President issues ultimatum to Lanka Salt

Friday, 26 June 2020 00:00 - - {{hitsCtrl.values.hits}}

Board given one year to transform the entity into a profit making entity
Faults Chairman, Board of Directors for losses occurred in the past three years
Stresses excuses for losses irrelevant, more interested in strategies leading to profit
Says it is absolutely necessary for every company under EPF to earn profits

President Gotabaya Rajapaksa was critical of Lanka Salt Ltd. officials for failing to transform it into a profit making entity for years and gave the Board of Directors one year to show results. He made these remarks during a discussion convened, while evaluating the current status of Lanka Salt Ltd. at the Presidential Secretariat on Wednesday.

President Rajapaksa stressed that it was absolutely necessary for every company under Employees Trust Fund (EPF) to earn profits and instruct the officials to devise separate strategies for the next six months, noting that the following year it should show profits.

President emphasised that the Chairman and the Board of Directors should take the responsibility for the loss occurred during the past three years, and to transform the entity into a profit making one. It was noted that profit earned by the Lanka Salt Ltd. in 2016 stood at Rs. 70 million and it declined to Rs. 32 million in 2017. The entity incurred a loss of Rs. 2.8 million in 2018 and Rs. 10.91 million in 2019.

President stressed that excuses for losses are irrelevant and that he was more interested in strategies that would lead to profit. He also said complete termination of salt importation is necessary, adding that Lanka Salt Ltd. should once again export their products as they did prior to the year; 2015.