Jayewardenepura General Hospital Rs 50 million, Independent Television Network Rs 102 million, Sri Lanka Rupavahini Corporation Rs 125 million, Sri Lanka Broadcasting Network
Rs 52 million, Sri Lanka Handicraft Board Rs 17.3 million, Lanka Sathosa Rs 118.7 million, State Printing Corporation
Rs 57 million, Ceylon Fisheries Corporation Rs 31 million, Ceylon Fishery Harbour Corporation Rs 9 million, Hotel Developers Lanka
Rs 52 million and Pradeshiya Sanwardena Bank Rs 88 million

On a positive note, Bank of Ceylon made a profit of Rs 19.9 billion, Employee’s Trust fund Rs 2.9 billion, People’s Bank Rs 9.6 billion, National Savings Bank Rs 8.6 billion, State Mortgage and Development Bank Rs 243 million, HDFC Bank Rs 303 million, Sri Lanka Insurance Corporation Rs 9 billion, National Insurance Trust Fund Rs 2.8 billion, Sri Lanka Export Credit Insurance Corporation Rs 159 million, Agriculture and Agrarian Insurance Board Rs 181million, and Sri Lanka Ports Authority Rs 14.2 billion.

Other profit-making entities were: State Development and Construction Corporation Rs 74 million, National Livestock Development Board Rs 444 million, Sri Lanka State Plantation Corporation Rs 3.7 million, Kurunegala Plantations Rs 204 million, Chilaw Plantations Rs 139 million, Kalubovitiyana Tea Factory Rs 0.57 million, Sri Lanka Cashew Corporation Rs 2 million, Lanka Mineral Sands Rs 310 million, Lanka Phosphate Rs 157 million, Kahatagaha Graphite Lanka Rs 7.7 million, Development Lotteries Board Rs 1.4 billion, National Lotteries Board Rs 444 million, State Pharmaceuticals Manufacturing Corporation Rs 563 million, Sri Lanka Ayurvedic Drugs Corporation Rs 59 million, State Pharmaceuticals Corporation Rs 209 million, State Timber Corporation Rs 186 million, STC General Trading Company Rs 126 million, Ceylon Fertiliser Company Rs 61.3 million, Colombo Commercial Fertiliser Company Rs 166.7 million and Lanka Sugar Company 391 million.