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Friday Nov 15, 2024
Wednesday, 30 December 2020 00:08 - - {{hitsCtrl.values.hits}}
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| Dr. Nushad M. Perera
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Lanka Sathosa Ltd., the country’s largest retail network business, registered a profit of around Rs. 100
million for the month of October.
Lanka Sathosa Chairman Dr. Nushad M. Perera who will step down on Thursday noted that the retailer organisation had managed to grow its revenue during a challenging year while continuing to offer the lowest prices to consumers.
He stated that this was made possible by the visionary leadership of Lanka Sathosa’s Board of Directors and the commitment and relentless efforts of the extended team who worked tirelessly to boost operating efficiencies, streamline logistics and ensuring product availability despite the challenges brought about by the global pandemic.
Nushad went on to state that Lanka Sathosa had managed to cut down its annual losses by around 60% during 2020. The retail store network was on track to register an annual loss of around Rs. 779 million in 2020, significantly lower than the Rs. 1.9 billion loss recorded in 2019.
Lanka Sathosa hopes to maintain its growth momentum and break even in 2021, noted Nushad who will take over the new Chairman of the Sri Lanka Standards Institution (SLSI).
Lanka Sathosa is a State-owned largest retail network business in Sri Lanka with over 420 outlets island wide and over 4,500 employees.
Established in 2005 under the name Lanka Sathosa with the aim of food security to the mass consumer, the retail chain’s new vision reflects its perceptions of its current target consumers with lower and lower middle-income households which is a price setter for the nation. Guided by its trusted leadership team, Lanka Sathosa spearheads the sustainable development of the food industry in Sri Lanka.
