COLOMBO (News 1st): SriLankan Airlines has continued to make mammoth losses, ever since parting way with Emirates, this was revealed at the Presidential Commission of Inquiry today.
The Emirates contract of managing the airlines ended in 2008. The profits that were recorded for 2007/2008 stood at Rs. 4.8 billion.
Immediately after Emirates gave up control of the management, SriLankan airlines incurred a loss of Rs. 9.9 Billion.
2015/2016: Rs. 12.6 Billion – of this Rs. 2.5 Billion was due to compensation payments for aircraft cancellation.
2016/2017: Rs. 28.9 Billion – of this Rs. 14 billion was a compensation payment for the cancellation order of several A350 – 900 aircraft.
The Government of Sri Lanka is the principal shareholder of SriLankan airlines and its interests must be represented by a Treasury representative. What is astonishing is that from 2008/2009 onwards there has not beenÂ a single treasury representative in the airlines’ board of directors to represent the government’s interests.