(COLOMBO, LANKAPUVATH) –Sri Lanka’s largest state owned retail chain Lanka Sathosa has been able to earn a profit during the first six months of this year compared to the heavy losses incurred in previous years.
Addressing a media conference yesterday in Colombo, Lanka Sathosa CEO Dr. S.H.M. Faaaz said the Lanka Sathosa has earned a 23 percent profit in comparison to the previous year.
According to the financial reports, the state-owned retail network incurred a loss of Rs.600 million in 2017. It has earned a Rs. 42 million profit during the first six months of this year.
Lanka Sathosa recorded a total turnover of Rs 31 billion in 2017 – a 15% growth compared to 2016. In the first six months of 2018, turnover grew by 16% to Rs. 17 billion. The network has set a target of Rs.40 billion in revenue this year, the CEO said.
The CEO Dr. Faaaz said Lanka Sathosa in future will provide opportunities for small and medium scale entrepreneurs to uplift the rural economy.
He said the goal of Lanka Sathosa is to maintain low prices for the products in order to minimize the cost of living for people and therefore, the retail network has been able to surpass the private retailers in attracting consumers.
The official expressed confidence that Sathosa will become a profit-making organization.