Last Updated : 29-08-2014 05:35

 

 
 

Mihin has accumulated loss of Rs.8.5 bn

E-mail Print
The cash-strapped budget airline ‘Mihin Lanka’ has suffered a loss of two billion rupees during this financial year alone and an accumulated loss of a staggering Rs.8.5 billion since its inception in 2007, the Auditor General reveals.

The parliamentary Committee on Public Enterprises (COPE) discussed the Auditor General’s report on Mihin Lanka yesterday.  

The Auditor General has observed that although the Company is running at a continuous loss, the annual remunerations paid to the six-member Board of Directors have increased over the years.

Rs.11 million has been paid to directors as remunerations last year -- an increase on Rs.4.9 million paid for the previous year.

According to the Auditor General’s report the Mihin Lanka Chief Executive Officer (CEO) who is also the CEO of Sri Lankan Airlines is paid Rs.500,000 a month by each of the institutions as rumeneration.

The Auditor General observes that such heavy losses have been incurred by the company for the last five years despite grants and concessions by the government in substantial quantities.

The Treasury granted Rs.507 million this year; Rs.406 million last year; Rs.1,508 million for 2010, Rs.2,882 million for 2009, Rs.500 million for 2008 and Rs.250 million for 2007.

The loss sustained for the financial year 2007/2008 was Rs.3.1 billion; Rs.1.3 billion for 2008/2009; Rs.1.2 billion for 2009/2010; Rs.940 million for 2010/2011 and Rs.1.9 billion for 2011/2012. (Kelum Bandara)

 
 

Views : 6037
 
SocialTwist Tell-a-Friend


Comments 

 
-2+67 # HK 2012-11-27 02:38
From the day one it's loss....... So no big deal this country is getting lose in. All !
Reply | Reply with quote | Quote
 
 
-2+47 # senthil 2012-11-27 03:20
great news on VP's Bday..
Reply | Reply with quote | Quote
 
 
-1+42 # Ami 2012-11-27 03:45
When are we going teach them a lesson ?
Reply | Reply with quote | Quote
 
 
-0+5 # buffaloa citizen 2012-11-28 09:19
Not until we learn a lesson.
Reply | Reply with quote | Quote
 
 
-3+86 # White Elephant 2012-11-27 04:48
Congratulations to all the patriots who back corruption.
Reply | Reply with quote | Quote
 
 
-0+36 # aaks 2012-11-27 04:49
Mihin flies high!
Reply | Reply with quote | Quote
 
 
-1+39 # Punchi Putha 2012-11-27 05:02
Must be in the pockets of the bigwigs
Reply | Reply with quote | Quote
 
 
-4+42 # Poirot 2012-11-27 05:15
Mihin or Sri lankan will not make money until the next government.
Reply | Reply with quote | Quote
 
 
-1+49 # Village boy 2012-11-27 05:29
Doesn't matter, we make our kings family happy. thanks.
Reply | Reply with quote | Quote
 
 
-0+31 # Shan Gamage 2012-11-27 05:30
take political manager to control mihin Lanka with good package like 5Lks salary per month
- via DM Android App
Reply | Reply with quote | Quote
 
 
-1+44 # @aqular27 2012-11-27 05:30
do we still need to keep this flying.. when all it's doing is dragging us down!!
- via DM Android App
Reply | Reply with quote | Quote
 
 
-2+39 # Gamini 2012-11-27 05:30
Lets bring an impechment motion. The Auditor General is too much
- via DM Android App
Reply | Reply with quote | Quote
 
 
-0+31 # Mohan 2012-11-27 05:39
only 2B ? how many % of loss pass to sri Lankan air account ,and officially each sri lankan paid Rs 200 for ___________ (fill the blank)
Reply | Reply with quote | Quote
 
 
-1+24 # Mohan 2012-11-27 07:28
calculation error it's Rs400
Reply | Reply with quote | Quote
 
 
-0+44 # Public Abilik 2012-11-27 05:50
Yeah, let's forget blatant corruption like this, but try to Impeach the CJ for alleged 'irregularities'. This is what happens when baboons rule a country.
Reply | Reply with quote | Quote
 
 
-0+32 # Curious 2012-11-27 06:00
They leased another air plane with all these loses. Is this being used for propaganda?
Reply | Reply with quote | Quote
 
 
-0+38 # MagodisThuma 2012-11-27 06:17
Because it's used by the company for holiday tours !
Reply | Reply with quote | Quote
 
 
-1+43 # meenavan 2012-11-27 06:17
Who is going to take responsibility.for the loss...entire nation or executive.....?.
Reply | Reply with quote | Quote
 
 
-0+25 # Jagath Leanage 2012-11-27 06:25
No wonder. All this years Mihin air running at losses.So how can, change that pattern.

This Mihin Air is a big shots property. So all the losses are born by Treasury.
Reply | Reply with quote | Quote
 
 
-1+51 # Nodrog 2012-11-27 06:28
We are beggars trying to hoodwink the world into thinking we're kings.
Reply | Reply with quote | Quote
 
 
-1+34 # wijebahu 2012-11-27 06:34
however when comes to CJ and SF rule is implemeted to every dot and comma.
Reply | Reply with quote | Quote
 
 
-3+17 # Ranjith 2012-11-27 06:44
Never in Sri Lanka, Who ever comes Dot and coma they will put on us.
Reply | Reply with quote | Quote
 
 
-0+35 # Sonna Boy 2012-11-27 07:46
Are we the only 3rd world country to have two national air lines? If so we certainly are the wonder of the world.
Reply | Reply with quote | Quote
 
 
-0+24 # Three Guesses 2012-11-27 10:05
this alone is good enough to bring about a no confidence motion against the leadership for the greater benefit of the country
Reply | Reply with quote | Quote
 
 
-1+7 # Yuri 2012-11-27 13:53
I think if Mihin airlines Buy few AB380 and few 777 ER they could recover the loss,
Reply | Reply with quote | Quote
 
 
-0+7 # Raju Raja 2012-11-27 13:56
Rs.1,000,000 monthly Salary for a person? What a Developed country with family business.
Earning is not a problem, does he spend all that money in Sri Lanka?
Reply | Reply with quote | Quote
 
 
-0+9 # Panikkiya 2012-11-27 17:05
How can this be true? Sri Lankan national media announced that the airline squired a new aircraft several days ago!!
Reply | Reply with quote | Quote
 
 
-0+5 # DHANUSH 2012-11-27 17:05
too late to realize,if you still dont, then never
Reply | Reply with quote | Quote
 
 
-0+2 # Mims 2012-11-28 03:26
This is the national aircraft of arrogance. Being abused by the Rajapaksa's and kept afloat because of big egos, even at disgusting losses.
Reply | Reply with quote | Quote
 
 
-0+0 # MNM 2012-11-28 10:07
Ahasa ape...Paduwa mahajanathawage ..
Reply | Reply with quote | Quote
 
 
-0+0 # Roshan 2012-11-28 10:37
Last month Colombo/Dubai flight was cancelled for three consecutive days, all the passengers who bought ticket at Rs.17,000/- were sent by Sri Lanakn Airline which charged 21,000/-. The difference were paid by Mihinlanka to Sri Lanakn Airline.
Reply | Reply with quote | Quote
 

Add comment


Security code
Refresh

One millionth tourist of 2014 arrives
Rarely seen bunch
Protest at Mahaweli Authority
Another successful  surgery
One millionth tourist of 2014 arrives
Rarely seen bunch
Protest at Mahaweli Authority
Another successful  surgery