SriLankan Airlines breaks even for first time in over a decade

15 May 2023 12:34 am Views - {{hitsCtrl.values.hits}} 5 Bookmark

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As per unaudited accounts, the airline made US$ 3mn profits in FY ended March 31, 2023
National carrier, SriLankan Airlines says it has broken even for the first time in over a decade as the airline made a US$ 3 million profit in the latest financial year ended March 31, 2023.

Presenting unaudited figures, which the airline said might vary slightly during the finalisation of the year-end accounts, a statement from SriLankan said it generated a passenger and cargo revenue of US$ 994 million and an operating profit of US$ 53 million.
“The operating profit at group level was US$ 104 million. The group, however, incurred financing costs of US$ 101 million, resulting in a profit of US$ 3 million,” the statement noted.

SriLankan Airlines Chairman during the recent COPE meeting said the airline had received no funding in the last two years, and continues to operate using its own cashflows.
“The airline maintains operating margins in line with the best industry standards. We are optimistic that these will be stronger in the year ahead as the country moves forward from the challenges of 2022. As discussed at the COPE meeting, the biggest challenge yet is the country’s situation and extremely high financing costs,” the statement said.

Meanwhile, clarifying on recent media reports on over half a billion US dollars net loss incurred by the airline in the financial year ended March 31, 2022, SriLankan Airlines said the losses included a foreign exchange loss of Rs.142.6 billion resulting from the revaluation of net foreign currency liabilities due to the sudden depreciation of the Sri Lankan rupee exchange rate in March 2022.
“The group, in fact, made an operating profit according to the audited financial statement and before the occurrence of exchange losses, amounting to Rs.1.7 billion in the year. This is a significant achievement considering the issues faced by airlines worldwide during that period owing to the pandemic,” a statement added.

Comments - 5

Ananthan Pratheeb Monday, 15 May 2023 10:18 AM

I have been travelling from Australia to Colombo for last 20 years with Srilankan airlines and last 3 years the srilankan airlines met the worst reputation I have experienced. All the economic class are not being updated, business class got lots of cockroaches emerging out of the seats!! I never recommend no one who want to go to Colombo. Safety is also unsure now!!!!!

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Dr Murali Vallipuranathan Monday, 15 May 2023 06:50 PM

Sri Lankan Airlines is the worst airline for an international flight. Let me share my worst experience with their flights. Near the end of last year I was scheduled for an official visit to Chennai sponsored by WHO. The outgoing flight was scheduled at 7am. I got up in the early morning to meet the 3 hours security requirement and rushed to the airport. At 6.30am I was informed that the flight was postponed due to technical failure. I was waiting at the airport paying in dollars for breakfast, lunch and tea. At 3pm I boarded and was informed that my baggage would reach me on the next flight at 5pm. I was waiting for 2 hours to collect my baggage at Chennai airport and came out of the airport by 6pm thoroughly exhausted. Airline officials did not even say sorry for this ill treatment and the financial loss incurred on me. On the return flight it was raining heavily and the plane stopped in the middle of the runway at Katunayake and passengers were asked to board a bus. ...part 2

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Sha Wednesday, 17 May 2023 08:05 AM

The airline commenced flights to Australia only about 8 years ago. But that's ok we accept your rides on Airlanka were good.

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Dr Murali Vallipuranathan Monday, 15 May 2023 06:52 PM

Part 2 My baggage was loaded into a tractor. Disappointingly when I collected my bag it was fully soaked with rain water. When I made a complaint to the Sri Lankan airlines official at the airport he responded rudely by asking me to open the bag and show him the damaged contents so that the airline would pay compensation for any material damaged by the rain water. I declined his offer to show the contents of my bag to everyone and when I examined the contents at my home only my clothes were wet and fortunately books were not damaged. I washed all my clothes including 4 new shirts I bought in India. Please never try Sri Lankan airlines. It is in this condition the Sri Lankan airlines officials were given perks in 2022 for their efficient management. Dr Murali Vallipuranathan Specialist Community Physician

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Mark Silvester Wednesday, 17 May 2023 07:25 PM

The best customer service out of more than 20 airlines that I have traveled throughout the world. Facilities are not the best but the crew and their hospitality is top class

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