Sri Lanka state fisheries firm lose Rs59mn

June 05, 2011 (LBO) – Sri Lanka’s Ceylon Fisheries Corporation, a state enterprise that retails fish has lost 59 million rupees in 2010 and has to better manage assets such as cold stores and freezer trucks, a finance ministry report said. The firm had the challenge of playing a ‘market stabilizer’ role with a market share of 1.3 percent.

In 2010 it had revenues of 1,923 million rupees. The finance ministry said decentralization of finance costs had resulted in high interest costs. The Fisheries Corporation has advantages from coercive state powers and gets a part of the catch from deep sea fishing vessels owned by people outside the state.