Sri Lanka postal service records Rs3bn loss last year

post

June 25, 2015 (LBO) – Sri Lanka’s government owned postal service has recorded 2,984 million rupees of loss in 2014 following a salary hike, Postal Services Ministry data showed.

The income for the year 2014 was 6,557 million rupees, an 11 percent increase against the previous year mainly due to the increase of stamp income by 475 million rupees.

The department has collected 2,587 million rupees from stamp revenue in the year 2014.

It has also received 1,324 million rupees from franking machine charges and another one billion rupees from business mail charges.

The expenditure for the year 2014 was 9,541 million rupees, an 8 percent increase against the previous year mostly due to the increase of personal emoluments by 625 million rupees.

“The increase in personal emoluments was a result of the increase of allowances paid to public sector employees through the budgets of 2013 and 2014.” the ministry said.

The department has paid 4,824 million rupees as salaries and wages in the year 2014.

Accordingly, the deficit in the year 2013 was 2,859 million rupees while the deficit in the year 2014 was 2,984 million rupees.