CPC lost out on derivatives it bought during a commodity bubble in 2008 when oil prices collapsed when a US Fed generated credit bubble deflated.
In the nine months to September the CPC had posed revenues of 390 billion rupees against 515 billion rupees for the full year 2012, and had cost of sales of 386 billion rupees, showing that the utility was making gross profits.
It had interest charges of 12.3 billion rupees for the nine months (18.3 billion rupees for the full year 2013).
Outstanding bank borrowings were 203 billion rupees by end September 2013, down from 211 billion rupees on December 2012.
CPC was expected to post 520 billion rupees in revenues, 3.5 billion rupees in losses after making an 8.6 billion rupee charge for oil derivatives and its loans would come down to 190 billion rupees by year end.
Losses at CPC and CEB was one of the reasons for Sri Lanka's private savings to go down in 2012.Due to a mis-classification, state enterprises are classed at private in Sri Lanka, understating the aggregate private saving rate.