CEB’s revenue drops 28% in 2024 Q4

The state-run Ceylon Electricity Board (CEB) has made an operating loss of Rs. 3 billion in December 2024 quarter, and made a marginal net profit with the help of other income and gains.

According to the interim accounts issued, the CEB’s revenues plunged 28% to Rs. 111.8 billion in the December 2024 quarter, from Rs. 156.2 billion.

The cost of sales grew 49% to Rs. 116.2 billion, leading to a gross loss of Rs. 4.49 billion, down from Rs. 78 billion in 2023.

For the full year the CEB had made Rs. 11.7 billion of foreign exchange gains.

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