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Sri Lanka’s LakSathosa monthly loss down to Rs68Mn

ECONOMYNEXT – Monthly losses at Sri Lanka’s state-run Lak Sathosa retail chain have been reduced to Rs68 million from Rs844 million, Minister of Industry & Commerce Rishad Bathiudeen said.

“In a few months, we shall start reporting profits,” he was quoted as saying in a statement that announced the launch of a real estate lottery between Lanka Sathosa and the local unit of multinational Unilever.

“The reason for loss reduction is streamlining operations and network expansion.”

Lanka Sathosa is the largest state-owned consumer goods retail network in the country, with 312 outlets to be expanded to 500 outlets by 2017.
(COLOMBO, June 07 2016)

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