President sets one year deadline for Lanka Salt to earn profit

SC | Published: 8:26 AM Jun 25 2020
Local President sets one year deadline for Lanka Salt to earn profit

President Gotabaya Rajapaksa has given one year’s time to Lanka Salt Limited to earn profit. 

The profit earned by Lanka Salt Limited in 2016 stood at Rs. 70 million. In 2017, it declined to Rs. 32 million. The company suffered a loss of Rs. 2.8 million and Rs. 10.91 million in 2018 and 2019, respectively.

The President emphasised that the Chairman and Board of Directors of the company should take the responsibility of investigating causes for loss occurred during these three years and transforming the entity into a profit earning one.

The President made these comments during a discussion convened to evaluate the current status of Lanka Salt Limited yesterday (24).

Lanka Salt Limited, which was earmarked to be privatised in 1998, was vested under the purview of the Employees Trust Fund (ETF) with the intervention of then Minister of Labour Mahinda Rajapaksa.

The organization, with 90 per cent ownership of the company’s capital by the ETF and 10 per cent by the employees, transformed itself into a profit making venture.

President Rajapaksa stressed that it is absolutely necessary for every company under Employees Trust Fund (EPF) to earn profits.

He instructed the officials to devise separate strategies for the next six months and the following year that would render profits.

“Complete termination of salt importation is necessary. Lanka Salt Limited should once again export their products as they did prior to 2015,” the President emphasised.

President went on to note that excuses for losses are irrelevant and that he is more interested in strategies that would lead to profit.

Secretary to the President, P.B. Jayasundera, Chairperson of the Employees Trust Fund (ETF), Sriyan De Silva Wijayaratna, Chairperson of the Lanka Salt Limited Nishantha Sandhabarana and members of the Director Board of the company were present for the discussion.

SC | Published: 8:26 AM Jun 25 2020

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