SriLankan shrinks loss

SRILANKAN Airlines has cut its net losses to Rs 202 million (US$1.8 million) in the 2010/11 financial year from Rs 6 billion ($54.5 million) a year earlier.

Its cost-cutting programme means the carrier can speed towards enhancing its cargo subsidiary’s global network and hub operation, increasing its aircraft fleet and developing ground-handling facilities at Bandaranaike International Airport.

“SriLankan Airlines came out of the global recession by transforming itself and investing heavily to secure the future of the national carrier and in supporting the nation’s economic growth,” Nishantha Wickramasinghe, chairman of SriLankan Airlines, said.

The government has approved $500 million investment for the development of SriLankan Airlines over the next five years.

“The overall objectives in the year ahead will be to increase revenue through high-yielding business activities and bring SriLankan Airlines’ financial performance to a level of profitability,” Kapila Chandrasena, the airline’s chief executive, said.

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