The heads of the government are discussing the possibility of transferring SriLankan Airlines, which has recorded a net profit of USD 3 million in the financial year 2022-23, to India’s ‘TATA Company’.
TATA, one of India’s largest business groups, already operates several airlines including Air India.
The government said that SriLankan Airlines is at the forefront of loss-making companies in Sri Lanka, and therefore it should be restructured.
Meanwhile, Aviation Voice has reported that SriLankan made a net profit of USD 3 million in the 2022-23 financial year for the first time after Emirates exited from management in 2008.
During a Committee on Public Enterprises (COPE) meeting held recently, the Srilankan Airlines said that it has earned USD 104 million as operating profit. As a result, it has earned a net profit of USD 3 million once the interest expenses of USD 101 million are excluded.
However, the airline recorded a loss of Rs.69 billion mainly due to the exchange losses (exchange loss of Rs.63 billion), but this is said to be a decrease from the loss of Rs.163 billion recorded in the year 2021-22.
During the COPE hearing, SriLankan Airlines Chief Executive Officer Richard Nuttall said that for the 2023-24 financial year, SriLankan Airlines has set a revenue target of over USD 1 billion, with USD 60 million from ground handling and USD 40 million from catering services.
He said the airline saved USD 80 million in 2022 as it was the only state-owned enterprise to cut wages for employees due to the Covid-19 pandemic.
Operating hours of liquor stores, revised
The Excise Department has announced changes to the operating hours of liquor shops, effective from tomorrow (December 09).
According to the revised schedule, liquor shops will be open from 8:00 a.m. to 10:00 p.m.
The detailed list of times is as follows :
Deadline extensions for SLT & Srilankan bids
The deadline to submit expressions of interest for Sri Lanka Telecom and SriLankan Airlines have been extended on investor requests, Director General of the State Enterprises Restructuring Unit, Suresh Shah said.
The date to express interest for Sri Lanka Telecom was extended to January 12, 2024, from December 18.
The date for SriLankan Airlines was extended to January 09, 2024 from December 05.
The government is selling majority stakes in the firm.
The SRU will issue requests for proposal documents to qualified investors who express interest.
Source – economynext.com
Cinnamon prices drop in SL
Cinnamon prices have dropped in the Sri Lankan market, the Department of Agriculture states.
Alba cinnamon, which is the highest grade of Ceylon cinnamon available in the local market, is sold between Rs. 4,800 – Rs. 5,000 per kilo which is a drop of Rs. 500.
This will lead to serious economic issues for those at the grassroot level of the industry, whose livelihood is cinnamon cultivation.
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