Sri Lanka ship fuel supplier doubled profit in 2016
Apr 20, 2017 17:30 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Profits at JCT Oil Bank, a fully owned subsidiary of the Sri Lanka Ports Authority (SLPA), more than doubled in 2016 from the year before, Minister of Ports and Shipping Arjuna Ranatunga said.
The firm, which provides fuel to ships, made a profit of Rs77 million in 2016, up 113% from 2015, he told a news conference.
The managed managed to reduce sales and administrative costs, Ranatunga said.
JCT Oil Bank operates 13 storage tanks to stores different types of ship fuel.
Ranatunga said the company’s profitability meant there would be no need to privatise the firm as the government intends doing with loss-making state entities.
(COLOMBO, April 20, 2017)