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Tuesday May 21st, 2024

SriLankan Airlines reports profit in December 2021

ECONOMYNEXT – State-run SriLankan Airlines said it had earned group profit of 10.66 million US dollars in the month of December 2021 the first profitable month since the Coronavirus pandemic began in 2020.

SriLankan without subsidiaries like its catering unit has reported profits of 9.5 million US dollars in December.

Full year accounts were not given.

Revenues in December had was almost 200 percent of last year and was at 80 percent of the pre-pandemic level.

SriLankan had also reported 11.43 million dollars at air transportation level (before items like ground handling).

SriLankan said it was the highest level recorded profit in the air transportation in over 20 years.

“The sacrifices made by all our staff members have paved the way for a positive start for the New Year,” Ashok Pathirage, Chairman of SriLankan Airlines said in a statement.

“During the past two years, we implemented multifaceted initiatives to reduce operational costs, for which each and every employee of the SriLankan family contributed, and we are reaping the benefits of our efforts today.

“The future, however, remains extremely challenging with the spread of the new variant of the virus and we will continue to monitor the situation closely and take necessary action to ensure that the momentum achieved in December continues.”

SriLankan operated close to 800 flights during the month and carried a total of 228,203 passengers – in excess of 13 times the number of passengers carried in December 2020. Moreover, SriLankan uplifted a total of 7,877 metric tons of cargo, which is a 147% increase from December 2020.

SriLankan Airlines had operated 800 flights and carried 228,203 passengers which was 13 times the passengers in the pandemic year of December.

SriLankan had carried 7,877 metric tonnes of cargo up 47 percent from December 2020. (Colombo/Jan11/2021)

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Sri Lanka declares May 21 as National Mourning day over Iranian President’s death

ECONOMYNEXT – Sri Lanka declared a national mourning day on Tuesday, May 21 in view of expressing its solidarity with Iran after sudden death of Iran President Ebrahim Raisi following a helicopter crash.

President Raisi and eight others including Iranian Foreign Minister Hossein Amir Abdollahian were killed in the crash when the helicopter had a “hard landing” reportedly due to adverse weather conditions with heavy fog. However, President’s two convoy helicopters reached the destination safely.

“The Sri Lankan government has declared a national mourning day on tomorrow (May 21) on behalf of the sudden death of Iranian president Mr. Ebrahim Raisi,” the Department of Government Information said in a statement.

It also urged all the state institutions have to hoist the national flag half mast.

Raisi was in Sri Lanka on April 24 to launch the Uma Oya dam on a one-day official visit amid tight security. His helicopter crashed when he was returning to Iran after launching a dam in the Azerbaijan border.

President Raisi is seen as a hardliner and a potential successor to Supreme Leader Ayatollah Ali Khamenei.

Earlier this month, Sri Lanka’s Foreign Minister Ali Sabry said the island nation will deal with Iran for investments and trade without being caught into the United States-led sanctions.

Sri Lanka was unable to receive $450 million from Iran for a recently opened Uma Oya multipurpose project started before the sanctions.

Sri Lanka now exports tea to Iran for no dollar payment. Instead, Sri Lanka tea producers are paid by the state-owned Ceylon Petroleum Corporation (CPC) in rupees for the pending crude oil import payments for Iran.

President Ranil Wickremesinghe expressed his condolences on the tragic incident.

“Sri Lanka is deeply shocked and saddened by the tragic death of President Ebrahim Raisi, Foreign Minister Amir Abdollahian and other senior Irani official,” he said in his official X-platform.

“I express my deepest sympathies and sincere condolences to the bereaved families, the government and the people of Iran.”

Raisi, a Muslim jurist, served as the eighth president of Iran from 2021 until his death. (Colombo/May 20/2024)

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Sri Lanka helps launch Global Blended Finance Alliance

ECONOMYNEXT – Sri Lanka has joined a group of nations led by Indonesia which aims to mobilise capital to achieve carbon neutrality, Minister of Water Supply and Estate Infrastructure Jeevan Thondaman said.

The Global Blended Finance Alliance mooted by Indonesia in 2018, was formally launched at the World Water Forum in Bali today.

Among the other founding members are Fiji, France, UAE, Kenya, Luxembourg and Canada.

“Through our collective efforts, the Global Blended Finance Alliance aims to mobilise both public and private capital to help nations achieve carbon neutrality and the SDGs,” Thondaman said on social media platform X (twitter).

“The world has a USD 2.5 trillion funding gap to achieve the Sustainable Development Goals (SDGs) by 2030,” he said.

Blended finance is the strategic use of development finance, such as public and/or philanthropic funds, for the mobilisation of additional commercial finance towards sustainable development in developing countries. (Colombo/May20/2024)

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Sri Lanka rupee closes slightly stronger at 299.60/75 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee appreciated slightly to close at 299.60/75 to the US dollar on Friday, from 299.70/80 the previous week, dealers said. Bond yields were up.

A bond maturing on 15.12.2026 closed up at 10.15/35 percent from 10.05/15 percent.

A bond maturing on 15.09.2027 closed up at 10.45/55 percent from 10.25/40 percent.

A bond maturing on 01.07.2028 closed at 10.80/90 percent.

A bond maturing on 15.01.2030 closed at 11.70/80 percent.

A bond maturing on 01.10.2032 closed up at 11.90/12.05 percent from 11.85/12.00 percent. (Colombo/May20/2024)

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