Sri Lanka Ports Authority projected to post Rs. 19 Bn PAT

Sri Lanka Ports Authority is projected to post a profit after tax revenue in the excess of Rs. 19 billion, Harbour Master, Sri Lanka Ports Authority Capt. Nirmal Silva said at the Voyage Sri Lanka 2024 press event.

He said that this profit could have further increased had they not invested in gantry cranes for their terminals. Tax for each Gantry Crain cost us around Rs. 980 million and these overheard had a negative impact on our profit margin.

“Since SLPA is not a BOI venture we do not enjoy some of the tax benefits our competitors enjoy.”

He also said they also see an increase of TUES on the Port. He said that the SLPA would keep on reinvesting in their container terminal as the cargo volumes keep on increasing.

“We also see a lot of transshipment business from the Colombo Port to regional ports.”

Asked if the Indian developments in their Ports are not a threat to Sri Lanka he answered in the negative. Capt. Nirmal Silva also said that the East Container Terminal is increasing the jetty from 600 meters to 1,200 metres and this is expected to be completed by 2026 end.

Along with this the West container terminal is being developed jointly by Adani with 51% stake John Keells 31 and SLPA with 15% stake as a private public model. “We are also developing new container terminals to meet the projected new demands.”

It was disclosed that the conference will attract over 40 foreign visitors and will host industry leaders, investors and experts from across the globe.

Strategic contributors for the event include: Sri Lanka Ports Authority, Ministry of Foreign Affairs, Board of Investment, Sri Lanka Navy, Marine Industries Association, Colombo Dockyard PLC, GAC Group Sri Lanka and CWIT.

Event sponsorship is led by Hayleys Advantis Limited, Indian Oil Corporation (IOC), Colombo Dockyard PLC, Lanka Marine Services(Pvt) Limited (official bunkering Partner),Chamber of Marine Industries Sri Lanka, Sri Lanka Ports Authority, Sri Lanka Tourism Promotion Bureau, Sri Lanka Insurance General (official Insurance Partner) and CIAP.

Source: Daily News