SriLankan Airlines has earned an operating profit of USD 27 million within the first six months of the financial year 2022-23 from April 1, 2022.
Airline’s Senior Manager Nilanthi Perera said the company has been earning an operating profit since December 2021. However, after the payment of loan interest charges, the airline incurred a loss of USD 18 million for this period, she said. The total financial loss of the airline in the last financial year ended on March 31, 2022 is Rs.160 billion (Around USD 98.7 million). Due to the fuel shortage in the country, the airline had purchased fuel from foreign countries including India between May and August this year. For such purchases made, the airline had to spend USD 20 million, she said.
The total debt burden of the national carrier is USD 850 million, out of which USD 300 million due is for the Ceylon Petroleum Corporation (CPC) for the fuel purchased before the pandemic. USD 175 million is for International Bonds and the rest is for state banks, she said.
Meanwhile, the cabinet paper presented by the minister in charge of the Aviation subject to sell 49 per cent of stakes of the airline, SriLankan Catering and the ground handling operations each to a local or foreign investor has now been referred to the State Owned Enterprises (SOEs) Restructuring Unit established under the Finance, Economic Stabilization and National Policies Ministry.
The unit is to provide its recommendations with regard to this proposal in a two-week period.
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