SLPA’s JCT Oil Bank posts 113% profit growth

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By 2017-04-21

Jaya Container Terminals Limited of Sri Lanka Ports Authority (JCT Oil Bank) has enhanced its profit in the previous year by 113 per cent in relation to the year 2015, Minister of Ports and Shipping Arjuna Ranatunga said.

Minister Ranatunga expressed these sentiments while speaking at a ceremony held recently in the Jaya Container Terminals Limited. This ceremony was held to welcome the Sinhala and Tamil New Year and to declare accounting records of the institution.

JCT Oil Bank had earned a profit of Rs 36 million in 2015 and a profit of Rs 77 million in 2016. It had reduced selling cost from Rs 96 million to Rs 92 million and administrating cost from Rs 64 million to Rs 55 million.

Ranatunga said that effective management plans that give priority to protecting the institution have paved way to these accomplishments.
"Employees could privatize the institutions or they could protect the institutions. They could take institution forward by earning profits for the government.

Therefore I am thankful to you about this victory you have accomplished. Because, when these institutions earn profits there will be no need to sell them. If we could not protect leading institutions in this country, it would yield a country with no value in the future. Government is protected through this kind of profit earning institutions."

He went on to thank the work ethic of the employees.
"You didn't ask for difficult provisions. Your requests were reasonable. We have provided those things. Hence hardworking employees should be protected. Trade Unions of this institution have gone beyond party politics and they have unified to protect this institution. That is what government expects from you. I need to develop these institutions by working hard. When we achieve that development, we could say there is no need to sell these institutions and we are earning profits."

The primary business of the Jaya Container Terminal limited is the storing of fuel for supplying to vessels and to companies which provide fuel for vessels in the sea. This company comprises 13 fuel tanks that could store, HF O 380, HFO 180 and MGO fuel categories. Total capacity of these tanks is 3,5000 MT



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