The Ceylon Petroleum Corporation (CPC) this week rejected reports that it may default on payments to commercial banks on hedging contracts but said the hedging option was not the best one – a point raised in The Sunday Times stories last week.
A combination of high interest rates, a local economic crisis and the need to provide low rates to the consumer has led to lower profits and lower share value for Sri Lanka’s biggest mobile operator which has a 53 % share of the market.
The Ceylon Petroleum Corporation (CPC) this week rejected reports that it may default on payments to commercial banks on hedging contracts but said the hedging option was not the best one – a point raised in The Sunday Times stories last week.