Litro Gas records Rs. 2b profit

During the first year of its operation, Litro has recorded a net profit of Rs.2 b.

President Mahinda Rajapaksa commended the performance of the State-owned Litro Gas Company at a meeting held recentlyat the Kerawalapitiya storage complex to review the progress of the company.

The State formed the Litro Gas company following the takeover of 51 percent shares of Shell Gas Lanka and 100 percent shares of Shell Terminals that ended the ownership of Shell Lanka in the country's LP gas market in November 2010.

The President said the government is proud of this significant achievement by a State-owned venture and attributed the company's success to far-sighted and efficient management practises.

The government's policy is to maintain the State sector competitively with the private sector and the government has taken measures to transform unprofitable State bodies into profitable ventures, President Rajapaksa said.

He pointed out that the Shell Company, which was recording a loss of Rs. 600 m at the time it was acquired and has been transformed into a profit-making State venture within a year. The company has paid Rs. 800 m as taxes to the government.

The President assured that the Litro Gas Company will be maintained as a profitable body without creating any burden to the company.

Litro Gas company has released 300,000 new gas cylinders to the market last year and sales of Litro have increased by 11 percent, Chairman, Gamini Senarath said. The company is to set-up a gas distribution centre in Hambantota as well.

Sellers and distributors of Litro Gas Company were also felicitated at the ceremony.