News
CEB reports 67% profit surge in Q2 2024 despite revenue decline
The Ceylon Electricity Board (CEB) reported a profit of 34.5 billion rupees for the quarter ending June 30, marking a 67 percent increase from the 20.7 billion rupees recorded during the same period in 2023, according to interim accounts.
This profit was achieved despite a decline in revenue, driven by lower financial expenses and reduced costs, even as tariffs were cut.
For the first half of this year, CEB reported profits of 119.2 billion rupees, a significant turnaround from the 13.7 billion rupee loss reported in the same period last year.In the June quarter, the CEB’s finance costs dropped by over 60 percent to 7.6 billion rupees from 19.3 billion rupees last year, contributing to the improved profitability.
Despite a 16.5 percent decline in revenue to 146.6 billion rupees during the June quarter, the cost of sales fell by 20 percent to 109.6 billion rupees. As a result, gross profit decreased by 4.3 percent to 37 billion rupees for the quarter.
For the six months leading up to June 30, CEB’s revenues increased by 5.9 percent to 314.4 billion rupees from 297 billion rupees, while the cost of sales dropped to 214.6 billion rupees from 279 billion rupees the previous year. Gross profits for this period amounted to 99.7 billion rupees.
At the group level, which includes LTL Holdings, profits for the first half of the year reached 121 billion rupees, with 1.43 billion rupees allocated for income taxes. The CEB’s consolidated profits totaled 122.8 billion rupees, with 1.6 billion rupees attributed to other shareholders of subsidiaries.As of June 30, the company’s equity stood at 618 billion rupees, supported by a capital contribution of 991 billion rupees and the profits earned in the last quarter.
It has been reported that two persons riding a motorcycle were killed in a shooting incident that took place around 11.45pm on Friday [21] night , in front of the southern entrance of the Devundara Sri Vishnu Devalaya, on Sinhasana Road.
The unidentified gunmen, who arrived in a van, opened fire using a T-56 assault rifle and 9 mm firearms before fleeing the scene. The police have recovered 39 T-56 bullet casings, two T-56 rounds of live ammunition, a T-56 magazine, three 9 mm bullet casings, and one 9mm live ammunition.
The van suspected to have been used by the shooters was found abandoned and set on fire on a side road about 800 meters from the crime scene.
The two deceased victims have been identified as Tikira Hennedige Yomesh Nadishan and Marakkala Manage Pasidu Tharuka, both residents of Sinhasana Road, Devinuwara.
Matale Dirstrict SJB MP Rohini Kumari Wijerathna yesterday tabled a list in Parliament naming 1,300 members, leaders, trade unionists, and activists of the UNP, who were allegedly assassinated by the JVP. The list was submitted during a parliamentary session as part of the government’s ongoing effort to document victims of political violence.
Along with the names of the victims, MP Wijerathna also introduced over 900 family members of the alleged victims, providing further context to the extent of the violence.
Speaking during the session, MP Wijerathna stated, “Child soldiers were recruited by the JVP even before the LTTE. ‘Kantale Bonikki,’ a 13-year-old child was used to murder a 70-year-old female UNP supporter.” She accused the JVP of using children to kill numerous UNP members during the JVP’s second insurgency.
The MP said that names not included in the current list would be submitted during the upcoming “Batalanda Debate” in April.
MP Wijerathna invited the public, via her Facebook page to submit further details on family members affected by political violence to ensure their inclusion in the extended record.
Deputy Labour Minister Mahinda Jayasinghe yesterday informed Parliament that a CID probe had been called into land deals involving former first lady Shiranthi Rajapaksa in Gampaha.
Jayasinghe said a request has been made by the Acting IGP in that regard.
The Deputy Minister said the lands in the Imbulgoda and Makola had been purchased in 2012 and sold in 2023.
He told Parliament that a plot of land purchased in Ihala Imbulgoda in 2012 under the Mahinda Rajapaksa Spiritual Foundation for Rs. 500,000 has been sold for Rs. 10 million, adding that the owner of the land is one Shiranthi Wickramasinghe Rajapaksa of Carlton House, Tangalle.
Jayasinghe said that another plot of land in Makola that was purchased for Rs. 01 million has been sold for Rs. 12 million, of which the owner was Shiranthi Wickramasinghe Rajapaksa of Carlton House, Tangalle. Inquiries into the land deals have revealed that the deeds had been drawn up and signed at Temple Trees and had been transferred in 2023 to a person residing in Nugegoda.
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