STC earns record Rs 1,200 mn

Irangika Range

The Sri Lanka State Trading (General) Corporation (STC) has earned a record revenue of Rs 1,200 million with a nett profit of Rs 60 million last year for the first time in its history.

Co-operatives and Internal Trade Minister Johnston Fernando told the Daily News that the STC was earlier running at a loss and had a debt of around Rs 250 to 300 million.

The Corporation was restructured later under the directions of President Mahinda Rajapaksa by appointing a new Chairman.

"Following this, we have been able to convert the STC into a profit- making institution," the minister said. Plans are afoot to transform other state institutions which are running at a loss. Efficiency of these institutions will also be improved.

"The staff and the management too have to deliver a good service. The government is keenly observing how they perform," Minister Fernando said.

He added that the privatization of state institutions running at a loss is against state policy, which is why the government is taking firm steps to reform these institutions.