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Sathosa records Rs 47 m profit

Cooperatives Wholesale Establishment (SATHOSA) officials requested authorities that SATHOSA be removed from the COPE’s list of state-owned institutions operating at a loss.

SATHOSA Chairman Eraj Fernado said Sathosa is now making profits having recovered from its loss making days. The institution recorded financial losses from 2005. “However, it made a profit of Rs 47 million last year,” said Fernando. SATHOSA made its exit from the list of loss making state institutions due to mismanagement, corruption and waste, a fact that was made known by the Parliamentary Committee on Public Enterprises, owing to the effectiveness of management measures taken by Cooperatives and Internal Trade Minister Johnston Fernando, he said.

“We were able to convert Sathosa into a profit making public enterprise under the guidance of Minister Johnston Fernando through various mechanisms and programmes, introduced by the minister, to upgrade Sathosa transport, packing, and import sectors for effective distribution of goods to Sathosa economic centres and outlets throughout the island,” he said.

“We also took steps to get all rice mills working under the minister’s guidance which helped the process of converting the institution, into a profit mat making one,” Fernando said.

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