Finlays Colombo PLC said yesterday the General Sales Agent (GSA) arrangement it has with Hong Kong-based Cathay Pacific Airlines will come to an end with effect from December 31, 2015.
Finlays Colombo said, globally Cathay has moved away from GSA arrangements for destinations they fly to and the GSAs in Sri Lanka and the Maldives are some of the few remaining.
“Cathay has informed Finlays Colombo PLC of their intention to move to self-handling of operations in Sri Lanka and Maldives,” Finlays Colombo said in a statement.
It further said Finlays Colombo, which is the holding company of entities of the Finlays Group, continues with its principal activities.
Last year (FY14), the services segment, which includes the GSA operations of Finlays Colombo, recorded a revenue of Rs.792 million and a pre-tax profit of Rs.274 million. Tea exports remain the main business of the company.