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

ECONOMYNEXT – 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 revenues of 25.3 billion of revenue in the first eight months of 2023 up from 16 billion last year.

Of the total 20.2 billion rupees was non-aeronautical revenue, the report said without elaborating.

The rupee collapsed from 200 to 360 to the US dollar last year, helping boost rupee income of AASL which has services denominated in US dollars. A large expense of the agency is staff salaries.

Total operational expenditure was 11 billion rupees, giving an operating profit of 14.2 billion rupees for the first eight months.

After net financial income and exchange gain, AASL had posted a profit before tax of 26.6 billion rupees compared to a loss of 2.5 billion rupees last year.

Sri Lanka’s central bank allowed the rupee to appreciate in 2023, by removing a surrender rule, which led to a steep currency collapse in 2022 when an attempt was made to float the currency, brining large book profits to state enterprises with dollar loans. (Colombo/Nov19/2023)

ECONOMYNEXT – 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…

ECONOMYNEXT – 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…