Laugfs Gas is in a dialogue with the regulatory authorities to ensure that LPG retail prices are in line with global LPG market prices. This is to enable that the company’s main source of revenue is secured.
“Whilst investments made in some areas such as renewable energy sector are already yielding profits, certain other long term investments will be of longer gestation periods,” K. H. Wegapitiya, Chairman and Group CEO said. This coupled with the company’s core business of LPG downstream activities having to continue under the prevailing retail price restrictions whilst LPG prices in the global market are surging.
This has resulted in the finances for this quarter recording a loss after tax Rs 508 million.
“We are confident that we will receive a positive response in this regard very soon. In addition to the aforementioned, the company is also pursuing strategic partnerships in to enhance funding and create requisite marketing channels and opportunities which will no doubt bring in the expected returns in the years to come.”
Sources : dailynews