Port Profit

Nov 25, 2013 (LBO) – Profits at Sri Lanka Ports Authority was up sharply in the first nine months of the year, helped by a weaker Japanese Yen and higher container volumes, a finance ministry report said. SLPA has recorded revenues of 25.9 billion rupees for the nine months to September 2013, Revenues were up 7 percent from a year earlier. This compares with a with 37.1 billion rupees for the full year 2012.

A weakening Japanese Yen is helping profits, the finance ministry said. SLPA has Yen denominated loans as Japan was a major financier of port development during the 1980s and 1990s.

The finance ministry said the port handled 3.22 million containers, with larger ships coming though total arrivals were lower.

By September 91 vessels had called at Hambantota Port in the South, up from 38 vessels in 2012.

Expenses were down to 16.9 billion rupees for the mine months, compared to 31.1 billion rupees for the full year 2012.

SPLA had made a pre-tax profit of 8.6 billion rupees for the nine months, up from 5.2 billion rupees for the full year 2012.

SLPA is expecting to end the year with revenues of 45.4 billion rupees and pre-tax profits of 7.2 billion rupees in 2013.

For