Sri Lanka airports authority profit up, faces big loan repayments
COLOMBO (EconomyNext) – Sri Lanka’s airport authority increased operational profit in the first four months of 2015 but faces a huge loan repayment for the unused brand new Mattala airport in the south, official data showed.
Operational profit of the Airport & Aviation Services (Sri Lanka) Limited (AASL) grew by five percent to 1,472 million rupees in the first four months of 2015 from a year ago as passenger traffic grew.
The AASL handled over 2.8 million passengers, including 379,449 transit passengers, during the first four months of 2015, up 7 percent compared to the same period last year.
AASL’s revenue grew by 10 percent to 5,029 million rupees during January – April 2015 from 4,587 million in the same period of 2014.
Total foreign borrowings of AASL stood at 35.7 billion rupees as at 30st April 2015 with the company paying 371 million rupees for the first four months of 2015 to service seven foreign loans obtained through the General Treasury.
AASL will start servicing a 190 million US dollar loan (25.3 billion rupee) obtained to build the Mattala Rajapaksa International Airport in Hambantota in the future, the Treasury said.
Mattala airport has been shunned by foreign carriers and even the national carrier SriLankan Airlines pulled out earlier this year,citing losses.
The AASL made an operational profit of four billion rupees in 2014, up 14 percent from the year before, with an operating profit margins of 29 percent.
(Colombo/July 09, 2015)