Lanka Sugar Company turns loss into Rs1bn profit

sugar

Nov 15, 2016 (LBO) – Lanka Sugar Company, which includes Pelwatte and Sewanagala sugar factories, has recorded a profit of 1,018 million rupees for the first nine months of this year.

The company which employs around 5,600 workers has made a significant turnaround this year after it suffered a loss of 1,030 million rupees last year.

In 2014, the company suffered a loss of 211 million rupees.

Releasing a statement the company said the change was mainly due to stronger government regulations and support from top policymakers.

“The company earned this profit because of the direct guidance given by the minister Rishad Bathiudeen,” its Chairman Naveen Adikarama said.

“It is also because of new tender procedures introduced for the first time.”

Around 25,000 farmer families depend on sugar factories to absorb their crop, and the factories cover more than 15,000 hectares. Factories grow around 2,000 hectares while the rest is cultivated by farmers of Monaragala district.

The two factories manufacture about 50,000 metric tons of sugar annually and cater to the high demand in the local market.