Milco Chairman Hemajiva Gotabhaya has said that Milco employees will not receive their bonus this year due to financial difficulties.
He said this at a press conference held at the Department of Government Information yesterday (March 27).
He stated that, according to a Treasury circular, loss-making companies are not permitted to grant bonuses.
Director General of Government Information, Mr. H.S.K.J.Bandara, also attended the press briefing.
During the media briefing, the Chairman revealed that Milco has recorded an operation loss of Rs.501 million in 2023 with losses cut back to Rs. Rs.34 million in 2024.
He also reminded that plans existed to hand over the National Livestock Development Board (NLDB) and Milco to a joint venture with an Indian company.
In the previous year, Milco had an overdraft of Rs.1800 million and owed an additional Rs.1200 million to dairy farmers and other suppliers.
However, by 2024 October, the company had earned Rs.02 billion in revenue and managed to clear Rs.500 million owed to dairy farmers and Rs.700 million to other suppliers, he further noted.
