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.