President Gotabaya Rajapaksa had a discussion today (24) to evaluate the current status of the Lanka Salt Limited.
President Gotabaya Rajapaksa said the following after the meeting
I have given one year’s time to Lanka Salt Limited which runs at a loss since 2018 to earn profit.
The profit earned by the Lanka Salt Limited in 2016 stood at Rs. 70 million. In 2017 it declined to Rs. 32 million. The organization made a loss of Rs. 2.8 million and Rs. 10.91 million in 2018 and 2019 respectively.
I emphasized that the Chairman and the Board of Directors should take the responsibility of investigating causes for loss occurred during these three years and to transform the entity into a profit earning one.
The Lanka Salt Limited which was earmarked to be privatized in 1998 was vested under the purview of Employees Trust Fund (ETF) with the intervention of then Minister of Labour Mahinda Rajapaksa. The organization with 90% ownership of the company’s capital by the ETF and 10 % by the employees transformed itself into a profit making venture.
I stressed that it is absolutely necessary for every company under Employees Trust Fund (EPF) to earn profits. I instructed the officials to devise separate strategies for the next 6 months and the following year that would render profits.
Complete termination of salt importation is necessary. I emphasized that Lanka Salt Limited should once again export their products as they did prior to the year 2015. I went on to note that excuses for losses are irrelevant and I’m more interested in strategies that would lead to profit.
