SriLankan Airlines has incurred a whopping Rs. 17 billion loss for the 2011/12 financial year ending March 31, and the national carrier attributes this loss to the increased costs in jet fuel for which it will be adopting a hedging policy this year to curtail costs to some extent.
Compared to a Rs. 176 million loss in 2010/11, the carrier’s loss of Rs. 17.16 billion was explained to be due to the 36% increase in jet fuel costs, the national carrier’s Chief Executive Officer Kapila Chandrasena told the Sunday Times yesterday.
The airline said its loss before tax was at Rs.17,161.04 million (Rs. 17.16 billion), but revenues were recorded to have increased by 18% to Rs. 92,257 �million this financial year compared to Rs. 78,515 million last financial year.