The state-run Lanka Sathosa incurred a total loss of Rs. 15,000 million by end-December 2021, the Committee on Public Enterprises (COPE) has been told.
Its loss in 2022 alone was Rs. 600 million.
At a meeting, COPE discussed a Rs. 6,000 million loss to the institution from the importation of rice, after the stock expired and was sold as animal feed.
The need for a business model that enables Lanka Sathosa to earn profits was stressed here.
A plan for 2021-24 has not received ministry approval.
COPE chairman Ranjith Bandara instructed officials to formulate a plan to cover until 2028 and report within two months.
The auditor general said the institution should be devoid of administrative shortcomings and free of outside interference to allow it to take independent decisions.
Lanka Sathosa has a shortage of 1,123 staff.
The institution will again come under COPE review on August 22.