DCSL to foray into logistics sector; Renames subsidiary

Wednesday, 17 August 2011 01:16 - - {{hitsCtrl.values.hits}}

Planning to tap growing prospects in post-war logistics sector, Distilleries Company has renamed Collision Repair Centre Ltd., as Melsta Logistics Ltd., recently.

This is in line with DCSL’s optimism on the logistics sector.

In the Chairman Review accompanying DCSL’s 2010/11 Annual Report Harry Jayawardena said: “Logistics has been identified as a key thrust area in the future, as the country prepares to build a maritime and warehousing hub status for itself.”

Also in the 2010/11 Annual Report Review, Jayawardena said consolidation remains a key focus of the group and the acquisition of Pelwatte Sugar reflects this commitment.

“The backward integration achieved with Pelwatte Sugar gives us control over the production of ethanol, vital for the production of alcohol, whilst contributing to the growth of the indigenous sugar industry and thereby reducing dependence on sugar imports,” he added.

Jayawardena also said the DCSL group’s growth areas are aligned with the nation’s needs and we will continue to explore opportunities in sectors that need to be developed further for national growth and nation building.

“Our divestments in FY 2010/11 have accorded significant capital gains which will be channelled into expansion and consolidation activities. The group’s entry and exit strategy continues to boost our bottom line and enables us to remain in business sectors where we have clear control over the management. Our diverse portfolio of businesses and the dynamism of the company ensured that the DCSL share remained an investor’s key choice through 2010,” Chairman Jayawardena said.