Apr 21, Colombo: The Jaya Container Terminals' Oil Bank (JCT Oil Bank) of Sri Lanka Ports Authority has enhanced its profit by 113 percent in 2016 compared to the previous year, Minister of Ports and Shipping Arjuna Ranatunga said.
The primary business of the Jaya Container Terminal limited is to store the fuel supplied for vessels and to supply fuel needed by the companies which provide fuel for vessels in the sea.
According to the Minister Ranatunga, the JCT Oil Bank had earned a profit of Rs 36 million in 2015 and Rs 77 million in 2016. It has reduced the selling cost from Rs 96 million to Rs 92 million and administrative costs from Rs 64 million to Rs 55 million.
The company has 13 fuel tanks with a total capacity of 35000 metric tons. The tanks could store, HFO 380, HFO 180 and MGO fuel categories.
"Preparation of effective management plans by giving the priority to protect the institution has paved way to these accomplishments," Minister Ranatunga said speaking at an event held to welcome the Sinhala and Tamil New Year and to declare accounting records of the institution.
"Employees could protect institutions by earning profits for the government. I am thankful to you about this victory you have accomplished. When these institutions earn profits, there will be no need to sell them," he said.
"If we could not protect leading institutions in this country then it would yield a country with no value in the future. Government is protected through this kind of institutions which earns profits," the Minister said.
Business plan of the Shipping Oil Laboratory to be constructed was handed over to the Minister at the occasion.