{"id":128821,"date":"2022-09-27T16:23:19","date_gmt":"2022-09-27T23:23:19","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=128821"},"modified":"2022-09-27T16:23:19","modified_gmt":"2022-09-27T23:23:19","slug":"srilankan-airlines-seeks-foreign-investor","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2022\/09\/27\/srilankan-airlines-seeks-foreign-investor\/","title":{"rendered":"SriLankan Airlines seeks foreign investor"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>By\u00a0<a style=\"color: #0000ff;\" href=\"https:\/\/www.ttgasia.com\/author\/samathfeizal\/\">Feizal Samath<\/a> Courtesy TTG Asia<\/em><\/span><\/h2>\n\n\n<p>Sri Lanka is planning to offer a 49 per cent ownership and management stake in its loss-making national carrier to cut losses and transform the airline to a profitable venture.<\/p>\n\n\n\n<p>The move would signal a return to foreign management and partnership after a 10-year contract with Emirates ended in March 2008 without any extension. The Dubai carrier had a 43 per cent stake (at an investment of US$70 million) and full management control of the airline.<\/p>\n\n\n\n<p>SriLankan Airlines does not own any aircraft \u2013 its entire fleet of 23 planes are on lease.<\/p>\n\n\n\n<p>Civil aviation minister Nimal Siripala De Silva said the airline has suffered huge losses so far and could be in deeper trouble unless an outsider takes over soon.<\/p>\n\n\n\n<p>The airline\u2019s accumulated loss in the 2020-2021 financial year was 49.7 billion rupees (US$138 million). During Emirates management from March 2007 to March 2008, it was profitable leading up to the last year with a profit of five billion rupees.<\/p>\n\n\n\n<p>From March 2008 to March 2009, while under Sri Lankan government control, a loss of 10 billion rupees was reported.<\/p>\n\n\n\n<p>From 2016 to 2019, a similar effort to secure a foreign investor to the airline was also unsuccessful<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Feizal Samath Courtesy TTG Asia Sri Lanka is planning to offer a 49 per cent ownership and management stake in its loss-making national carrier to cut losses and transform the airline to a profitable venture. The move would signal a return to foreign management and partnership after a 10-year contract with Emirates ended in March [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-128821","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/128821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=128821"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/128821\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=128821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=128821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=128821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}