Jan 22, 2018

Lanka Sugar Company makes profits

The Lanka Sugar Company which recorded a loss of over One billion rupees in 2015, recorded a profit of Rs. 1006 million, while further enhancing its profits in 2017 to Rs. 1,174.6 million, said Industries and Commerce Minister Rishad Bathiudeen.

He noted that the Lanka Sugar Company was in a dire situation in 2015 where they were unable to even pay the Sevanagala and Pelawatte sugarcane farmers and their suppliers, but he had focused his attention on it and turned it around to a profit making institution.

He had taken many measures to uplift the capacity and curtail wastage and unnecessary expenditure and turn the company’s losses into profits.

According to Bathiudeen, due to the drought that prevailed last year sugar production reduced marginally, but due to the development of subsidiary products and the curtailment of wastage and unwanted expenditure, they were able to increase the company’s profits in 2017.

The minister had received the committed services of the Chairman, CEO and all other workers of the Sugar Company as well as the sugarcane farmers in transforming it into a profit making industry.

He noted that measures have been taken to further increase the sugar production capacity by the end of 2018 and increase its profits to Rs. 1.8 billion.

Minister Bathiudeen said he had met the sugarcane formers last week and discussed their issues. They had forwarded ten points of issues that needed to be rectified but most of them are concerning the Finance and Agriculture ministries.