Wed, Mar 4, 2015, 11:27 pm SL Time, ColomboPage News Desk, Sri Lanka.
Mar 04, Colombo: Sri Lanka's national carrier, SriLankan Airline's net losses increased by 24 percent in 2014 amounting to Rs. 32.4 billion, data in the 2013/2014 annual report submitted to parliament showed. The carrier incurred a loss of Rs. 26.1 billion in 2013.
Operating expenditure of the airline reached Rs. 150.4 billion, an increase of 3% over the previous year's Rs. 146.7 billion.
The Sri Lankan government, a committed shareholder of the airline since its establishment, had in 2012 approved an investment of up to US$ 500 million over a period of five years.
The government provided a capital infusion of Rs. 19.6 billion (US$ 147.5 million) to the airline in 2014 under this commitment. The Government also provided a US$ 150 million bank facility in 2014 and intends to invest a further US$ 125 million in the airline during the period 2015 - 2016 as a component of the overall US$ 500 million investment envisaged.