Business

SriLankan celebrates 42 years

By Aazam Ameen

SriLankan Airlines celebrated 42 years of operations yesterday (2).

Following the termination of Air Ceylon, the airline was launched in 1979 as Air Lanka, with an initial commercial service to Bangkok, Thailand. Since then, the airline has grown to serve 113 destinations in 51 countries.

In the weeks leading up to its 42nd anniversary, SriLankan resumed operations to Moscow, Russia and Gan Island in the Maldives. New services to Kathmandu, Nepal were also added to its route network. Additionally, the airline has recently increased frequencies to destinations across the Indian subcontinent.

SriLankan currently operates an all-Airbus fleet of 24 modern and sophisticated aircrafts.

As a part of the celebrations, SriLankan has embarked on a project to plant 42 trees at SriLankan destinations worldwide.

Oneworld Alliance CEO Rob Gurney thanked the airline for its contributions since the airline joined the alliance in May 2014.

The airline recorded a loss of Rs. 40 billion in the financial year (FY) 2017/18, the highest annual loss since Emirates’ departure from its management in 2008, when it was a profit-making entity.

According to an audit report, during the first quarter of 2020, SriLankan Airlines incurred a net loss of Rs. 47 billion along with an accumulated loss of Rs. 326 billion. The company’s current liabilities exceeded its current assets by Rs. 211.64 billion and total liabilities exceeded its total assets by Rs. 273.36 billion.