Chilaw Plantations Limited (CPL), a government-owned company, recorded a profit before tax of over Rs. 100 m in the first quarter for the year ended March 31, 2021. This profit was attributed mainly to coconut and other perennial crops and projects.
“It is our aim to exceed Rs. 500 m profit by the end of the year,” Chairman and CEO of Chilaw Plantations Limited, Jude Perera told Sunday Observer Business.
The encouraging coconut prices and the profit from other planned activities that are in progress in the current year will yield more profit to the company in the ensuing months. Some of the projects that have been planned will pave ways for the CPL to be a consistent player in the industry which has many competitive advantages over the other similar businesses, he said.
Integrated factory, solar power projects, other commercial projects will contribute to the income of the company in the months ahead. Some of these projects will provide long-term benefits to CPL.
“A company need not depend on one source of income. We always welcome new ideas and innovations to break the barriers to succeed in what we are doing. We have created an incentive based culture. When someone achieves beyond expectations they will be appreciated and rewarded accordingly. This creates competitiveness amongst the employees and this healthy competition benefits the organization to get the maximum output from them,” Perera said, outlining the way he motivates the employees of CPL to achieve a win–win culture. The highest ever profit of CPL for the First Quarter has been achieved this year, he said.
Income from cashew and other minor crops are generally obtained during the second half of the year. CPL has made arrangements to produce 500,000 coconut seedlings to fulfill a part of the national requirement of coconut seedlings which will be provided to the public. Coconut treacle, white coconut oil and Cashew wine will be in our portfolio of products this year. Expansion of CPL marketing propaganda is underway and many agent ships will be awarded to suitable applicants in districts where coconut products are scarce, the CEO said.