Lanka Cement, a state-owned firm with a defunct factory in northern Sri Lanka, has revealed heavy losses. Auditors have refused to give an opinion on plans to revive production in its latest accounts.
According to a stock exchange filing the firm made a loss of LKR9.9m in the nine months ending September 30, 2010 compared with a profit of LKR18m the previous year. Sales fell to LKR159m from almost LKR500m the year before.
The firm made a loss of LKR3.4m for the September 2010 quarter against a loss of LKR2.5m the previous year with sales falling to 50 million rupees from LKR123m, according to unaudited accounts filed with the stock exchange.