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Sri Lankan doubles profit on cost control

Travel Trailers SriLankan Airlines Group nearly doubled its profit in the financial year 2005/06 on the strength of new market strategies and greater emphasis on controlling costs, in the face of volatile global fuel prices and increased competition.

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Travel Agency The Group reported a Nett Profit After Tax of Rs. 2,041.18 million, an increase of 48.33% from the previous year's Rs. 1,376.07 million.

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Last Minute Travel "This was yet another challenging year for the Group. While we are still recovering from the devastating effects of the Tsunami, we faced new challenges such as the drastic rise of jet fuel prices and the deteriorating security situation in the country which significantly affected our business," said D.H.S. Jayawardena, Chairman of SriLankan Airlines Group.

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Aloha Airlines The Group consists of SriLankan Airlines Limited and its fully owned subsidiary SriLankan Catering (Private) Limited. The Government of Sri Lanka owns 51.05% of the Group's shareholding, with Emirates having 43.63%, and others including employees own 5.32%.

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Travel Agent SriLankan Airlines Limited achieved an impressive Profit After Tax of Rs. 797.93 million, a growth of 10,317% over the Rs. 7.66 million of the previous year.

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Travel Agents "Achieving these results after the devastating effects of the Tsunami, deteriorated security situation in the country and skyrocketing global fuel prices is a significant achievement, clearly signifying the commitment and the capabilities of our staff," said Tim Clark, the Group's Managing Director.

Discount Airfares The Group's won several more international awards for the year including the Travel Trade Gazette Award for Best Airline in South Asia; the Skytrax Award for Best Cabin Staff in Central Asia; the Silver in Corporate Social Responsibility at the Community Leadership Awards; the Galileo Indian Express Award for Best Eastbound International Airline in India; the Silver Award at the Asia Travel & Tourism Creative Awards; eleven medals for SriLankan Catering at Culinary Art; and three Freddie Awards for Skywards (the frequent flyer programme of Skywards and Emirates) including Programme of the Year.

Travel Deals "I am pleased to say that our staff once again proved their mettle, and carried the airline through another difficult year. The focus on better control of costs did not in any way compromise our commitment to providing the finest service," said Peter Hill, CEO of SriLankan Airlines.

Air Fares The Group's Operating Revenue was Rs. 62,489 million, up 14.20% from the previous year, and the Airline's Operating Revenue was Rs. 61,160 million, up 13.66%. The Group's Operating Expenditure increased by 11.77% to Rs. 60,581 million, and the Airline's Operating Expenditure increased by 10.59% to Rs. 60,399 million.

Travel Insurance The Company's Fuel Cost increased by 39.73%, on the back of a 33.58% increase in average fuel prices and a 4.68% increase in consumption required by the Airline's expansion in the last financial year. In real terms, an increase of one US cent per gallon translates into an added expenditure of US 1 million per annum for SriLankan.

Travel State Gov Passenger Revenue increased by 16.26% constituting 79% of the Group's Revenue, and Passenger Carriage grew by 24.38%. Revenue Passenger Kilometres grew 11.15% to 9,050.44 million.

Travel Trailer The airline launched services to Beijing and increased frequencies to many existing destinations such as Kuala Lumpur, Singapore, Bangkok, Dubai, Kuwait, Riyadh, and Indian cities. It also focused on the vast marketing possibilities of the Internet through its Internet Booking Engine, and is well on the way to converting its entire operation to paperless 'E-ticketing', providing significant cost savings.

Ata Airlines SriLankan's strategic activities focused on enhancing the image of the airline and the country, positioning Colombo as the gateway to India. SriLankan played a prominent role and invested Rs. 400 million in the country's biggest promotional campaign - Rediscover Sri Lanka - in partnership with Sri Lanka Tourism and the tourism industry.

Travel Agencies The airline's tourism arm SriLankan Holidays launched a series of initiatives to promote inbound and outbound tourism, and services of its domestic arm SriLankan Air Taxi increased. Facilities and services at the Bandaranaike International Airport were greatly enhanced, including the commissioning of a new Business Class Lounge that has drawn much praise from passengers.

Travel Guide Cargo operations capitalized on the growth of India's economy, including the launch of a new freighter service to Coimbatore, and achieved a Revenue of Rs. 8,152 million, up 9.64%, which constituted 13% of the Group's Revenue. Meanwhile SriLankan Engineering began aggressively pursuing lucrative opportunities of providing Third Party Maintenance Services to other airlines in Asia, the Middle East and Europe.

Time Travel SriLankan Catering once more achieved a record setting performance, with a growth in revenue of 40%. More than 4 million meals were produced during the year, at a record average of 11,020 per day.

Travel Lodge The Group's increased efficiency was evident with Revenue Per Employee growing 10.05% and Value Addition Per Employee by 5.84%.

Lowest Airfares The Group intends to continue expanding cautiously in the year ahead while consolidating in its present markets, with the launch of services to Goa (its 50th destination), the commissioning of SriLankan Catering's new Flight Kitchen, and the expected growth of the Cargo Centre in Katunayake.

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