Thursday November 23, 2017
sub

Sri Lanka in new bid to fix loss-making SriLankan Airlines

Nov 10, 2017 15:37 PM GMT+0530 | 3 Comment(s)

  

ECONOMYNEXT - Sri Lanka's finance ministry will launch a fresh effort to reform state-run SriLankan Airlines, where its continued losses and internal infighting landed the current administration in trouble.

A public private partnership unit at the ministry of finance will take action to restructure the airline, senior advisor to the finance ministry, Mano Tittawella told reporters Friday.

"What we can say is that SriLankan will be operated so that it is no longer a burden to the government," Tittawella said.

Under the watch of the new administration the airline lost 12.08 billion rupees in the year to March 2016.

In the year to March 2017, the airline lost a whopping 28.3 billion rupees taking accumulated losses to 169 billion rupees.

 


 

3 Comments

  1. sacre blieu November 16, 06:56 AM

    That appears to be the case for this country, soon, going by the way it is been governed and while daily dosages of sermons from the Mount followed by the gathering momentum to defraud the country with no effect on justice.

  2. BumiPuthra November 14, 07:03 AM

    Thank you MR for putting this beyond bankruptcy Well done

  3. UKCitizen November 14, 02:52 AM

    Here's the truth about SriLankan:-All the new aircraft are leased on 12 year leases at above market lease rates. These contracts also do not have a termination clause in them.The result of this is that it is impossible to make money by operating them. It makes no difference what actions are taken by the GOSL.And there are still more aircraft on the way That includes 4 A350 ordered from airbus which have still not been cancelled. My guess is that there is no termination clause in this contract either.You are looking at several Billion dollars in forward liabilities - this is why they can't sell the Airline. Nobody wants to take on those liabilities.The only way out of this mess is bankruptcy.

Name *
Email *
Designation
Company
Telephone Number