Economy

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

Published

1 year 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’s export earnings surpass USD 7.3 bln in first five months of 2026

Published

1 day ago

June 24, 2026

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Sri Lanka’s export sector has recorded significant growth during the first five months of 2026, with total export earnings exceeding the USD 7.3 billion mark.

According to provisional data released by Sri Lanka Customs, together with estimated figures for gems and jewellery and petroleum product exports, total earnings from merchandise and service exports between January and May 2026 amounted to an estimated USD 7,393.39 million. This represents a 7.56% increase compared to the corresponding period in 2025.

During the same period, merchandise export earnings increased to USD 5,758.44 million, recording a growth of 7.63% year-on-year.

The service exports sector also showed positive performance, generating USD 1,634.95 million in revenue, reflecting a 7.31% increase compared to the previous year.

Meanwhile, in May 2026 alone, merchandise exports recorded a growth of 18.25%, while service exports increased by 18.67% compared to the same month in the previous year.

Economy

Cabinet approves electrification of key railway corridors in Sri Lanka

Published

2 days ago

June 24, 2026

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The Cabinet of Ministers has approved a proposal to electrify key railway corridors in Sri Lanka as part of a long‑term transport modernization strategy.

Corridors with high commuter density have been prioritized for electrification, with support expected from international development institutions.

Currently, most railway operations rely on diesel power, and officials have highlighted the need to upgrade tracks, signaling systems, and related infrastructure to improve efficiency and reliability.

The government’s new programme focuses on constructing additional lines, building double tracks, modernizing signals, and introducing electrification to create a modern rail transport system.

According to the government, the initiative aims to expand passenger capacity, reduce travel times, and contribute to an environmentally friendly and sustainable public transport service.

The Cabinet approved the proposal presented by the Minister of Transport to begin electrification in the following routes:

Main Line — Maradana to Ragama, including station upgrades at Gampaha, Veyangoda, Mirigama, and Polgahawela.

Kelani Valley Line — Maradana to Makumbura.

Coastal Line — Maradana to Panadura

Economy

Sri Lanka Exports Rise 6% Despite Global Challenges

Published

4 days ago

June 21, 2026

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Export Development Board (EDB) says that despite the global economic difficulties arising from the military conflicts in the Middle East, the country’s exports have shown a six percent growth during the first four months of this year compared to 2025.

The Chairman of the Export Development Board Mangala Wijesinghe said that, given this trend, there is a strong possibility of exceeding last year’s revenue targets, which already represented the highest export revenue in the country’s history.