Oct 13, 2006 (LBO) – SriLankan Airlines is ripe for expansion and is looking for about 11 new planes to beef up airline seat capacity, says Tim Clark, Managing Director of SriLankan. SriLankan Airline’s net profits as at end March this year, rose to 797.93 million rupees over 7.66 million rupees, while group net profit jumped 50 percent to just over two billion rupees Dubai based Emirates Airline owns a 43.63 percent stake in Sri Lankaâ€™s national carrier, the Sri Lankan government owns 51.05 percent and employees have a 5.32 percent share.
“SriLankan is still making money despite the violence problems. I think they are right for fleet expansion. They need about 25 planes. We are looking at 777-300s or A340s,” Clark, who is also President of Emirates, told Dow Jones news wires.
SriLankan currently has about 14 aircraft, but has already announced plans to take ownership of three aircraft that are currently under lease and extend the lifespan on two others when they come up for renewal this year.
The airline will take over two A340â€™s in October this year on making a final lease payment, with another A340 to be paid up in full by March next year.
Management of the airline