Milco has achieved a monthly sales target of Rs.2 billion in October, marking the highest revenue recorded within a single month.
Livestock Ministry Secretary Nishantha Wickramasinghe stated that reaching this target within a month after the new government took office is a positive achievement.
However, he also noted that Milco currently has an outstanding bank loan of Rs.1.8 billion with an annual interest payment of Rs.240 million.
He mentioned that while the previous government had decided to sell Milco due to prolonged losses, the new government has plans to turn it into a profitable entity. Milco’s current Chairman, Hemajeeva Gotabhaya, reported that achieving the Rs.2 billion revenue in October was possible despite numerous challenges, including a severe labour shortage.
He highlighted that when he assumed the chairmanship, Milco was in poor financial condition and payments to dairy farmers were delayed by around two weeks. Additionally, the internal audit division had been inactive for years, leading to a lack of proper auditing and account verification. Gotabhaya emphasised that he and the board of directors are working to transform Milco into a profitable organisation. He added that plans are in place to ensure that Milco products are made available to consumers countrywide in the necessary quantities.
(dailynews.lk)
(This story, originally published by dailynews.lk has not been edited by SLM staff)
