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10 Mar

SRI LANKA PORTS AUTHORITY EARNS A PROFIT OF 11 BILLION RUPEES - MINISTER ARJUNA RANATHUNGA SAID

SRI LANKA PORTS AUTHORITY EARNS A PROFIT OF 11 BILLION RUPEES - MINISTER ARJUNA RANATHUNGA SAID

Sri Lanka Ports Authority had earned a profit of 11 billion rupees in 2016 showing an 83 percent increment in relation to the previous year. Hon. Minister of Ports and Shipping Arjuna Ranathunga declared these financial records officially while addressing a media conference held in the auditorium of the Ministry of Ports and Shipping on 08th of March 2017 [today] to reveal the financial progress of the Sri Lanka Ports Authority. Sri Lanka Ports Authority had to face many challenges to accomplish these substantial achievements, Minister Arjuna Ranathunga emphasized.

“Sri Lanka Ports Authority had earned an income of 44 billion rupees in the previous year. After the deduction of operational expenditure, expenditure on administration, expenditure on loan interests and other expenditure from the total income Sri Lanka Ports Authority had earned a profit of 11 billion rupees over the previous year. Thereby amount of profit has increased by 5 billion rupees in relation to year 2015. It means Sri Lanka Ports Authority had earned a profit of 6 billion rupees in 2015. Thereby Sri Lanka Ports Authority has increased its income by 83 percent in one years’ time.

Sri Lanka Ports Authority had to face many challenges to achieve this victories position. In early 2015 we increased the salary of the employees by 15 percent and we paid a bonus of 9000 rupees. Overtime payments also increased due to the increment in the salary. In addition we have enhanced welfare facilities. We had to compete with Singapore, India, Bangladesh and Malaysia over the last period. We paid 7100 million rupees as the total debt and the interest on the Hambantota Port in 2016. The total amount of debt and the interest paid by the Sri Lanka Ports Authority was 16,700 million rupees in that year. Even though conditions are difficult, we earned an 11 billion rupees profit in 2016. Commitment of the employees, successful management has paved the way to these achievements. Deductions of the unwanted expenditure, reduction in the corruptions are some other leading factors which led to these positive results of the Sri Lanka Ports Authority. As an example operational expenditure of the Sri Lanka Ports Authority was 22.6 billion rupees in 2015. In 2016 we have able to reduce that amount to 20.2 billion rupees showing a reduction of 2.4 billion rupees.

Jaya Container Terminal [JCT] is the leading terminal which carries out terminal operations in the Sri Lanka Ports Authority. It has a depth of 14.25 meters. But nowadays most of the vessels are lengthy. Therefore vessels deeper than 14 meters and vessels longer than 350 meters could not be anchored in the Jaya Container Terminal, [JCT]. Therefore Jaya Container Terminal [JCT] was failed to provide services for 23 vessels deeper than 14 meters and 271 vessels longer than 350 meters in 2015. We lost five hundred eighty nine thousand and five hundred fifty three containers because of this reason. I should say we earn this profit under such difficult conditions. In the future these conditions will be turned more difficult. Now there is a tendency in the maritime industry to use large vessels instead of small vessels. Therefore we need a permanent solution for this problem. I think, initiating operations in the Eastern terminal is the permanent solution for this issue. Now we are discussing with an investor to initiate operations in the Eastern terminal. However we will take substantial decision which will provide more advantages to the country.

In the previous period ways of income of the port was not regular. But we have changed that methodology. As an example entrance fee for a container lorry was 300 rupees. But many black transactions had occurred previously and many people earned thousands of black money through these transactions. We have stopped that pattern. Sri Lanka Ports Authority had earned 92 million incomes in 2016.

In the previous era no attention was paid to carry out developments in the Colombo Port. But now we have taken steps to carry out those developments. CFS warehouse was renovated as a one step in this project. Estimated value to rebuild this Warehouse was 410 million. But we had spent only material cost of 175 million rupees because; manpower needed by this project was provided by the Sri Lanka Ports Authority. We were able to save 235 million rupees due to the intervention of the Sri Lanka Ports Authority workers into this construction.

Employees of the Sri Lanka Ports Authority are satisfied now. Few union leaders delivered wrong opinions to the employees. But all the employees have understood the real situation. Now employees have a direct relationship with us. We have appointed Housing committees, transfer committees and promotion committees to resolve problems related to employees....” Minister Arjuna Ranathunga said.
(www.portmin.gov.lk)



SRI LANKA PORTS AUTHORITY EARNS A PROFIT OF 11 BILLION RUPEES - MINISTER ARJUNA RANATHUNGA SAID

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