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SriLankan Airlines Group nearly doubled its profit in the financial year 2005/06 on the strength of new market strategies and greater emphasis on controlling costs, in the face of volatile global fuel prices and…
SriLankan Airlines Group nearly doubled its profit in the financial year 2005/06 on the strength of new market strategies and greater emphasis on controlling costs, in the face of volatile global fuel prices and increased competition.
The Group reported a Net Profit After Tax of approx $19.6m, an increase of 48.33% from the previous year’s figure.
“This was yet another challenging year for the Group. While we are still recovering from the devastating effects of the Tsunami, we faced new challenges such as the drastic rise of jet fuel prices and the deteriorating security situation in the country which significantly affected our business,” said D.H.S. Jayawardena, Chairman of SriLankan Airlines Group.
The Government of Sri Lanka owns 51.05% of the Group’s shareholding, with Emirates having 43.63%, and others including employees own 5.32%.
SriLankan Airlines Limited achieved an impressive Profit after Tax of an estimated $7.7m, a growth of 10,317% over the previous year.
“Achieving these results after the devastating effects of the Tsunami, deteriorated security situation in the country and skyrocketing global fuel prices is a significant achievement, clearly signifying the commitment and the capabilities of our staff,” said Tim Clark, the Group’s Managing Director.
“I am pleased to say that our staff once again proved their mettle, and carried the airline through another difficult year. The focus on better control of costs did not in any way compromise our commitment to providing the finest service,” said Peter Hill, CEO of SriLankan Airlines.
The Group’s Operating Revenue was around $601m, up 14.20% from the previous year, and the Airline’s Operating Revenue was approx $588m, up 13.66%.
The airline launched services to Beijing and increased frequencies to many existing destinations such as Kuala Lumpur, Singapore, Bangkok, Dubai, Kuwait, Riyadh, and Indian cities.
SriLankan Catering once more achieved a record setting performance, with a growth in revenue of 40%. More than 4 million meals were produced during the year, at a record average of 11,020 per day.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
