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SriLankan, Mihin lose Rs. 16bn in first half

25 Nov 2013 - {{hitsCtrl.values.hits}}

The two state-owned airlines, which share the same Chairman and CEO has reported an operating loss over Rs.16.4 billion during the first half of the financial year 2013/14 despite an increase in the passenger load factor, a Finance Ministry report showed.

SriLankan Airlines, the national career has a reported an operating loss of Rs.15.8 billion during the first half ended September, 2013 whereas the budget career has reported Rs.675 million operating loss in the same period.

SriLankan and Mihin reported operating losses of Rs.29.9 billion and Rs.2.8 billion respectively, for the financial year 2012/2013.

SriLankan is estimated report an operating loss of Rs.26.6 billion at the end of the financial year 2013/14 while Mihin’s operating loss is estimated at Rs.1.4 billion.

According to the Finance Ministry report, SriLankan recorded revenue of Rs.54.4 billion during the first half, 5 percent down over the budget revenue and 7 percent down compared to the same period of 2012/13.

The outstanding debt to banks by SriLankan in the first half stood at Rs.15.7 billion whereas the amount stood at Rs.27.6 billion at the end of 2012/13.

The report also said during the first half, SriLankan settled outstanding fuel bills amounting to Rs.24.2 billion to Ceylon Petroleum Corporation by transferring Treasury bonds worth of US $ 225 million.

“SriLankan’s liabilities to overseas in respect of aviation fuel, lease rental, ground handling and loan servicing for next six months stands at Rs.43 billion,” the report noted.

The total capital infusion since 2012 has amounted to US $ 234 million.

The government in its 2014 budget proposed to provide US $ 150 million for SriLankan and US $ 50 million for Mihin.

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SriLankan, Mihin lose Rs. 16bn in first half

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