Annual Report 2008 - Ministry of Finance and Planning

3. Performance of Public Enterprises
166
In 2008, the SLBC faced severe shortage of working capital.
It’s accumulated losses stood at Rs.766 million by the end
of 2008. Treasury has granted supplementary allocation of
Rs.100 million for the payment of salaries. Higher overhead
expenses mainly due the excess staff of 485 out of total staff
of 1033, higher operational cost of provincial and overseas
channels are the major reasons for the inefficiency of the
SLBC.
Table 3. 26
Brief Financial Performance Rs. mn
Sri Lanka Rupavahini Corporation
The profitability of Sri Lanka Rupavahini Corporation has
been declining during 2007 and 2008 due to decreasing
income and increasing costs. The depreciation and
amortization of foreign aid grant amounted to Rs.167 million
and purchase of Copy/Production TV right amounting to
Rs.214 million have also been contributed to the decline in
profit.
Item 2007 2008
Turnover/revenue 671 712
Gross profit/Loss (37) (18)
Net profit (37) (18)
Taxes paid Nil Nil
Dividends/levy Nil Nil
Cash balances (27) 24
Number of staff 1156 1142
Source: Annual Accounts of SLBC
Table 3.27
Brief Financial Performance of Sri Lanka Rupavahini Corporation
Rs. mn
Item 2006 2007 2008
Turnover/revenue 1708 1761 1638
Gross profit/Loss 206 30 30
Net profit 137 3 5
Taxes paid 69 26 25
Dividends/levy Nil Nil 1
Investments 527 435 568
Cash balances 54 171 17
Number of staff 1100 979 970
Key performance indicators
Net Profit Ratio % (NPAT/Total income) 8 0.18 0.3
Net Profit bef. Fin. Charges & Tax to Equity % 11.7 1.9 1.9
Net Profit bef. Fin. Charges & Tax to Total Assets% 9.1 1.4 1.4
Current Ratio(C.Assets : C. liabilities) 2.9:1 3.5:1 3.1:1
Administration cost to income % 41.7 46.1 51.1
Total Cost of Employment per Employee Rs.`000` 592 622 625
Source: Sri Lanka Rupavahini Corporation
Ministry of Finance and Planning Sri Lanka
Annual Report 2008