President highlights heavy losses in key SOEs

Monday, 24 March 2025 04:24 - - {{hitsCtrl.values.hits}}

President Anura Kumara Disanayake

President Anura Kumara Disanayake in his final Budget speech in Parliament on Friday revealed that seven key State-Owned Enterprises (SOEs) continue to operate at a loss, placing a significant financial burden on the country. He underscored the urgent need for reforms within these institutions, which have accumulated billions in losses and debts over the years.

Among the worst-performing enterprises is the national carrier – SriLankan Airlines – with an outstanding debt of nearly Rs. 340 billion, making it one of the largest financial liabilities for the State coffers.

Milco was another SOE that has accrued debts amounting to over Rs. 15.09 billion, while Lanka Sugar Company owes over Rs. 11.16 billion.

The State Plantation Corporation has accumulated over Rs. 3.21 billion in debt, reflecting the ongoing struggles of the sector.

President Disanayake also said the Independent Television Network (ITN) has a debt burden of over Rs. 1.47 billion, adding to the financial challenges faced by State-run media institutions. Public broadcasting enterprises are also struggling, with the Sri Lanka Rupavahini Corporation registering a loss of Rs. 256 million last year, along with a debt of over Rs. 1.84 billion.

Similarly, he said the Sri Lanka Broadcasting Corporation registered a loss of Rs. 152 million, while its total debt has risen to over Rs. 1.60 billion.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.