Sri Lanka Ports Authority profits down in 2018 amid higher forex losses

ECONOMYNEXT – Pre-tax profits at state-run Sri Lanka Ports Authority fell 27.5 percent to 8.7 billion rupees in 2018 from a year ago as foreign exchange losses ballooned with the sharp depreciation of the rupee.

“Financial profitability of the SLPA declined in 2018 amidst the increasing port activities,” the Central Bank said.

According to SLPA’s unaudited provisional financial statement, it’s profit fell to 8.7 billion rupees in 2018 before taxes from 12.0 billion rupees in 2017.

During 2018, the total revenue of the SLPA increased by 18.5 per cent to 50.1 billion rupees, while operating expenditure increased by 7.4 per cent to 30.0 billion rupees, the Central Bank said in its annual report for 2018.

Foreign exchange losses of the SLPA increased considerably to 11.3 billion rupees during 2018, compared to 2.2 billion rupees in 2017.

The Sri Lankan rupee depreciated by 16.4 percent against the US dollar in 2018.

There was double-digit growth in container terminals run by the SLPA in 2018 as well as two private operators, Colombo International Container Terminal and South Asia Gateway Terminal.

(COLOMBO, May 03, 2019-SB)

 

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