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* Lanka Sathosa makes a profit after 7 years
Tue, Oct 12, 2021, 09:57 am SL Time, ColomboPage News Desk, Sri Lanka.

Revenue for the first nine months of this year was Rs. 30 billion

Oct 12, Colombo: Sri Lanka’s largest state owned retail chain Lanka Sathosa (CWE), which was reporting a loss of over Rs. 100 million every month, has become profitable after seven years, according to the Minister of Trade Dr. Bandula Gunawardena.

The loss-making Lanka Sathosa has recorded a total revenue of Rs. 30 billion for the nine months from January to September 2021. Lanka Sathosa recorded a revenue of Rs. 4 billion last September alone, Trade Minister Dr. Bandula Gunawardena said.

The Minister was speaking at the opening of a new Lanka Sathosa sales outlet in Ratnapura on Sunday (10th).

Sales recorded from January to September 2019 were Rs. Accordingly, Lanka Sathosa has shown a 50% increase in total sales in the first nine months of 2021 compared to the first nine months of 2019, he said.

The Minister said that for the first time in the history of Lanka Sathosa, the highest sales in a month was recorded last September and this sale which was Rs. 4 billion was the highest sales ever recorded. He said that for the first time in seven years, the CWE had achieved a record operating profit of Rs. 121 lakhs in September alone.

Sales recorded from January to September 2019 were Rs. 19.9 billion. Accordingly, Lanka Sathosa has shown a 50% increase in total sales in the first nine months of 2021 compared to the first nine months of 2019, he said.

The Minister said that for the first time in the history of Lanka Sathosa, the highest sales in a month was recorded last month and at Rs. 4 billion this was the highest sales ever recorded. He said that for the first time in seven years, the CWE had achieved a record operating profit of Rs. 12.1 million in September alone.

 

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