SriLankan Airlines Group doubles profit

SriLankan Airlines Group nearly doubled its profit in the financial year 2005/06 on the strength of new market strategies and greater emphasis on controlling costs, in the face of volatile global fuel prices and increased competition.

The Group reported a Net Profit After Tax of Rs. 2,041.18 million, an increase of 48.33% from the previous year's Rs. 1,376.07 million.

"This was yet another challenging year for the Group. While we are still recovering from the devastating effects of the tsunami, we faced new challenges such as the drastic rise of jet fuel prices and the deteriorating security situation in the country which significantly affected our business," said D. H. S. Jayawardena, Chairman of SriLankan Airlines Group.

The Group consists of SriLankan Airlines Limited and its fully owned subsidiary SriLankan Catering (Pvt) Limited. The government of Sri Lanka owns 51.05% of the Group's shareholding, with Emirates having 43.63%, and others including employees own 5.32%.

SriLankan Airlines limited achieved an impressive Profit After Tax of Rs. 797.93 million, a growth of 10,317% over the Rs. 7.66 million of the previous year.

"Achieving these results after the devastating effects of the tsunami, deteriorated security situation in the country and skyrocketing global fuel prices is a significant achievement, clearly signifying the commitment and the capabilities of our staff," said Tim Clark, the Group's Managing Director.