Lake House earns record revenue of Rs 3.7 billion in 2012

Gamini Jayalath

The Associated Newspapers of Ceylon Limited has earned a record revenue of Rs 3.7 billion (Rs 3,700 million) in 2012, which is the highest amount earned by any media institution.

The ANCL aims to increase its revenue to Rs 4 billion in 2013, ANCL Chairman and Managing Director veteran journalist and media personality Bandula Padmakumara stated yesterday at a function held to mark the commencement of work for the New Year.

It is significant that ANCL, the Home of Newspapers, has been able to accomplish this feat despite the depreciation of the Rupee, the rise in newsprint and raw material costs in the world market and a steep rise in fuel and electricity costs. The restructuring process at ANCL and the introduction of new technologies are also cited as reasons for this unprecedented success.

The revenue gain was also made whilst offering a range of employee welfare measures unmatched by any other media institution. These include four and a half months bonus payments, high value medical insurance scheme, monthly Cost of Living allowance, book allowance for journalists and other staffers and free books, clothes, school bags and other gifts for children of employees, including those who excel at the Year 5 Scholarship Examination.

In 2012, ANCL spent Rs.170 million on bonuses, Rs.100 million on the medical insurance scheme, Rs.312 million on the payment of the Cost of Living allowance, Rs.15 million on books, clothes and schoolbags for employees’ children and Rs.688 million on salaries and wages.

Employees say it is a major victory that ANCL has persisted with all welfare measures without curtailing any of them at a time when most other media institutions were cutting down on such welfare expenses.

ANCL, which has never received Treasury assistance in any form in its illustrious history, has also decided to raise employee salaries by Rs 1,000 in 2013.