SriLankan Airlines says passenger, cargo revenues up amid losses
ECONOMYNEXT – State-run SriLankan Airlines says passenger revenues rose 20 percent from a year earlier to 830.7 million US dollars (126.9 billion Sri Lanka rupees), in the year to March 2018, recovering from a drop last year.
In the year to March 2017, revenues dropped 5.2 percent to 687.6 million US dollars from 726 million US dollars a year earlier, with a partial closure of Colombo Airport for runway repairs from January to April.
Cargo revenues also grew 18.0 percent to 96.2 million US dollars (14.7 billion rupees), up 18 percent from a year earlier.
"This comes at a turbulent time for the industry when most airlines are facing difficulty maintaining their yields due to intense competition," Chief Executive Suren Ratwatte said in the statement.
"SriLankan has just completed a year of significant expansion with minimal erosion on yields and ended the year comfortably exceeding the revenue target.
SriLankan said its new routes to Melbourne, Australia, Gan Islands, Maldives and Hyderabad in India helped boost revenues.
SrLankan had lost 105 million US dollars in the year to March 2018 (about 17 billion rupees), down from 28.3 billion rupees a year earlier, a newly appointed board said earlier this month.
Forecast losses of about 140 to 160 million US dollars for the year to 2019 were unacceptable, the board said.
SriLankan also has revenues from ground handling passengers and cargo, which were not given in the statement.
A subsidiary, SriLankan Catering also has revenues from sales to third party airlines.
The firm said group revenues for the year to March topped one billion US dollars, without giving a specific number. (Colombo/Mar16/2018 – Update II)