Sri Lanka Ports Authority loses US$10mn in 2010

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

June 12, 2011 (LBO) – State-run Sri Lanka Ports Authority has lost 1.1 billion rupees in 2010 partly due foreign exchange losses on Yen loans and a rising wage bill despite revenues rising 19 percent to 28.2 billion rupees, official data showed.

The newspaper quoted SLPA additional managing director Norman Weerarathne as saying that 2,398 had applied for the VRS which closed on May 06, though only 2,000 were expected.

Employees with over 10 year’s service and 5 years to retirement would get 2.0 million rupees in compensation. Workers with less than 5 years to retire would get below 2.0 million rupees.

“There is still an excess even after the VRS,” Weerarathne was quoted as saying. “They will be laid out in an organised manner over the operational needs of the authority.”

Sri Lanka Ports Authority has given a concession to build a new container terminal to China Merchant Holdings and Sri Lanka’s Aitken Spence in a expanded area covered by a new breakwater built with Asian Development Bank funds.

It has also built a port in Hambantota in the south of the country with a Chinese loan and is setting up an industrial zone there. Another industrial zone will be set up around the north eastern port of Trincomalee.

The port’s