The 2009 annual report of the state owned Associated Newspapers Ceylon Limited (ANCL) also knows as Lake House is to be presented to the Cabinet of Ministers for approval today.

The report deals with the period between January 1, 2009 till December 31, 2009.

The report is to be presented under the signatures of the Additional Secretary of the Media Ministry (Development), K.W.T.N. Ameratunge, Additional Secretary (Administration), J.D.C. Jayasinghe and Chief Accountant M.A. Wijedasa.

According to the report, revenue for ANCL is generated through the sale of newspapers and advertising. The revenue from advertising in 2009 has seen a Rs. 387 million, which is estimated at 16.75%, decline in comparison to the advertising revenue of 2008.

Therefore, the total revenue of the company has fallen by Rs. 211 million.

In comparison to 2008, ANCL’s sales have fallen by 2.8%, administration costs by 3.8% and circulation costs by 6.9% in 2009. Therefore, although there has been a decline in revenue, the company has recorded a Rs. 54.89 million profit after tax.

A statement by the Auditor General has stated that the annual report for 2009 had been prepared and recommendations made according to the accepted accounting practices.