Dec 30, 2020 (LBO) – Lanka Sathosa Limited, the country’s largest retail network business, registered a profit of around Rs.100 million for the month of October 2020.
Lanka Sathosa had managed to cut down its annual losses by around 60% during 2020. The retail store network was on track to register an annual loss of around Rs.779 million in 2020, significantly lower than the Rs.1.9 billion loss recorded in 2019.
Lanka Sathosa hopes to maintain its growth momentum and break even in 2021.
Lanka Sathosa Limited is a state-owned largest retail network business in Sri Lanka with over 420 outlets island wide and over 4500 employees.
Established in 2005 under the name Lanka Sathosa with the aim of food security to the mass consumer, the retail chain’s new vision reflects its perceptions of its current target consumers with lower and lower middle-income households which is a price setter for the nation.