Litro Gas earns Rs. 2 b profit during first year of operation

President Mahinda Rajapaksa commended the performance of State-owned Litro Gas Company during its first year of operations during meeting held Saturday (17) at the Kerawalapitiya storage complex to review the progress of the company.

The State0formed Litro following the takeover of 51% shares of Shell Gas Lanka and 100% shares of Shell Terminals that ended the ownership of Shell Lanka in the country’s LP gas market in November 2010.

During its one-year of operation, Litro has recorded a net profit of Rs. 2 billion, Chief Executive Officer and Managing Director Piyadasa Kudabalage said.

The President said the Government was proud of this significant achievement by a State-owned venture and attributed the company’s success to farsighted and efficient management practices.

President Rajapaksa said the Government’s policy was to maintain the State sector competitively with the private sector and the Government had taken measures to transform the unprofitable state bodies in to profitable ventures.

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

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

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

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

Economic Development Minister Basil Rajapaksa, Social Services Minister Felix Perera, Public Coordination and Public Affairs Minister Mervyn Silva, Deputy Ministers Sarana Gunawardena and Sarath Kumara Gunaratna, Parliamentarians Sudharsani Fernandopulle and Dulip Wijesekara and Secretary to the President Lalith Weeratunga participated in the occasion.