Sri Lankan Airlines in final debt negotiations: Deputy Minister

Final negotiations to restructure the debt of Srilankan Airlines is under way, Deputy Minister of Finance and Planning Harshana Suriyapperuma said. “Currently the SriLankan Airlines final debt negotiation is underway with the identified parties,” Minister Suriyapperuma told parliament Tuesday. “Once it is finalized we expect the rating assigned to Sri Lanka will be further improved.” […]

Sri Lankan Airlines back in the red in 2024

State-run SriLankan Airlines has lost 1,960 million rupees in the 7 months to October 2024, reversing 4,133 million profit posted a year ago, a Finance Ministry report said. SriLankan Airlines’ ‘net traffic revenue fell 14.9 percent to 152.32 billion rupees from April to October 2024, against 178,818 a year ago, the report said. To “safeguard […]

Sri Lanka Airlines to get Rs20bn to repay old debt and interest

State-run SriLankan Airlines will get 20,000 million rupees from tax payer funds to repay old debt and interest, President Anura Kumara Dissanayake said, presenting a budget for 2025. Attempts by previous administrations to sell the airline has failed due to no takers, he said. “Though funds are set aside to repay debt, there is will […]

Policy decision on SriLankan Airlines restructure to be taken after elections

No decision on the restructure of state-run SriLankan Airlines will be taken until after elections bring a new government to office, Minister Vijitha Herath said. “In this interim period we will not go for any policy related decisions,” Minister Herath told reporters at weekly post-cabinet press briefing. “In a future government, which we will build […]

Sri Lanka abandons sale process of SriLankan Airlines

The cabinet of ministers has terminated the current sale process of SriLankan Airlines, Sri Lanka’s State Owned Enterprises Restructuring Unit said. The government “will now follow an alternate strategy, to be decided on shortly, to divest the airline based on a framework approved by the Cabinet of Ministers,” the statement said. Six parties responded to […]

Sri Lanka state airport agency swimming in cash after sovereign default

State-run Airport and Aviation Services (Sri Lanka) Ltd is swimming in cash after a sovereign default halted debt repayments allowing it to post a profit of 29.7 billion rupees with 10.4 billion rupees in interest income, official data showed. In April 2022 Sri Lanka declared a sovereign default after printing large volumes of money over more than […]

SriLankan Airlines make profits as currency depreciation stops

State-run SriLankan Airlines has reported a net profit of 1,124 million rupees in the nine months to December 2023 turning around from a loss of 73.26 billion rupees for the full year ending March 2023, official data shows. SriLankan had earned revenues of 248 billion rupees in the nine months to December, with 205.6 billion in passenger […]

Supreme Global says ropes in Malaysia’s MMAG for SriLankan Airlines bid

Sri Lanka’s Supreme Global says it has roped in Malaysia’s MMAG Aviation Consortium Sdn Bhd (MAC), which has interests in air cargo, for its bid to buy state-run SriLankan Airlines. “Supreme Global has identified MAC as the ideal partner to guide and support this acquisition, based on MAC’s expertise and recent contracts secured from major […]

SriLankan Airlines state bank debt of $210mn and Rs31.4bn to tax payer

The government has decided to take over 210 million in dollar loans and 41.4 billion in rupee loans taken by SrilLankan Airlines from state-run Bank of Ceylon and Peoples’ Bank, Sri Lanka’s State-Owned Enterprises Restructuring Unit said. According to a March 04 cabinet decision the following loans will be take over by the government. 105 […]

SriLankan Airlines debt of US$510mn to be taken over by govt

Sri Lanka’s central government will take over about 510 million US dollars in debt from the balance sheet of state-run SriLankan Airlines, Aviation Minister Nimal Siripala de Silva said. The proposal was approved by the cabinet, he told reporters at a press conference broadcast over Sri Lanka’s Derana Television. SriLankan has a sovereign guaranteed bond […]

Sri Lankan Airlines interest deadline, final bid timelines extended

The deadline to express interest in state-run SriLankan Airlines was extended to April 22, from March 05, and the timeline to submit final bids of qualified investors was pushed back to August 2024 from May, Sri Lanka’s divestiture agency said. The indicative timeline to cabinet approval for any sale agreement was pushed back to September […]

Sri Lanka extends deadline for SriLankan Airlines bids

The deadline to submit Requests for Qualification for SriLankan Airlines has been extended further. The date was extended to March 5, 2024 from January 09. “The Prequalification Application Submission Deadline is amended to March 5, 2024,” a statement by the State Owned Enterprises Restructuring Unit said. The government is selling majority stakes in the firm. Read more […]

SriLankan Airlines flights disrupted as aircraft grounded

SriLankan Airlines said it had to cancel several flights over the Christmas season after a tyre burst in Paris and part delays on other aircraft. Two A330 aircraft were grounded for several days with one requiring an extended check and another awaiting a spare part, which had to be manufactured “due to a global supply […]

Six investors eyeing stake in Sri Lankan Airlines: Minister

 Six investors have expressed interest in buying stakes in SriLankan Airlines, Minister of Ports, Shipping and Aviation Nimal Siripala De Silva said. “A pre-bid meeting is held before, for the purpose of providing more information for the investors. In one such meeting, six investors have expressed their interest in buying stake,” De Silva said. “Since […]

Sri Lanka Airport SOE makes Rs26.6bn profits with exchange gains

Sri Lanka’s state-run airports agency had made profits of 26.6 billion rupees, including exchange gains, in the first eight months of 2023, a Finance Ministry report said. Airport and Aviation Services (Sri Lanka) Ltd, (AASL) the state agency that owns the island’s airports and has some forex loans taken for infrastructure development. AASL has earned […]

SriLankan Airlines makes Rs79bn profit after rate mis-targeting ends

State-run SriLankan Airlines has reported a 79 billion rupee profit in the first eight months of 2023, official data showed, with exchange gains adding to the bottom line as the central bank stopped mis-targeting rates. SriLankan and other state enterprises like the Ceylon Electricity Board and Ceylon Petroleum Corporation that have large dollar borrowings, which […]

Sri Lanka requests investor interest to divest SriLankan Airlines

Sri Lanka has requested interest from investors to divest SriLankan Airlines, an online notice by the island’s State Owned Enterprise Unit said. Washington-based International Finance Corporation is the transaction advisor. An airline or other financial or non-financial investors could bid subject to their strength and ability to raise funding. Read more on Economy Next

SriLankan Airlines ready to recruit foreign pilots if need arises – CEO

State-owned, loss-making SriLankan Airlines will recruit foreign pilots if the need arises, its Chief Executive Officer said, as the national carrier has suffered an exodus of pilots last year following an unprecedented economic crisis. The COVID-19 pandemic, followed by an economic crisis, hit the airline hard as it was deprived of the usual near full […]

SriLankan Airlines expects $50 mln profit in FY 2023/24 

Sri Lanka’s loss making national carrier is aiming to earn a profit of 50 million US dollars, its Chief Executive Officer said, after it incurred a loss of nearly 500 million US dollars in the previous financial year.  “I think the outlook for next year is even stronger,” Richard Nuttall, CEO at SriLankan said in […]

Sri Lankan renegotiates leases to save US$160mn

SriLankan Airlines has renegotiated aircraft leases saving 160 million US dollars through the remaining life of the contracts, the airline said. “To minimise the loss resulting from the reduced air traffic revenue compared to pre COVID-19 levels, SLA has taken steps to restructure the lease agreements through extensive negotiations with lessors,” SriLankan told shareholders in […]

SriLankan Airlines lose Rs163bn in 2022, mostly on currency collapse

Sri Lanka’s state-run SriLankan Airlines has lost 163.5 billion rupees in 2022, mostly on foreign exchange losses, its accounts shows, as the rupee ‘flexible exchange rate’ collapsed. SriLankan revenues went up to 134 billion rupees in the year to March 2022, from 50.9 billion a year earlier as passenger traffic revived and the airline also boosted its […]

Sri Lanka drops plan to sell Sri Lankan Airlines piecemeal

Sri Lanka’s cabinet of ministers had asked a newly set up state owned enterprise re-structuring unit to come up with recommendation on how to re-structure state-run Sri Lankan Airlines and its subsidiaries. Sri Lanka’s Aviation Minister Nimal Siripala de Silva had earlier suggested that Sri Lankan Catering and its ground handling units – the most […]

SriLankan Airlines to sponsor air tickets for children in need of overseas medical care

SriLankan Airlines, the island’s national carrier, has launched a CSR initiative to sponsor air tickets to children in need of overseas medical care. SriLankan Cares, the state-owned airline’s corporate social responsibility (CSR) arm, will provide tickets to patients certified by a medical doctor. A ticket will also be issued free of charge to one parent […]

Sri Lankan Airlines loses Rs248bn in four months after soft-peg collapse

Sri Lanka’s state-run SriLankan Airlines has lost 248 billion rupees up to April 2022 with most of it coming from the collapse of the currency

Sri Lanka finds way around CPC monopoly to end aviation fuel crunch: Minister

Sri Lanka is in discussions with suppliers to allow them to bring aviation fuel, stock them in state-run Ceylon Petroleum Corporation’s facilities and pay them later.

SriLankan Airlines loses Rs170bn in 2021 amid soft-peg collapse

State-run SriLankan Airlines had lost 170 billion rupees in 2021 and its accumulated losses had risen to 542 billion rupees.

Loss making SriLankan completes MRO service for Oman’s Salam Air

State-run SriLankan Airlines’ Engineering unit completed a Maintenance, Repair and Operations (MRO) project to Salam Air, the budget airline of Oman.

SriLankan Airlines explains plan to lease newer used aircraft

SriLankan Airlines has explained the need to lease replacement aircraft with leases of a number of aircraft running out in the near future.