SriLankan Airlines attributes 2018 losses to fuel prices, currency devaluation and political strife

SriLankan Airlines stated (23-Jan-2019) the 104.5% year-on-year increase in losses recorded by the airline in the first nine months of 2018 are primarily attributable to "the adverse impact of rising global fuel prices, rapid depreciation of local and regional currencies and political instability". SriLankan recorded a 15% increase in total operating costs during the period as "Impact due to rise in aviation fuel prices was USD66 million". The airline noted the negative impact of withholding taxes of aircraft related payments amounted to USD23 million for the nine month period but reported Sri Lanka's Government "is currently making arrangements for SriLankan Airlines to be exempted from Withholding Taxes on aircraft related payments". [more - original PR]