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DateLine Saturday, 31 January 2009

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Sathosa records Rs. 35 m profit

Lanka Sathosa Limited has recorded a net profit of Rs.35 million for the first time last year as a result of restructuring to provide essential items at reasonable prices.

Lanka Sathosa Chairman Nalin Fernando told the Daily News the company which maintained long term customer relationship through high quality consumer service was driven to bankruptcy by the previous government. He said the UNP Government privatized the institution and was driven to bankruptcy in 2003. This move resulted in 3500 losing jobs.

“But the Government which came to power in 2005 has decided to revive the Sathosa to provide relief to the ordinary man,” he said. Lanka Sathosa which is the state arm providing essential items at lower prices to consumers will expand its sales outlets network upto 200 this year.

“The Government has allocated a huge amount money to rebuild the institution as well as provide compensation to jobless people,” he said. The Government has also taken measures to provide employment for 900 in Lanka Sathosa.

“A mechanism will also be formulated to provide essential items at lower prices to consumers living in liberated areas of the North and East,” he said.

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