Deadline for Lanka Salt to show profits | Sunday Observer

Deadline for Lanka Salt to show profits

28 June, 2020

President Gotabaya Rajapaksa has given a one-year deadline to Lanka Salt Limited, which has been running at a loss since 2018, to show profits. The profits earned by Lanka Salt Limited in 2016 stood at Rs. 70 million. In 2017, it declined to Rs. 32 million. It made a loss of Rs. 2.8 million and Rs. 10.91 million in 2018 and 2019.

He was speaking at a discussion to evaluate the status of the Lanka Salt Limited at the Presidential Secretariat last week.

The President said the Chairman and the Board of Directors should investigate the reason for the loss and transform the entity into a profit earning entity.

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

The organisation with 90% ownership by the ETF and 10% by the employees then transformed itself into a profit making venture.President Rajapaksa stressed that it is absolutely necessary for every company under the EPF to earn profits.