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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka state railways lose Rs28.2bn over 7-years

Sri Lanka state railways lose Rs28.2bn over 7-years

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Oct 18, 2012 (LBO) - Sri Lanka's state railway system had lost 28.2 billion rupees over the past seven years and 2,689 employees had been hired into the permanent cadre, data tabled in Sri Lanka's parliament showed.

Minister Rohana Dissanaya was responding to questions from legislator Dayasiri Jayasekera had said that Sri Lanka railways had 16,704 permanent employees by June 30, 2012.

He denied that there were temporary workers also on the railways payroll, when Jayasekera charged that 600 temporary or contract workers had been hired.

The 2,689 permanent employed hired since 2005 included 1,656 labourers and assistant technicians, data tabled in parliament showed.

Operational losses (without depreciation) had risen from 3,553.7 million rupees in 2005 to a peak of 4,767.8 million rupees in 2009. In 2011 state railways had lost 4,059.8 million rupees. Total losses for the seven years were 28.3 billion rupees.

Minister Dissanayake said the railway department operated 87 locomotives and 84 power sets. It operated 1,180 gates at level crossings for safety and 230 new 'bell and light' gates were being built

About 400 new gatekeepers would be hired he said.

Sri Lanka's rulers under-price railways to buy votes and gives extra cut price season tickets to state workers, causing operational losses.
State run bus and rail services had also been used to stuff politically connected people with jobs since the 1980s.
http://lbo.lk/fullstory.php?nid=609515725

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Redbulls wrote:State run bus and rail services had also been used to stuff politically connected people with jobs since the 1980s.
I do not think that this statement is correct.
This had been happening from immediately after the so-called Independence in so many places and that is why we are in this state today.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Kithsiri wrote:
Redbulls wrote:State run bus and rail services had also been used to stuff politically connected people with jobs since the 1980s.
I do not think that this statement is correct.
This had been happening from immediately after the so-called Independence in so many places and that is why we are in this state today.
Yes that's true Kithsiri.
These places should be privatised in immediate effect (less than 50%).

Backstage

Backstage
Moderator
Moderator

Privatization of British Railways was a disaster.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Backstage wrote:Privatization of British Railways was a disaster.
i think its good for the govt if they do privatize the management of ceylon railways...with more tracks laid....there is potential to be a profit generator than loss making.

though i dont see it happening very soon...with govt becoming unpopular day by day....the unp/jvp will have field day with the trade unions Cool

thats the sad state..our public servants like to strike 365 days if they can, Suspect

we need bold statements with equally strong backing from the top to mobilize these privatization of management of railways.
rabbit

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Backstage wrote:Privatization of British Railways was a disaster.

Benefit of privatisation depends on how they execute it. Initially Yes, privatisation of British Railway was disaster but not anymore.
It was a disaster not because of privatisation is a bad thing but the way how John Major’s party did it.

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

UKboy wrote:
Backstage wrote:Privatization of British Railways was a disaster.
Benefit of privatisation depends on how they execute it. Initially Yes, privatisation of British Railway was disaster but not anymore.
It was a disaster not because of privatisation is a bad thing but the way how John Major’s party did it.
The lands, CGR owns as Reservation is a Gold mine, if used properly.
Proper use of that itself can get the more money needed for expansions, up-gradation etc.
Unfortunately we (mostly Leftist & those on the Middle) do not see it that way.
That is the Curse .

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