An earlier finance ministry report has said that in 2010 revenue fell 67 percent to 12.5 million rupees and profits fell from 92 percent to 2.8 million rupees from 37 million rupees.
The Kahatagaha graphite mine has its origins in the British colonial period when a citizen of the country discovered a vein of graphite.
A little over decades after independence from British rule in 1972 it was expropriated by the state violating property rights of citizens.
In the early 1990s Kahatagaha Graphite was privatized. Bogala Graphite, another firm was listed on the stock exchange.
Kahatagaha was again taken over by the state following closure, but Bogala was eventually taken over by a German firm and is run profitably.
The parliament's committee on public enterprises (COPE) said the company should initiate a joint venture with foreign entrepreneurs dealing with advanced technology.
http://lbo.lk/fullstory.php?nid=972123145