World News | Sri Lankan Airlines Reports Loss of 168 Billion LKR in 2022: Official

Colombo, May 12 (PTI) Sri Lankan Airlines, the loss making national carrier of the island nation, has recorded losses of 163.58 billion Sri Lankan Rupees (approximately 4,000 crore INR) in 2022, more than three times it recorded in 2021, according to an official statement.

Sri Lankan Airlines in 2021 witnessed a loss in revenues of 49.7 billion Sri Lankan Rupees.

Also Read | Israel Airstrike Kills Top Palestinian Islamic Jihad Commander Iyad al-Hassani in Gaza Strip.

"The Sri Lankan Airlines in 2022 witnessed a loss of 168.58 billion Sri Lankan Rupees while the loss during 2021 stood at 49.7 billion," the statement from the national carrier said.

Sri Lankan Airlines is one of the 52 loss making state enterprises that the International Monetary Fund had recommended for restructuring whilst approving the near 3 billion dollar bail out facility mid March.

Also Read | Chinese-Built Pokhara Airport in Nepal Fails to Take Off: Report.

The airline in its history had only made profits between 1998 and 2008 the period of its management being vested in the Emirates Airlines.

Immediately after receiving the first tranche of the IMF bail out, the government set up the state owned enterprise restructuring unit (SRU) under the ministry of finance to divest the businesses that have been a burden on the economy.

The SRU was tasked with appointing reputed qualified consultancy firms to carry out the divestiture process of the state enterprises.

The Sri Lankan statement on losses came as the IMF staff team arrived on Thursday to check on Sri Lanka's progress on the reforms envisaged before its scheduled review in September.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)