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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Mihin Lanka accumulates RS.8.5 Billion Loss

Mihin Lanka accumulates RS.8.5 Billion Loss

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K.Haputantri

K.Haputantri
Co-Admin
MIHIN LANKA ACCUMULATES RS.8.5 BILLION LOSS
Daily Mirror

It has accumulated a staggering loss of Rs.8.5 billion since its inception in 2007

The Auditor General has observed that although the Company is running at a continuous loss, the annual remunerations paid to the six-member Board of Directors have increased over the years.

The cash-strapped budget airline ‘Mihin Lanka’ has suffered a loss of two billion rupees during this financial year alone and an accumulated a staggering loss of Rs.8.5 billion since its inception in 2007, the Auditor General reveals.

The parliamentary Committee on Public Enterprises (COPE) discussed the Auditor General’s report on Mihin Rs.11 million has been paid to directors as remunerations last year -an increase on Rs.4.9 million paid for the previous year.

According to the Auditor General’s report the Mihin Lanka Chief Executive Officer (CEO) who is also the CEO of SriLankan airlines is paid Rs.500,000 a month by each of the institutions as rumeneration.

The Auditor General observes that such heavy losses have been incurred by the company for the last five years despite grants and concessions by the government in substantial quantities.

The Treasury granted Rs.507 million this year; Rs.406 million last year; Rs.1,508 million for 2010, Rs.2,882 million for 2009, Rs.500 million for 2008 and Rs.250 million for 2007.

The loss incurred for the financial year 2007/2008 was Rs.3.1 billion; Rs.1.3 billion for 2008/2009; Rs.1.2 billion for 2009/2010; Rs.940 million for 2010/2011 and Rs.1.9 billion for 2011/2012.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I still cannot get my head around why we need two airlines in such small country? scratch
On the other hand any government should not handle these budget airlines.
Should let it die rather keep trying. Mad
However I heard that they acquired (lease) another new aircraft recently.
Even though Sri Lanka is an ideal location to become an aviation hub, mihin air will not be ( government own budget airline) practicle.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Best friends of top people of this govt are who give Dead Ropes
1. Who promoted Mihin lanka

2. Who promoted Hedging deal, Greek Bonds.Share market
Manipulations

3 Who created disputes with CJ Srani B Who is valuable asset to
any govt.sometimes she went out of the way and help HE. Ex 18th amendments

When some one has bad friends no need of Enemies This govt have lot of that type of friends

We can' tell these things to HE.If some one has access Pl tell him for the benefit of this country and next generation including His sons

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@D.G.Dayaratne wrote:Best friends of top people of this govt are who give Dead Ropes
1. Who promoted Mihin lanka

2. Who promoted Hedging deal, Greek Bonds.Share market
Manipulations

3 Who created disputes with CJ Srani B Who is valuable asset to
any govt.sometimes she went out of the way and help HE. Ex 18th amendments

When some one has bad friends no need of Enemies This govt have lot of that type of friends

We can' tell these things to HE.If some one has access Pl tell him for the benefit of this country and next generation including His sons

According to former CJ,he should be punished on tusnami fund misappropriation.
He escaped then and now the innocent public paying the price by suffering.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Because of that decision we were able to defeat Prabakaran

All present problems (what i have mentioned above)are connected with people who joint govt recently
They are not genuine supporters of people

All of them are from 77 MARUWO NOT FROM FROM 56 DARUWO

Pl understand what i say before making comments

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@D.G.Dayaratne wrote:Because of that decision we were able to defeat Prabakaran

All present problems (what i have mentioned above)are connected with people who joint govt recently
They are not genuine supporters of people

All of them are from 77 MARUWO NOT FROM FROM 56 DARUWO

Pl understand what i say before making comments


I respect your valuable comments and clearly understood your point.
But defeating Prabakaran, he was used by super powers as an instrument only.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Credibility for bringing the peace into country was already rewarded by majority voters. Everyone accepts it without question but not looking into other side of the coin.

All the losses of white elephant ( good example is Mihin air) are shouldered by poor tax payers. Public funds are just wasted for the benefit of elite group instead of utilizing such taxes for the benefits of education, health & housing badly needed by poor community below the poverty line.

Many understand the current pathetic situation & raise the voice of loss-making institutions but cannot be overwhelmed the strength of privileged section.

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Biggest problem is no alternative so far

We know what others did from 1977 to 2005 They completely mishandled
free market economy for their personal benefits

We have to wait for DIYASENA as in case of Colonial days.

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@D.G.Dayaratne wrote:Biggest problem is no alternative so far

We know what others did from 1977 to 2005 They completely mishandled
free market economy for their personal benefits

We have to wait for DIYASENA as in case of Colonial days.

Wait he is on his way .. this time not only one but 3...

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@D.G.Dayaratne wrote:Biggest problem is no alternative so far

How there will be alternatives.. Any party does not allowed for juniors to come up... See our PM.. It seems he is paralyzed but still holding the post.. See UNP..See other political parties..

This is true in state universities also. most of the department heads are recruiting their henchmen to university

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
A complete waste of public money. Crying or Very sad

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@D.G.Dayaratne wrote:Because of that decision we were able to defeat Prabakaran

All present problems (what i have mentioned above)are connected with people who joint govt recently
They are not genuine supporters of people

All of them are from 77 MARUWO NOT FROM FROM 56 DARUWO

Pl understand what i say before making comments

You are doing constructive criticism which is realy valuable but some of others who involved in this thread with hatred criticism have hidden agendas.IMO one of them carries same idea with LTTE terrorists.
http://forum.srilankaequity.com/t19866-india-to-send-back-sri-lanka-air-force-personnel

In the case of mihin air these people do not know the meaning of CUTTING LOSSES as a result of it, this goes in with ACCUMULATION OF LOSSES.

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@Whitebull wrote:
@D.G.Dayaratne wrote:Because of that decision we were able to defeat Prabakaran

All present problems (what i have mentioned above)are connected with people who joint govt recently
They are not genuine supporters of people

All of them are from 77 MARUWO NOT FROM FROM 56 DARUWO

Pl understand what i say before making comments

You are doing constructive criticism which is realy valuable but some of others who involved in this thread with hatred criticism have hidden agendas.IMO one of them carries same idea with LTTE terrorists.
http://forum.srilankaequity.com/t19866-india-to-send-back-sri-lanka-air-force-personnel

In the case of mihin air these people do not know the meaning of CUTTING LOSSES as a result of it, this goes in with ACCUMULATION OF LOSSES.

I do not waste time with your constructive comment Rijaya.
Take out your blue glass and approch the comments with the commen sense if you can.
Thanks in advance.

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Redbulls wrote:
@Whitebull wrote:
@D.G.Dayaratne wrote:Because of that decision we were able to defeat Prabakaran

All present problems (what i have mentioned above)are connected with people who joint govt recently
They are not genuine supporters of people

All of them are from 77 MARUWO NOT FROM FROM 56 DARUWO

Pl understand what i say before making comments

You are doing constructive criticism which is realy valuable but some of others who involved in this thread with hatred criticism have hidden agendas.IMO one of them carries same idea with LTTE terrorists.
http://forum.srilankaequity.com/t19866-india-to-send-back-sri-lanka-air-force-personnel

In the case of mihin air these people do not know the meaning of CUTTING LOSSES as a result of it, this goes in with ACCUMULATION OF LOSSES.

I do not waste time with your constructive comment Rijaya.
Take out your blue glass and approch the comments with the commen sense if you can.
Thanks in advance.
Before advising me to take off my glasses which I would do if I get better glasses, you better take off ur defeated racism terroristic glasses and come to the reality.....those times were over now. Wink

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