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Sri Lanka Port Authority makes Rs11bn in profits in 2016

ECONOMYNEXT – Sri Lanka Ports Authority had made profits of 11 billion rupees (73 million US dollars) in the year to December 2016, on revenues of 44 billion rupees, Ports Minister Arjuna Ranatunga said.

The privatized South Asia Gateway Terminals had paid 4.4 billion rupees in royalties to the port and China International Container Terminals had paid 5.7 billion rupees.

SLPA had cut operational spending to 20.2 billion rupees down from 22.6 billion rupees, he said.

The firm paid 16.7 billion rupees as capital and interest payments on loans in 2016. On the loss-making Hambantota Port 7.1 billion rupees was paid.

Galle and Trincomalee ports also made profits, due to cutting waste and corruption, Ranatunga said.

After entry tickets for trucks was raised from a earlier 300 rupees, the port earned 92 million rupees, he said.

The port had also rebuilt a warehouse that caught fire for 175 million rupees with internal staff, making over 200 million rupees from an original estimate of 410 million rupees for external party. (Colombo/Mar09/2017)

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