The Hon. (Dr.) Harshana Suriyapperuma - Deputy Minister of Finance and Planning

¶ 01 Sir, on behalf of the Minister of Finance, Planning and Economic Development, I give the following Answer:

¶ 02 (a) (i) Net profit/loss of SriLankan Airlines 2014/2015 – [figure in detailed table] 2015/2016 – [figure in detailed table] 2016/2017 – (Rs. 28,929.99 million) 2017/2018 – (Rs. 17,213.57 million) 2018/2019 – (Rs. 44,022.67 million) 2019/2020 – (Rs. 47,197.86 million) 2020/2021 – [figure in detailed table] 2021/2022 – (Rs. 166,000.00 million) 2022/2023 – [figure in detailed table] 2023/2024 – Rs. 3,870.86 million

¶ 03 (ii) In 2014 and 2015, in addition to mismanagement and politicization, there was a hike in global fuel prices. In 2015/2016, the temporary closure of the Bandaranaike International Airport affected profitability. In 2016/2017, compensation had to be paid for cancellation of aircraft lease agreements. In 2018/2019, there was an unexpected high interest cost. In 2019/2020, the Easter attacks and the COVID-19 outbreak reduced international travel and tourist arrivals. In 2020/2021, continued COVID-19 travel restrictions led to losses. In 2021/2022, due to compounding effects of mismanagement, politicization, fuel cost hikes and continued COVID-19 challenges, a loss of Rs. 166 billion occurred. In 2022/2023, currency depreciation, exchange rate crisis and economic turmoil further affected profitability. In 2023/2024, an extraordinary exchange gain arising from gradual economic recovery resulted in a profit of Rs. 3.8 billion.

¶ 04 (iii) A comprehensive Business Plan approved by the Board of Directors will be submitted to the EGM for shareholder consideration and approval; future actions will be decided based on that.

¶ 05 (b) Does not arise.

¶ 06 I also place the detailed Answer in the Library.