SriLankan accumulates Rs.22 billion loss
The Cabinet yesterday decided to summon the officials of SriLankan airlines to check on the current status of the national carrier.
At the Cabinet meeting yesterday several ministers had alleged that officials attached to the national carrier were not carrying out instructions resulting in a weakening of its financial position.
It transpired at the meeting that the airline had recruited new employees after the new government had assumed office and that the accumulated loss had risen to Rs.22 billion.
Initially, the government attempted to restructure the national carrier on a Private Public Partnership basis. But with this move being unsuccessful, the government is now in the process of identifying a new investor to revive the airline.
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once upon a time, time when the plantations were divided between the JEDB and the SPC. I worked for both in one as a regional manager abd in the the other as a project manager to an ADB project. The superintendents were expected to file their budgets for the fiscal year. The budgets ran to few millions and they were projected that the budgeted expenditure exceeded the revenue income that they survived only through special drawing rights granted through the ministry. I am no accountant but a salient feature that i discovered was that 30 percent of the budgeted expenditure was for administration. Sri Lankan air lines must be faced with the same dilemma and this undoubtedly is problem inherent with other public corporations