Local milk producer, Milco Private Limited has achieved a monthly sales target of Rs.2 billion in October, it was reported.
According to the Daily News, Livestock Ministry Secretary Nishantha Wickramasinghe said this marks the highest revenue recorded within a single month.
Wickramasinghe, however, pointed out that Milco currently holds an outstanding bank loan of Rs.1.8 billion with an annual interest payment of Rs.240 million.
“Reaching this target within a month after the new government took office is a positive achievement. 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,” he said.
Meanwhile, Milco’s current Chairman, Hemajeeva Gotabhaya revealed that the revenue target had been achieved amidst poor financial conditions, such as a two-week payment delay to dairy farmers and the internal audit division being inactive for years leading to a lack of proper auditing and account verification.
Stating that the board of directors are working to transform Milco into a profitable organisation, he said that plans are underway to ensure that Milco products are available to consumers across the country. (Newswire)