Proposals sought to further develop Cey-Nor

Tuesday, 21 February 2017 00:00 - - {{hitsCtrl.values.hits}}

Minister of Fisheries and Aquatic Resources Mahinda Amaraweera has given directives to the officials to bring forward proposals and projects to further develop the state-owned Cey-Nor Foundation factory in Mattakkuliya as a profit earning public entity. duy

During the progress review meeting of Cey-Nor held recently under the patronage of the minister, it was brought to attention that during the past five years, Cey-Nor has lost a significant amount of profit due to management deficiencies.

The storage complex and the boat yard of Cey-Nor in Mattakkuliya had been leased out to a certain private company under a low monthly rent of Rs 100,000. This had incurred a huge loss to the institute and therefore the agreement was cancelled and a new agreement was entered in to with another company that had agreed to pay a monthly rental of Rs one million earning a huge annual profit to Cey-Nor.

Accordingly, the total loss incurred by Cey-Nor during the past 5 years is approximately Rs. 60 million. Cey-Nor restaurant in Colombo had been leased out to a private company five years ago for a monthly rent of Rs 150,000. However, its higher management briefed the Minister that another company is willing to pay a monthly rent of Rs 1.6 million for the restaurant.

The Minister informed the officials to make necessary arrangements to further develop Cey-Nor and also mentioned that deficiencies in management are the reasons that have led public entities into loss making conditions.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.