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Milco records healthy profit of Rs. 166 mn

Milco (Pvt) Limited has been successful in emerging as a financially viable organization,with the 2013/14 financial year recording profit of Rs. 166 million.

A spokesman for Milco told The Island Financial Review that during this period they had paid farmers Rs. 3.4 billion as milk payments. He said that Milco offers II nutrious daily products to consumers and has been able to increase their sales turnover from Rs. 4 billion to 2010 To Rs. 7 billion during last year and expect to register a sale of over Rs. 8 billion during the current year.

Three factories at Ambewela, Digana and Polonnaruwa is been refurbished and this project is to be completed by April this year. The Colombo factory established in 1956 is to be re-located at Badalgama with a state of the art factory for dairy based products, which will increase the production capacity by five fold.

Continuing the Milco spokesman said that a Social Security Fund is in place and has disbursed Rs. 55 million for 18 essential benefits to farmers and that this fund has a deposit of Rs. 60 million. Milco also hopes to propose a pension scheme for dairy farmers in the near future.

To popularise the consumption of fresh milk in the country two UHT machines were installed at Polonnaruwa and Digana and have produced 66 million packets of Milk since 2011.

 

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