Media Profits

June 19, 2011 (LBO) – Profits of Sri Lanka’s state media enterprise rose in 2010, with profits of Independent Television Network (ITN) television station rising 66 percent to 308 million rupees, a finance ministry report said. Sri Lanka Broadcasting Corporation, a state radio station had posted up profits of 42.6 million rupees, up from 38.3 million rupees. The firm had excess staff and high administration expenses, the finance ministry said.

At Sri Lanka Rupavahini Corporation (SLRC) profits rose to 42 million rupees from 12 million rupees a year earlier,

Both are television networks.

The report said SLRC’s revenues rose 3 percent to 1,930 million rupees. The report said the firm needed a better costing system.

ITN however had suffered liquidity problems, with debtors rising to 765 million rupees in 2010 from 555 million rupees.