NLB makes Rs. 334 m profit in 2016 | Daily News

NLB makes Rs. 334 m profit in 2016

The National Lotteries Board (NLB) earned a Rs. 334 million profit in 2016 while the profit for 2015 was only Rs. 241 million.

The latest result was achieved by the new NLB management due to financial discipline and management, NLB Director Chamindra de Silva said. Careful expenditure management by rationalising all kinds of expenditure and pruning out wasteful expenses also contributed to the project. “We have also been able to increase sales by adopting modern management practices and methods and strategic marketing practices," he said..

“The turnover for 2016 has also increased to Rs. 17,956 million from Rs. 17,394 million.

Appointing a full time professional and qualified chairman and the director board was a main reason to get the best out of motivated human resources of the company. The Board consider it is predominantly running a business, despite it being a public enterprise, the director said.

“The NLB must be governed and operated with socially responsible profit consciousness as one of its core values that of course is a vital ingredient of Good Governance.

“We are implementing the concept of Good Governance which means the creating potential values in a balance manner to benefit all stakeholders. This is characteristic of a good business," he said. “We have four main stakeholders: the government, public, district dealers and agents and sellers.

“We work for the benefit of these main four groups,” de Silva said. “The Board has launched landmark benefits schemes and events such as several insurance schemes to appreciate their services," he said.

“Prices of tickets were not increased for the past nine years as we do not want to place an extra burdens on the public.,” he said.

“We want to maintain a steady flow of financial contribution to consolidated fund thereby participating indirectly to a host of nationally important projects, social welfare projects and state expenditure,” he said.

The NLB has always provided financial support for a range of events in the fields of religious and cultural significance such as the “Kandy Perehara”, he said. The Board has also launched many projects to promote its brand “NLB” to make the institution a truly market oriented organisation.

The development of “Neeroga” lottery under the advice of President Maithripala Sirisena contributed a lot fighting against the kidney diseases. It was a shining example of the Board’s responsiveness towards the projects of national significance. 


 

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Rs.334 m out Rs.17,956 million is only 1.8%. Is this a profit to be complacent with at a time when the country is starving for funds to meet the essential recurrent expenditures?. Govt is planning to pay the state officials salary in two installments due to a dearth of cash. So, the state enterprises must generate profits cutting on waste and support the govt. The board of directors including the chairpersons swallow the major portion of the income narrowing the profit. The govt must impose restrictions on the expenditures if it were to justify the functioning of the NLB and DLB.

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