JCT Oil Bank profits grew 113% last year, no need to privatize: Minister Ranatunga

Jaya Container Terminals Limited of Sri Lanka Ports Authority [JCT Oil Bank] has enhanced its profit in the previous year by 113 percent in relation to the year 2015, Minister of Ports and Shipping Arjuna Ranatunga said. 
Minister Ranatunga made this observation while addressing a ceremony this week at 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. 
“The primary business of the Jaya Container Terminal Limited is storing of fuel which supplies for vessels and to supply fuel needed by the companies which provide fuel for vessels in the sea. This company comprises of 13 fuel tanks that could store, HF O 380, HFO 180 and MGO fuel categories. Total capacity of these tanks is 35000 MT. This company had earned a profit of Rs.36 million in 2015. It had earned a profit of Rs. 77 million in 2016. It had reduced selling cost from Rs. 96 million to Rs.92 million and administration cost from Rs.64 million to Rs.55 million.  Preparation of effective management plans giving priority to protect the institution has paved way to these accomplishments”, Minister Arjuna Ranatunga added.

“Employees could privatize the institutions or they could protect the institutions. They could take the 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 this institution. If we could not protect leading institutions in this country then it would yield a country with no value in the future. Government is protected through this kind of institutions which earns profits. 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 the 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 then we could say there is no need to sell these institutions and we are earning profits. When institutions do not earn profits then short sighted people around the government try to sell these assets. As a leader who stood against the policy of selling state owned assets, as a leader who protect the government assets, contribution you gave to enhance the profit of this institution is a great support to me,” Minister Arjuna Ranatunga said. 
Chairman of the Sri Lanka Ports Authority Dammika Ranatunga who addressed this ceremony said that management has been able to manage the expenditure of the institutions and has been able to introduce new financial plans. 
Managing Director of the Jaya Container Terminal Limited Sisira Perera, members of the Director Board Mangala P. Gunasekara and D.V. Wimalasiri, employees of the Jaya Container Terminals Limited, [JCT Oil Bank] and several other distinguished guests attended this event. Business plan of the shipping oil laboratory to be constructed was handed over to Minister Arjuna Ranatunga at this occasion.