Sri Lanka’s CPC makes Rs120bn profit in 2023 after Rs884bn tax-payer injection

Sri Lanka’s state-run Ceylon Petroleum Corporation has made profits of 120.3 billion rupees, helped by a 20 billion forex gain and a lower interest bill, compared to 617 billion rupees when the currency collapsed in the previous year.

In 2022, CPC posted a loss of 617.5 billion rupees, with 529.4 billion rupees coming the rupee was busted through un-anchored policy operated by macroeconomists to enforce rate cuts and a failed attempt to float the currency with a surrender rule in place.

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