SriLankan Airlines Confident of Turnaround Despite Impact of COVID-19
Despite facing two back to back blows in the Easter Sunday attacks and the COVID-19 pandemic, SriLankan Airlines expressed confidence of turning the debt riddled national carrier around late next year utilising a combination of Government supported restructuring and other measures. SriLankan has posted a loss of US$ 130 million in the financial year ending 31 March which comprised of US$ 70 million interest cost, US$ 30 to 40 million Withholding tax as well as the effects of the Easter Sunday attacks last year. Ashok Pathirage, Chairman SriLankan Airlines confirms that the Airline made a welcome profit in January 2020 only to be devastated by the effects of the COVID-19 pandemic. The airline is currently renegotiating its leases, engaging investment banks in an effort to raise funding through SriLankan Catering and reviewing the route network and fleet.
Source: Daily FT