Apr 10, 2014 (LBO) – State-run Sri Lanka Transport Board has lost 3.5 billion rupees in 2013 slightly down from 3.8 billion rupees a year earlier, official data showed. The annual report of the Central Bank said SLTB earned 30.1 billion rupees in revenues and but had spent 33.7 billion rupees, generating an operating loss of 3,511 million rupees.
Operated kilometres rose to 1.8 percent to 344 million.
Various factions of Sri Lanka’s elected ruling class have stuffed SLTB with their supporters generating losses in the heavily unionized utility which have been covered at the expense of the tax payer.
The total number of buses owned by the SLTB had fallen from 7,607 in 2013 from 7,756 in 2012.
The Central Bank said the losses of SLTB was mainly attributed to weaknesses in efficiency which needed to be corrected but it also operated some routes which were not profitable due to socio-economic importance.
In 2013, 1,641 buses had been refurbished and 50 luxury buses imported for the Commonwealth Heads of Government Meeting at tax payer cost had been handed over to SLTB to run on expressways.
A controversy brewed recently after the state kept bu