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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan gets Rs.23.4 bn loan from Gulf banks

Sri Lankan gets Rs.23.4 bn loan from Gulf banks

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lankan Airlines has secured a US$175m Shariah compliant loans (loans in compliance with Islamic laws) from banks based in the in the Gulf States, a foreign news report said. Accordingly, the national carrier has secured the funding from Abu Dhabi Islamic Bank, Al Hilal Bank, Mashreq Bank's Islamic unit, Noor Islamic Bank and United Bank Limited. Sri Lankan will be repay the four-year facility from ring-fenced cash flows, according to a statement from Mashreq said.
The loan will "strengthen Sri Lankan Airlines at a time when the government of Sri Lanka expects the airline to be a catalyst for the further growth of Sri Lanka's economy, especially tourism and export industries,'' the statement said. State-owned Sri Lankan Airlines, which is consolidating routes in Europe and expanding operations elsewhere, currently operates a fleet of 19 aircraft covering 60 destinations across the globe with an increasing presence in the Middle East and Asia, according to the statement.
Sri Lankan joined the Oneworld Alliance last month and plans to nine additional planes to its fleet by 2015 as part of its expansion strategy. SriLankan Airlines has made an operating loss of 19.1 billion rupees in 2011, up from a group net loss of 6.03 billion rupees in 2010. As per the Central Bank 2011 Annual Report, revenue of SriLankan Airlines had increased by 16.3% to Rs. 78.9 billion, while operating expenditure increased by 32.2% to Rs. 98 billion, resulting in an operating loss of Rs. 19.1 billion. In 2009, the airline lost nearly Rs. 10 billion and in 2010 it lost around Rs. 6 billion.
http://www.nation.lk/edition/biz-news/item/7828-sri-lankan-gets-rs234-bn-loan-from-gulf-banks.html

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