NLB HOPES TO CLOSE 2016 WITH RS 350M PAT

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By 2017-02-15

By Nishel Fernando

A senior official of the National Lotteries Board (NLB) said that the institute was expecting a net profit of more than Rs 350 million in 2016, up 40 per cent from Rs 241 million in 2015.
According to available statistics, the State-owned entity has made a profit of Rs 334 million during January to November last year.

National Lotteries Board Director Chamindra De Silva claimed that the institute was taken over by the new management in 2015, when it had posted a net loss of more than Rs 9 million for 2014, and highlighted the fact that it was turned around during 2015 and 2016.
He also said that the new management had successfully increased the turnover by nearly 25 per cent to Rs 20 billion in 2016 from Rs 15 billion in 2014.

De Silva was in the opinion that the State-owned enterprise should predominantly run as a 'business', highlighting that NLB has adopted the concept of good governance by being governed and operated in a profit conscious mindset while being socially responsible.

He pointed out only a sum of Rs 1.50 is allocated out of an Rs 20 lottery ticket for its operations. He further stressed NLB contribute
Rs 3.30 to consolidated fund and another Rs 1.10 as VAT & NBT from each Rs 20. NLB contributed more than Rs 2.9 billion in total to the government in 2015.

He claimed that the new board of directors had managed to curb corruption, and embraced a careful expenditure management by rationalizing all kinds of expenditure, pruning out wasteful expenses and through hands-on management, which allowed the institute to reduce expenses considerably.

Earlier, it was claimed by NLB Chairman Shyamila Perera, that previous regime has misused 90% of Rs 400 million of NLB promotional funds for the propaganda campaign of the former president.
It was also noted that increasing sales have also contributed to drive up earnings of entire supply chain members from district dealers to sellers.

NLB re- launched and broad based its Air Port lottery as well as commenced an SMS lottery to encourage participation of busy customers. The SMS lottery is also aimed at developing a new customer base from the new generation. Moreover, it's supposed to pave the way for new technological advancements that would increase internal capabilities of NLB to deal with contemporary technological trends.

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