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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » CEB makes profits of Rs. 13.7 billion in first quarter of 2015

CEB makes profits of Rs. 13.7 billion in first quarter of 2015

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Teller

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July 02, Colombo: Sri Lanka's state owned power monopoly Ceylon Electricity Board (CEB) is one of the few State enterprises that made profit in the first four months of this year, according to a government report.

The Mid - Year Fiscal Position Report - 2015 released by the Ministry of Finance says the power generator has made approximately Rs. 13.7 billion profits for the first four months in 2015.

The electricity generation cost per unit has been significantly reduced to Rs. 12.53 per kWh in the first four months in 2015 compared to Rs. 20.15 per kWh in 2014 due to the increase of hydro power generation by 37.6 percent in first four months in 2015 compared to 30 percent in the whole 2014. Coal power generation also increased by 43.4 percent in first four months in 2015 from 25.7 percent in 2014.

Despite the increase in coal power, CEB end up with approximately Rs. 13.7 billion profits for the first four months in 2015, the report said.

The state enterprise also bought less power from small independent power producers during the first four months of this year. The composition of Independent Power Producer (IPP) power generation of total generation in first four months of 2015 decreased by 6.2 percent compared to 21 percent in 2014.

In line with the favorable operational cash flows, CEB was able to reduce its outstanding to bank by Rs. 4 billion and total obligations to banks reached 50.8 billion during this period, the report said. Furthermore, CEB utilized its operational cash flows to reduce IPP payable by Rs. 3 billion.

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