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SL Ports Authority enhances Colombo Port efficiency

With a profit of Rs.10 billion during the first four month of this year, Sri Lanka Ports Authority (SLPA) will be increasing the efficiency of the Colombo port.

This feat is to be achieved by enhancing the capacity of Jaya container Terminal and procuring ships to shore under the modernization project. SLPA sources said.

SLPA has recorded a profit of Rs. 10.5 billion in the first four months of 2019 and debt to banks was Rs. 11.96 billion during the period, Finance Ministry data showed.

The Government entered into a Memorandum of Corporation between the Government of Japan, and the Republic of India to develop the Colombo South Port.

Even though the transactions of the Hambantota Port have been transferred to the Treasury, the legal process has not yet been completed.

Ports of Colombo, Galle, Trincomalee, Kankasanthurai, Oluvil, Myliddy, Point Pedro and Karrainagar are currently operated by Sri Lanka Ports Authority (SLPA).

Pre-tax profits at state-run Sri Lanka Ports Authority fell 27.5 percent to Rs. 8.7 billion in 2018 from a year ago as foreign exchange losses ballooned with the sharp depreciation of the rupee.

“Financial profitability of the SLPA declined in 2018 amidst the increasing port activities,” the Central Bank said.

According to SLPA’s unaudited provisional financial statement, it’s profit fell to Rs.8.7 billion in 2018 before taxes from Rs. 12.0 billion in 2017.

During 2018, the total revenue of the SLPA increased by 18.5 per cent to Rs.50.1 billion, while operating expenditure increased by 7.4 per cent to Rs. 30.0 billion , the Central Bank said in its annual report for 2018.

Foreign exchange losses of the SLPA increased considerably to Rs. 11.3 billion during 2018, compared to Rs. 2.2 billion in 2017.

(LI)

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