State owned Lanka Sugar, which previously reported heavy losses,has now emerged with splendid financial performance.
“For the first time, Lanka Sugar Company (Private) Limited under my Ministry earned Rs one billion profit,” Industry and Commerce Minister, Rishad Bathiudeen said in Parliament on Friday.
“The profits came this year and it’s even more important to inform that last year, the Company made a Rs one billion loss,” Bathiudeen said.
“I believe that this is a great success story among state owned business enterprises. I praise the 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 from January 1,2017, calling local and foreign investors to invest in sugar mills in Moneragala, Batticaloa, Kilinochchi and Ampara districts with a minimum plant size of 2,000 tonnes. Lanka Sugar plans to establish a sugar cane juice extractor factory and 2000 hectare sugar cane plantation in ettikulam,Vavuniya district division.”
“The Company also intends to produce a sugar pricing formula based on incentive to be competitive with any commercial crop in Sri Lanka.”
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