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Govt. Spends Billions On Loss Making State Enterprises

Jun 22, 2011 11:16:04 AM - thesundayleader.lk

Several loss making state institutions have cost the government Rs. 30 billion for maintenance last year.

The government has informed parliament that Rs. 30 billion had been spent to provide financial assistance and maintenance of 23 state institutions currently running at a loss, which has been accounted as 0.5 percent of the Gross Domestic Product (GDP).

According to media reports, the Ceylon Petroleum Corporation had made a loss of Rs. 12 billion, the Water Supply and Drainage Board Rs. 14 billion, the Sri Lanka Ports Authority Rs. 1.1 billion, SriLankan Airlines Rs. 2.6 billion, Mihin Lanka Rs.1.2 billion and the Urban Development Authority Rs.143 million.

However, losses incurred by the Sri Lanka Fisheries Corporation had declined from Rs.212 million to Rs.16.5 million in 2010.