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Rs. 200 million losses for state-owned Milco

The Chairman of the state-owned Milco company has declared that losses of Rs. 200 million have occurred so far, and the situation is being compounded by factory workers striking.

Sunil Wickremasinghe, who is accused of bribery and corruption by the striking workers, asked them to return to work at a news conference, reported ColomboPage.

He went on to add that the company had suffered losses due to them purchasing milk from farmers for Rs. 50 per litre, double the previous price. Last year, the government vowed to support rural dairy farmers, by purchasing any unsold milk, following protests by farmers.

Wickremasinghe also blamed the losses on an increase in fuel prices and the fact that the budget allocation from the treasury fell Rs. 30 million short, from the promised allocation.

See our earlier posts:

Severe milk powder shortage due to ‘multinational companies’ – Milco (25 December 2013)

Government buys up local milk (10 May 2012)

Mahinda and Basil decide to expand fertiliser subsidies (21 May 2012)

Chinese lanterns flood Sri Lankan markets for Vesak (05 May 2012)

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