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| Sunday, 7 April 2002 |
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Committee to look into SLIC restructuring Minister of Economic Reforms, Science and Technology Milinda Moragoda has appointed a steering committee to go ahead with the preparatory work for restructuring of the Sri Lanka Insurance Corporation (SLIC), its Chairman Chrisantha Perera said. The members of the committee are Chairman, General Manager and another member from SLIC, Chairman Public Enterprise Reforms Commission (PERC), representatives from the Treasury, Central Bank and the Insurance Board of Sri Lanka and two professionals, Deva Rodrigo and Marina Tharmaratnam (a member of the SLIC board). He said the committee through PERC has submitted a document for Cabinet approval. Mr Perera said the role of the committee is to coordinate and implement the restructuring of SLIC. SLIC is listed among the entities to be privatised this year. He said the accounts for 2001 will be prepared as per international accounting standards while it already complies with Sri Lanka Auditing and Accounting Standards. Audited accounts for 2001 are still to be released. SLIC posted a pre-tax profit of Rs 651.7 million in 2000 compared to Rs 565.4 million in 1999. After tax profit was Rs 335.8 million from Rs 363 million in 1999. This was attributed to higher tax expenses which was Rs 316 million in 2000 compared to Rs 202 million the previous year. The investment income rose to Rs 2.5 billion from Rs 2.1 billion in 1999. Total assets increased to Rs 23 billion from Rs 21 billion while total revenue increased to Rs 6.1 billion from Rs 5.7 billion in 1999. |
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