Media Profits

L to R: Samantha Ranatunga, Chairman, HVA Foods PLC; Jan Müggenburg, Chief Executive Officer, Müggenburg Group; Graham Stork, Chief Executive Officer, HVA Foods PLC; Sarva Ameresekere, Group Chairman, George Steuart & Co. Ltd.

June 19, 2011 (LBO) - Profits of Sri Lanka's state media enterprise rose in 2010, with profits of Independent Television Network (ITN) television station rising 66 percent to 308 million rupees, a finance ministry report said.
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Sri Lanka Broadcasting Corporation, a state radio station had posted up profits of 42.
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6 million rupees, up from 38.3 million rupees. The firm had excess staff and high administration expenses, the finance ministry said.
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At Sri Lanka Rupavahini Corporation (SLRC) profits rose to 42 million rupees from 12 million rupees a year earlier,

Both are television networks.

The report said SLRC's revenues rose 3 percent to 1,930 million rupees.

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The report said the firm needed a better costing system.
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ITN however had suffered liquidity problems, with debtors rising to 765 million rupees in 2010 from 555 million rupees.

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