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SriLankan accumulates Rs.22 bln loss

2017-06-14 01:42:18
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The Cabinet yesterday decided to summon the officials of SriLankan airlines to check on the current status of the national carrier.

At the Cabinet meeting yesterday several ministers had alleged that officials attached to the national carrier were not carrying out instructions resulting in a weakening of its financial position.

It transpired at the meeting that the airline had recruited new employees after the new government had assumed office and that the accumulated loss had risen to Rs.22 billion.

Initially, the government attempted to restructure the national carrier on a Private Public Partnership basis. But with this move being unsuccessful, the government is now in the process of identifying a new investor to revive the airline.


  Comments - 39

  • JohnJames Wednesday, 14 June 2017 02:25

    Why bother? No one would fly with them when they have a choice.Even the Mp's and minsters use another airline if they can! Close it down. They do even own one plane.!

    Reply : 11       42

    Ravi Wednesday, 14 June 2017 08:18

    I fully endorse your statement.

    Reply : 8       29

    Ram Wednesday, 14 June 2017 02:29

    Nothing will work well for the country as long as the dishonest politicians hang around. But where to find an honest politician?

    Reply : 0       78

    No Fly Zone Wednesday, 14 June 2017 04:20

    How about letting Mihin Air run it via DM Android App

    Reply : 25       5

    ED Wednesday, 14 June 2017 05:14

    OMG !!!!!!! FROM WHERE ARE WE GOING TO RECOVER RS. 22 BILLION ??????? WHAT ABOUT THE COMPLETE TOP OFFICIALS FROM THE RAJAPKSHA REGIME WHO WERE PILOTING THE AIRCRAFTS LIKE TAXIS ????? AREN'T THEY GOING TO PAY FOR IT ???? THEY WERE PILOTING THE SRI LANKAN AIRLINE LIKE IT WAS THEIR OWN VEHICLES ???? ARRYING DOGS FROM ONE COUNTRY TO THE OTHER .... TURNING THE AIRCRAFTS TO ONE COUNTRY TO THE OTHER FOR SHOPPING !!!! MODIFYING THE AIRCRAFTS TO HAVE SLEEPING BIRTHS ... AND LIKE EXECUTIVE OFFICE....AS THEY PREFER TO LIVE IN THE AIRCRAFTS ...... WHAT ABOUT THE CEO WICKREMASINGHE WHO WAS GOOD FOR NOTHING BROTHER IN LAW OF THE FORMER PRESIDENT MADE ENOUGH MONEY BY BALOONING BUDJECTS AND EXPENSES !!!!! WHERE ARE THESE GUYS ?????? HAVING FUN WITH ALMOST ALL THE AIRLINE STAFF !!!!!! OMG SRI LANKAN AIRLINE GONE GONE AND GONE FOR GOOD !!!!

    Reply : 9       57

    Harry Wednesday, 14 June 2017 09:06

    My friend read the article well... recruited new employees after the new government had assumed office - previous regime was gone more than 2 1/2 years back!

    Reply : 10       34

    dave Wednesday, 14 June 2017 19:03

    ED.. wake up!..you have been asleep for two years

    Reply : 1       2

    Dee Wednesday, 14 June 2017 06:07

    Privatise it or close it down. It will never work. So won't many other govt institutions.

    Reply : 2       45

    concern Wednesday, 14 June 2017 06:09

    Didn't we have 3 or 4 investors lined up ?

    Reply : 2       20

    Banda Wednesday, 14 June 2017 06:14

    Now blame the previous govt you guys were here for almost 3 years now via DM Android App

    Reply : 22       29

    D.P.E Wednesday, 14 June 2017 06:31

    FY16 group loss was LKR 12.0b (operating loss was LKR 3.9b). Accumulated loss at Mar 16 was LKR 135.6b. I really cant understand what the above LKR 22b number if. Is that the FY17 profit figure? - accumulated loss had risen to Rs.22 billion?- annual loss had risen to Rs.22 billion?

    Reply : 2       16

    LION Wednesday, 14 June 2017 06:37

    HOW MANY MINISTERS IN THIS CABINET COULD EFFECTIVELY PARTICIPATE IN A DIALOG TO SALVAGE THIS AILING AIR LINE WHICH WAS USED BY RAJAPAKSHA AS HIS OWN TO FACILITATE HIS TRAVEL AND HIS FAMILY AND HIS CRONIES. Only few could contribute may be around 10%. What discussion with some ministers who have not even basic qualification to become a peon in an office.

    Reply : 2       17

    nihal denipitiya Wednesday, 14 June 2017 07:01

    dear aviation minister. Sri lankan airlines is over staffedjust go to sri lankan office at world trade centre and youwill 100 % agree with me. so please get the staff detailsin foreign sri lankan offices and you will be shocked

    Reply : 1       15

    JAN Wednesday, 14 June 2017 07:31

    Whos Responsible for this total economic disaster Arrest them immediately and bring to law via DM Android App

    Reply : 0       12

    pointing fingure Wednesday, 14 June 2017 08:18

    blame RK.

    Reply : 4       4

    VKW Wednesday, 14 June 2017 08:26

    This is our prestigious national carrier...

    Reply : 3       7

    Cry Wednesday, 14 June 2017 09:46

    Yes, we are very proud of our airline but it has been MISMANAGED for a long time. Politicians in this country, come to politics to make money.

    Reply : 0       9

    lafiri Wednesday, 14 June 2017 08:38

    May be this is another ploy to privatize the airline, privatization is no harm but my personal opinion is SriLankan airlines can be turned into a profitable venture.From MR regime to this government all have done nothing to strategically make SriLankan a profitable entity, how can you make profit when you cut down all of our European sectors. If we can tap the huge Indian, Chinese, Philippine and Indonesian markets through an aggressive marketing campaigns and with connectivity to the above mentioned destinations we can do well....

    Reply : 8       8

    BuffaloaCitizen Wednesday, 14 June 2017 09:17

    The times the national airline made profits was Air Lanka under Singapore Airlines Mgmt and Sri Lankan under Emirates Mgmt. We are a country of crooks, since independence we Sinhalese are masters at robbing the nation. The best is to close down the airline b4 it mortgages the country to unrecoverable levels.

    Reply : 2       22

    Harry Wednesday, 14 June 2017 09:10

    Selling everything even post offices, now planning to Sri Lankan Air Lines, why not privatize the Diyawannawa Club !

    Reply : 6       10

    DJ Wednesday, 14 June 2017 09:11

    Firstly investigate the Weliamune report which the present chairman put aside to save his goods friend Ara De Silva BIL Kapila C, this guy single handedly can accout for a good 100 billion loss as CEO. Then appoint people with aviation knowledge instead of a failed pilot and failed businessman. Get Harry J and gI've 2 years the National Carrier will be back on tract. Minister PM all not interested in national assets just their survival only

    Reply : 0       14

    Right Wednesday, 14 June 2017 09:49

    You are ABSOLUTELY CORRECT. I totally agree with you.

    Reply : 0       7

    Vernon Wednesday, 14 June 2017 16:27

    Suren Ratwatte is the CEO and is a relative of Charitha Ratwatte. This CEO although was a pilot in a foreign airline, is an extremely unsuitable manager, with arrogance and swollen headed. Ask the pilots and other in SL, and they will tell you. By delaying to cancel the airbus orders where govt was also responsible, they have lost billions. The loss would have been much less if canceled within the earlier times provided in the contract. In perusing the PIA offer, SL gave up the slots at Frankfurt and Paris. Now PIA deal is over and now no Paris and Frankfurt also. Now they are going to Melbourne. With it Emirates also want rights to fly from CMB to Aus, which we understand the PM has agreed to give. If so the AUS sector would also be a loosing sector.

    Reply : 0       2

    TJ Wednesday, 14 June 2017 09:16

    How many directors are qualified or experienced in airline management? As long as we have political appointees, this would be the results.

    Reply : 0       15

    Lord Wolfstein Wednesday, 14 June 2017 09:19

    The airline needs a joint venture as before with a reputed airline such as Emirates. In no case with a Chinese company. The CEO and the top managers must be Europeans. Sri Lankans can not manage this airline and they should not be allowed to take any decisions. By political interference, the airline is fourfold overstaffed. This interference must cease immediately, the surplus employees must be dismissed and European cities must be operated again. This is the last chance for Sri Lankan.

    Reply : 4       10

    srilankan Wednesday, 14 June 2017 09:33

    Country exchange loss, GDP loss, human life loss, racial harmony loss, business loss, values loss, education loss, sports loss, loss or loss!!!!

    Reply : 1       11

    Hiran Wednesday, 14 June 2017 09:36

    Hire a proper CEO first who have experience in turning around airlines. This is our national carrier one of the few brands that we market internationally.If all else fails close it down and make sure the people who dragged this carrier to its death is put in jail.

    Reply : 1       8

    dean Wednesday, 14 June 2017 09:45

    no need to keep as a national pride just get rid of it .you will save tax payers money.

    Reply : 2       10

    Dias Wednesday, 14 June 2017 10:06

    Passing ball is not the option. Plz do a proper investigation

    Reply : 0       5

    Defeat is Waiting Wednesday, 14 June 2017 13:16

    one of the usless yaha palanaya government.. people of this country hate this government in every moves. Defeat is waiting in next election

    Reply : 2       5

    firo Wednesday, 14 June 2017 14:36

    this is the debt incurred from the rogue government that preceded this useless one.

    Reply : 0       4

    Anonymous Wednesday, 14 June 2017 13:52

    This is what happens when governments trying to run businesses instead of formulating policies and strategies. For god’s sake if the things are that bad Why can't they hire a consulting firm like PWC or Deloitte or any other to do a complete business restructure and float the company in the share market or sell the debt in the Bond market?

    Reply : 0       5

    firo Wednesday, 14 June 2017 14:35

    Oh what could have been. Can you imagine if Srilankan had remained a partner of Emirates . Due to MR ego he has ruined the National Flag Carrier and put the whole country in Debt which will take generations to pay back if ever.

    Reply : 1       3

    AUSLANKA Wednesday, 14 June 2017 15:56

    No sensible foreign airline or a company will agree to have a partnership with Sri Lankan airlines, given the past black marks. So only option is to sell the whole airline to a foreign airline and use the income to repay debt in the country.

    Reply : 0       4

    Citizen Ash Wednesday, 14 June 2017 18:05

    Re- look at route profitability and restructuring the entire airline. Many opportunities are there to exploit. via DM Android App

    Reply : 1       3

    Sambo Wednesday, 14 June 2017 19:50

    What an achievement. Proud to be a Sri Lankan.

    Reply : 1       1

    nick Wednesday, 14 June 2017 22:37

    sell to China via DM Android App

    Reply : 0       2

    TONY Wednesday, 14 June 2017 23:49

    MR IS RESPONSIBLE FOR ALL THESE LOSSES. SRI LANKAN AIRLINES WAS PERFORMING WELL AFTER THE TIE UP WITH EMIRATES. BUT MR CANCELLED THE PARTNERSHIP DUE TO HIS PERSONAL REASONS. IF NOT WE WILL NOT HAVE TO FACE THIS SITUATION

    Reply : 0       2

    Rupert Tuesday, 20 June 2017 02:05

    The best option would be to sell it to MR. He and his BIL is accountable for the billions lost .He was using it like his private taxi to transport his family and carry dogs around the globe. No wonder it has gone to dogs. If he made to pay for it, the next generations of politicians will do their job properly or give up politics.

    Reply : 0       0

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