Sri Lanka Cricket returns to profit in 2015 first half
ECONOMYNEXT – Sri Lanka Cricket said it had made book profits of 1.5 billion rupees during the six months ended June in turning around from a loss of 393 million rupees for the full year ending December 2014, with sharply higher revenues and lower spending.
Income from international tournaments rose to 2.4 billion rupees in the first half of 2015 compared to only 2.51 billion rupees or the full year 2014, accounts published in a newspaper showed.
Other income was 622 million rupees for the half year, compared to 715 million rupees for the full year 2014.
But SLC had cut spending on international tournaments from 1.12 billion rupees from 479 million rupees.
Total spending was 1.24 billion rupees for the half year which was 41 percent of the full-year spending of 3.0 billion rupees in 2014.
The financial statements showed that 1.53 billion rupees in accrued revenues were still not received by Sri Lanka Cricket by June 30. A term loan with the Bank of Ceylon had increased to 505 million rupees by June 2015, up from 450 million rupees in December.
Sri Lanka Cricket had however settled a 413 million rupee loan to the ICC. Cash and cash equivalents were also up to 733 million rupees from 243 million rupees.
It still owed 567 million rupees to SEC for stadia upgrading and 2.219 billion to ‘Other Venue creditors’. (Colombo/Sept08/2015).