A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
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Thiranjala Weerasinghe sj.- One Island Two Nations
?????????????????????????????????????????????????Tuesday, December 6, 2016
Lanka sugar stuns with sweet R 1Bn turnaround
The state owned entity Lanka Sugar, which previously reported heavy
losses, has now emerged with splendid financial performance as a result
of Industry and Commerce Minister’s initiatives.
“I am pleased to inform the House that for the first time, Lanka Sugar
Company (Private) Limited under my Ministry earned Rs one billion
profit” stated Minister of Industry and Commerce Rishad Bathiudeen on
December 2.
Minister Bathiudeen was tabling his Committee Stage (budget) speech on
the evening of December 2. The speech summarised the performance of
various institutions under his Ministry.
“I am pleased to inform the House that for the first time, Lanka Sugar
Company (Private) Limited under my Ministry earned Rs one billion
profit. The profits came this year and it’s even more important to
inform that last year, the Company made a Rs one billion loss” said
Minister Bathiudeen and added: “As a result of latest profits, I believe
that this is a great success story among state owned business
enterprises. I praise Hon Finance Minister’s proposals for sugar
industry development in this budget such as imposing a minimum price of
Rs. 5,000 per Metric Tonne for sugarcane with effect from 1st January
2017, calling local and foreign investors to invest in Sugar Mills in
Monaragala, Batticaloa, Kilinochchi and Ampara districts with a minimum
plant size of 2,000 Tonnes etc. Lanka Sugar reported a profit of Rs one
billion by third quarter of 2016 in comparison to the loss Rs one
billion in 2015. It plans to establish Sugar Cane Juice Extractor
Factory and 2000 Hectare Sugar Cane Plantation in Vavuniya district
Settikulam Division. The Company also intends to produce a sugar pricing
formula based on incentive to be competitive with any commercial crop
in Sri Lanka.”
Upto third quarter (3Q) of 2016, Lanka Sugar’s Pelwatte and Sevanagala
facilities cultivated 13164 hectares of sugar canes (an increase of 7.6%
compared to the entire 2015), harvesting 561,067 MT of cane resulting
in 44059 MT of sugar output (an increase of 2.5% from Y2015). According
to Company financials, the Company reported a net loss before tax of Rs
1,030 Million in FY 2015 but reported a stunning turn-around “net profit
before tax” of Rs 1018 Million, as of third quarter of FY 2016.