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The Minister of Power and Energy Addressing the CIMA Business Leaders Summit 2011 stated that
According to the 2010/2020 CEB Financial statement, the CEB was expected to endure financial losses during this 10 year period. However Minister Ranawaka stated that through the implementation of tough financial management policies and mechanisms the CEB can be transformed into a profit making entity. The Minister made this statement addressing the CIMA Business Leaders Summit 2011, as the Key Note Speaker today at the summit which commenced at the Colombo Cinnamon Grant Hotel Yesterday.
Elaborating further Minister Ranawaka stated that according to previous estimates the CEB was estimated to endure losses of Rs. 40 Billion for the financial year of 2010, due to short term stringent financial management strategies implemented from the 01st of July 2010, the company was able to record a profit of Rs. 5062 million profit. Steadfast employee commitment, Proper Financial management and the appropriate utilization of resources was key to achieving this goal.
The Minister further pointed out that currently the electricity penetration in the country has been strengthened to 90% coverage and was confident that the remnant 10% could well be achieved before the end of 2012.
This summit which commenced yesterday is scheduled to wrap up today. It was well attended by 80 heads of the Financial field, Scholars, Accountants, Administrators and local and International representatives.