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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's CPC to make Rs10bn in profits in 2014: minister

Sri Lanka's CPC to make Rs10bn in profits in 2014: minister

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Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka's state-run Ceylon Petroleum Corporation said it was on track to make between 8 to 10 billion rupees in profits in 2014, after narrowing losses in 2013, a minister said.

Petroleum minister Anura Yapa said CPC had made a 2.1 billion rupee operational profit in the first four months of 2014. In 2013 the utility narrowed losses to 7,984 million rupees from a 97,308 million loss in 2012. Minister Yapa said the utility was on track to make 8 to 10 billion rupees in profits unless prices escalate.

Already recent troubles in Iraq had sent oil prices up by about a dollar a barrel, he said.

Sri Lanka does not market price fuel daily unlike in low inflation countries and the elected ruling class has typically manipulated energy prices generating macro-economic instability.

When ruling administrations try to raise prices, other sections of the elected ruling class oppose such moves.

http://www.lankabusinessonline.com/news/sri-lankas-cpc-to-make-rs10bn-in-profits-in-2014:-minister/1757566003

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I'm not going to believe this.But if i proved wrong I will be a very very happy person.Wish they can prove this.

Jayashantha

Jayashantha
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Very Happy Miracles happen Steve Very Happy Even if this is too wonderful to happen  Very Happy 

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