A loss of Rs. 163 Billion to the state – the people continue to be burdened

A loss of Rs. 163 Billion to the state – the people continue to be burdened

A loss of Rs. 163 Billion to the state – the people continue to be burdened

Written by Staff Writer

14 Mar, 2019 | 12:23 pm

COLOMBO (News 1st): SriLankan Airlines and Mihin Lanka have caused the state a loss of approximately Rs. 163 billion, since the late 2000s. This was revealed today (March 14), at the Presidential Commission of Inquiry (PCoI) on irregularities at SriLankan Airlines, SriLankan Catering, and Mihin Lanka.

Yasantha Dissanayake, Head of Financial Management at SriLankan told the PCoI that SriLankan Airlines incurred a net loss of Rs. 143.23 billion between 2009 and 2017. He added that between 2007 and 2017, Mihin Lanka incurred a net loss of Rs. 19.79 billion.

SriLankan Airlines profit records in the last four years under the management of Emirates:

  • 2005 – Profit Rs. 7.66 Million
  • 2006 – Profit Rs. 476.5 Million
  • 2007 – Profit Rs. 568 Million
  • 2008 – Profit Rs. 4.4 Billion

*Note: Profits in 2008 were largely due to the sale of several aircraft.

Post-Emirates:

  • 2009 – Loss Rs. 9.3 Billion (Chairman – Nishantha Wickramasinghe and CEO – Manoj Gunawardena)
  • 2010 – Loss Rs. 2.69 Billion (Chairman – Nishantha Wickramasinghe and CEO – Manoj Gunawardena)
  • 2011 – Loss Rs. 381 Million (Chairman – Nishantha Wickramasinghe and CEO – Manoj Gunawardena)
  • 2012 – Loss Rs 19.6 Billion (Chairman – Nishantha Wickramasinghe and CEO – Kapila Chandrasena)
  • 2013 – Loss Rs. 21.7 Billion (Chairman – Nishantha Wickramasinghe and CEO – Kapila Chandrasena)
  • 2014 – Loss Rs. 32.4 Billion (Chairman – Nishantha Wickramasinghe and CEO – Kapila Chandrasena)
  • 2015 – Loss Rs. 16.4 Billion (Chairman – Nishantha Wickramasinghe and CEO – Kapila Chandrasena)
  • 2016 – Loss Rs. 12.6 Billion (Chairman – Nishantha Wickramasinghe and CEO – Kapila Chandrasena)
  • 2017 – Loss Rs. 28.9 Billion (Chairman – Nishantha Wickramasinghe and CEO – Kapila Chandrasena)

 

Mihin Lanka

Mihin Lanka made continuous losses from its inception in 2007.

  • 2007 – Loss Rs. 195.4 Million
  • 2008 – Loss Rs. 3.1 Billion
  • 2009 – Loss Rs. 1.3 Billion
  • 2010 – Loss Rs. 1.2 Billion
  • 2011 – Loss Rs. 940 Million
  • 2012 – Loss Rs. 1.9 Billion
  • 2013 – Loss Rs. 3.1 Billion
  • 2014 – Loss Rs. 2.5 Billion
  • 2015 – Loss Rs. 1.4 Billion
  • 2016 – Loss Rs. 1.2 Billion
  • 2017 – Loss Rs. 2.4 Billion

Are you interested in advertising on our website or video channel
Please contact us at [email protected]