Lak Sathosa turnover increasing

Chaminda Perera

Co-operatives and Internal Trade Minister Johnston Fernando yesterday said that 'Lak Sathosa' has recorded a turnover of Rs 16,488 million for 2011 which is an increase of Rs 3,321 million as against 2010.

According to the minister, 'Lak Sathosa' had earned a turnover of Rs 13,167 million in 2010.

He said that the 'Lak Sathosa' has exceeded the 2011 target of Rs 15,000 million. The minister added that the government suspended the supplies of substandard essential commodities to 'Lak Sathosa' outlets by cancelling the tenders of such suppliers. Minister Fernando said the chairmen of 'Lak Sathosa' and CWE have been issued special directives to refurbish the stores.

He said that the ministry has already planned to open 50 'Lak Sathosa' branches islandwide during 2012.