SriLankan Airlines records first Fourth Quarter profit since 2006
Tue, Apr 19, 2022, 12:28 am SL Time, ColomboPage News Desk, Sri Lanka.
Apr 18, Colombo: Sri Lanka’s national carrier, SriLankan Airlines recorded its first profitable fourth quarter (Q4) since 2006 for the financial year that ended on 31 March 2022 with a group net profit of USD 1.7 million despite pandemic challenges, the airline said in a release.
The airline was able to achieve this financial turnaround through various measures in its 2021-22 financial year including scaling down staff costs and overheads; renegotiating supplier contracts; increasing cargo revenue; and creating an ambitious growth plan capitalizing on pent-up travel demand.
The initiatives paid off, with SriLankan making its first monthly profit since the onset of COVID-19 in December 2021 and continuing with a profit in the final quarter. The airline now has accumulated over USD 12 million in profits over the last 4 months as…