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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Litro Gas earns two billion rupees profit during first year of operation

Sri Lanka's Litro Gas earns two billion rupees profit during first year of operation

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dindon1

dindon1
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Dec 18, Colombo: Sri Lankan President Mahinda Rajapaksa has commended the performance of state-owned Litro Gas Company during its first year of operations during meeting held Saturday (17) at the Kerawalapitiya storage complex to review the progress of the company.

The state formed the Litro following the takeover of 51% shares of Shell Gas Lanka and 100% shares of Shell Terminals that ended the ownership of Shell Lanka in the country's LP gas market in November 2010.

During its one-year of operation, Litro has recorded a net profit of 2 billion rupees, the Chief Executive Officer and Managing Director of the company Piyadasa Kudabalage has said.

The President said the government is proud of this significant achievement by a state-owned venture and attributed the company's success to far sighted and efficient management practices.

President Rajapaksa said the government's policy is to maintain the state sector competitively with the private sector and the government has taken measures to transform the unprofitable state bodies in to profitable ventures.

He pointed out that the Shell Company, which was recording a loss of 600 million rupees by the time it was acquired, has been transformed into a profit-making state venture within a year. The company has paid 800 million rupees as taxes to the government.

The President assured that the Litro Gas Company will be maintained as a profitable body without creating any burden to the company.

Litro has released 300,000 new gas cylinders to the market last year and sales of Litro have increased by 11 percent, Chairman of Litro Gamini Senarath said. The company is to setup a gas distribution center in Hambantota as well.

The sellers and distributors of the Litro Gas Company were also felicitated at the ceremony.

Economic development Minister Basil Rajapaksa, Social Services Minister Felix Perera, Public Coordination and Public Affairs Minister Mervin Silva, deputy ministers Sarana Gunawardena, Sarath Kumara Gunaratna, parliamentarians Sudharsani Fernandopulle, Dulip Wijesekara, and Secretary to the President Lalith Weeratunga participated in the occasion.

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