Chilaw Plantation making good profits

State-owned Chilaw Plantations Ltd last week reported a substantial profit for the financial year 2005 despite various setbacks and continues on its growth path after coming under the management of Wayamba Plantations Ltd.

Its Managing Director W.L. Bogtstra in the annual report said not only was the price of coconut quite low but “managing has become a lot more difficult because of increased interference. Various parties try to decimate our landholdings, and undermine our management and authority”.

He said should these unsatisfactory conditions prevail it may ultimately lead to the destruction of a flourishing company which is one of the few profit making government-owned enterprises in the country.

“That would be a tremendous pity,” Bogtstra was quoted as saying, “more so, because our company has shown how successful private sector management of a state-owned enterprise can be. Since 1992 upto 2005 our contributions to the Treasury plus retained earnings is Rs 677 million.”

He said the company also pays 10% of the profits by way of a bonus to the workers and this year that amount was over Rs 17,000 per worker.