Depreciation of rupee main cause for losses incurred: SLPA holds media briefing

Depreciation of rupee main cause for losses incurred: SLPA holds media briefing

Depreciation of rupee main cause for losses incurred: SLPA holds media briefing

Written by Staff Writer

25 Jul, 2016 | 8:34 pm

The Sri Lanka Ports Authority says that it has incurred a loss of Rs.20 billion in the year 2015. At a media briefing held on Monday, it was revealed that the depreciation of the rupee was the main cause for the losses incurred. A special programme was organised on Monday to inform the media of the Sri Lanka Ports Authority’s 37th anniversary.

The Colombo Port has been ranked 26th in 2015 from among the top 30 container terminals in the world. The Sri Lanka Ports Authority says that it aims to be ranked 20th in the world in container terminal operations by 2020.

Financial Director of the SLPA, Shirani Wanniarachchi stated that they have made an income of 40bn and 14bn during the first quarter of 2016.

She added that they are hoping to make a total income of up to 45bn for this year. Explaining further, she added that since the rupee depreciates against the dollar losses will be faced in terms of foreign reserves,  it is only the book value

She went on to note that if the rupee begins to steady itself by next year they will be able to transform the loss into a profit.

Minister of Ports and Shipping, Arjuna Ranatunga stated that during Presidential Election, around 500 employees were utilised for months to do the political work of the former president.

He added that some haven’t received an appointment letter nor have they checked their qualifications. Around 250 employees had been recruited politically for Rs.10,000 salaries.

He went on to note that after he took office at the Ministry of Ports a large portion of expenses were curtailed following discussions and not a single employee nor official was released to engage in politics.

Following the media briefing, journalists were taken to the Ayurveda Medical Centre which came under much scrutiny of trade unions during the past.

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