Sri Lanka Ports Authority makes Rs. 10.5 billion profit in first four months of 2019
The government of Sri Lanka has announced that the Sri Lanka Ports Authority (SLPA), which operates the country’s harbours, had made a profit of Rs. 10.5 billion in the first four months of 2019.
Sri Lanka’s Finance Ministry has stated that cargo volumes have recorded a strong growth.
The Ministry in a report on the government finances in the first half of the year has stated that the SLPA’s debt to banks was Rs. 11,957 million rupees during the period.
However, the SLPA has made a Rs. 4.2 billion profit in 2018, down from Rs. 13.2 billion the previous year, its highest ever, after a foreign exchange gain from the removal of loans taken to build the southern Hambantota Port.
The Finance Ministry has further stated that several measures have been taken to increase the capacity of SLPA ports with growing competition from rival regional ports and changes in the shipping industry.
SLPA operates the ports of Colombo, Galle, Trincomalee, Kankasanthurai, Oluvil, Myliddy, Point Pedro and Karainagar
“Steps have been taken by SLPA to increase the efficiency of the port by enhancing the capacity of Jaya Container Terminal and procuring ship-to-shore cranes under the modernization project,” the report has added.
OSL take:
The government of Sri Lanka has paid much attention to the country’s ports and shipping sectors with the aim of making the island a maritime hub in the Indian Ocean. Given the country’s geographical positioning and the many trade ties, achieving this target is not a difficult feat. However, the profits recorded by the SLPA in the first four months of the year are indicative of the growth recorded by the country’s ports and shipping sectors. This has resulted in the expansion of business/investment opportunities in Sri Lanka’s ports and shipping sectors.
| Article Code : | VBS/AT/02072019/Z_1 |