ECONOMYNEXT – Sri Lanka Ports Authority (SLPA) made a loss of 572 million rupees in the first four months of this year and is the second most heavily indebted of non-financial state-owned business enterprises, according to a treasury report.
SLPA’s revenue during the first four months of 2017 was 14.1 billion rupees, almost equal to the revenue in the same period in 2016.
SLPA recorded a profit before tax of 4.3 billion rupees prior to adjusting for foreign exchange losses during the first four months of the year, against the exchange loss of 4.6 billion rupees incurred during the same period of 2016, the report said.
“As such, SLPA has recorded a loss of 0.5 billion rupees during this period, post the adjustment of the foreign exchange loss incurred.”
Total outstanding borrowings of SLPA had marginally increased 1.7 percent to 237.6 billion rupees by April 2017. SLPA’s debt is the second-highest after the state oil refiner, Ceylon Petroleum Corporation.
The annual interest cost of SLPA represents about 28 percent of its operational expenses, the treasury report said.
(COLOMBO, July 13, 2017)