Profit Warning

Kris Canekeratne at LBR LBO Tech Conference

SriLankan Airlines, on Friday made a profit warning for the current financial year, but said group profits will remain steady as the previous year.rn
As a stand-alone entity, SriLankan has never made a profit in its entire history, but the Emirates led management is confident of turning things around for the financial year ending 2003/4.rn

rnSriLankan said it is likely to end the year ldblquote with a substantially smaller loss of around US$10 mn to US$ 15 mn, compared to the previous financial year when the airline as a stand-alone operation made a US$ 60 mn loss.
dblquotern

rnHowever, group numbers, which includes revenues from catering and ground services, has made profits. The statement did not say by how much.rn

rnThe airline, which is 40 percent owned and managed by Emirates Airlines, made a profit of Rs. 2.0 bn during the fiscal year ended March 31, 2002, a reversal from a loss of Rs. 5.8 bn in the previous year.rn

rnProfits came, after the airline shed its obligations to pay for lease r