Economy

Sri Lanka’s CEB makes operating loss in Dec 2024 quarter as revenues plunge

Published

12 months ago

March 6, 2025

Sri Lanka’s state-run Ceylon Electricity Board has made an operating loss of 3.0 billion rupees in the December 2024 quarter, and made a marginal net profit with the help of other income and gains, interim accounts showed.

CEB’s revenues plunged 28 percent to 111.8 billion rupees in the December 2024 quarter, from 156.2 billion rupees, while cost of sales grew 49 percent to 116.2 billion rupees, leading to gross loss of 4.49 billion rupees, down from 78 billion in 2023.

Sri Lanka got exceptional rains in 2023 in the inter-monsoon period, keeping costs down. Selling prices were also higher.

With the help of other income and gains of 11.3 billion rupees in the December quarter, the CEB covered some of its administration costs of 9.8 billion rupees with an operating loss of 3.0 billion rupees.

There was finance income of 3.6 billion rupees and it was not specified whether it was a foreign exchange gain.

For the full year the CEB had made 11.7 billion rupees of forex gains, as the rupee appreciated with deflationary policy.

In the year to December the CEB posted profits of 144 billion rupees, helped by forex gains and also a 26 billion rupee capital gain from sale of shares of LTL holding to West Coast Power reducing its debt.

Concerns have been raised at Sri Lanka’s electricity tariff policy and way forward looking pricing is not made.

In the first quarter of each year, there is a dry period, which leads to higher thermal generation though now there is rooftop solar helping reduce the fuel usage and allowing to manage with coal, which is cheaper.

The International Monetary Fund has said Sri Lanka missed a structural benchmark after the Public Utilities Commission cut fuel electricity tariffs by 20 percent in January.

Source – Economynext

Economy

Sri Lanka records US$ 751.1 million in workers remittances in January 2026

Published

1 week ago

February 9, 2026

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Foreign worker remittances to Sri Lanka reached US$ 751.1 million in January 2026, marking a 31.1% rise from US$ 573.0 million in January 2025, the Central Bank of Sri Lanka (CBSL) said.

The robust start to 2026 comes after a record US$ 8.076 billion in total remittance inflows for 2025.

Economy

Nuwara Eliya Ranks Second on Agoda’s List of Must-Visit Hill Stations in Asia

Published

2 weeks ago

February 7, 2026

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Sri Lanka’s popular hill resort town Nuwara Eliya has been ranked second among Asia’s must-visit hill stations by digital travel platform Agoda, further strengthening the country’s appeal as a scenic travel destination.

Sri Lanka travel guide

Agoda featured Nuwara Eliya in a new travel list promoting highland destinations across Asia that offer cooler climates, natural beauty and peaceful surroundings for travellers seeking a break from busy city life.

Known as “Little England,” Nuwara Eliya attracts both local and foreign visitors with its tea plantations, colonial-era architecture, cool weather and scenic landscapes. Tourists frequently visit the area for its lakes, misty hills and opportunities for relaxation as well as outdoor activities.

Economy

Galle ranks fifth among top 10 honeymoon destinations for 2026

Published

4 weeks ago

January 20, 2026

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Galle has been placed fifth among the world’s top 10 honeymoon destinations for 2026 in the latest rankings released by Tripadvisor.

The ranking forms part of Tripadvisor’s Travelers’ Choice Awards Best of the Best 2026 and is based solely on the volume and quality of traveller reviews submitted over a 12-month period.

Tripadvisor said the list reflects destinations that consistently received strong feedback from honeymoon travellers worldwide.

Beach and island destinations dominate the upper end of the 2026 rankings. Bali secured the top position, followed by Mauritius and the Maldives, with St. Lucia ranked fourth. Galle placed fifth, ahead of several established long-haul honeymoon favourites.

Tripadvisor noted that Galle’s appeal lies in its blend of heritage and coastal experiences. Founded by the Portuguese in the 16th century, Galle Fort remains a key attraction, with preserved ramparts, historic buildings, and walkable streets.