Kurunegala Plantations profits presented to President

Chaminda PERERA

Coconut Development and Janatha Estate Development Minister Jagath Pushpakumara yesterday presented a portion of profits amounting to Rs. 70 million generated by the Kurunegala Plantations Company to President Mahinda Rajapaksa to be remitted to the Treasury.

The company coming under the purview of Coconut Development and Public Estate Development Ministry was running on a bank overdraft of Rupees eight million when it was taken over by the government led by President Mahinda Rajapaksa in 2005.

According to Minister Pushpakumara the company's management was privatized in 1992 by the then government.

The company posted profits year by year since it was brought under government control, the Minister said. He said the profits recorded by the company show the efficacy of State mangement over private sector management.

It was revealed that company employees are receiving a number of facilities including incentives.

Ministry Secretary Anura Siriwardena, chairman and the Board of Directors of the company participated.