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
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
"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.