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Sri Lankan A350 / UL#1 (MSN52) undergoing fuselage join in Station 50
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In a couple of years Jet Airways and Vistara will beat UL hands down...Only weakness Indian airlines had was poor infrastructure. Indian govt is now building decent airports...When Indian govt gives Vistara international status UL will be out of the regional routes as well.Last edited by Speedbird; 28-01-2016, 12:01 AM.Comment
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Hedging deal cost CPC over Rs. 9 billion loss: Auditor General
The Ceylon Petroleum Corporation (CPC) has incurred losses of more than Rs. 9 billion as a result of the disastrous hedging transactions, a report from the Auditor General’s Department says.
The CPC was cited as a party in arbitration proceedings pertaining to the hedging contracts entered into with several commercial banks.
In June 2013, US$ 60 million had been paid to the Standard Chartered Bank under a deed of settlement entered into between the parties.
“According to information made available, the total losses incurred by the Corporation as at 31 December 2014, including the travelling expenses of Rs. 5,261,827, was Rs. 9,780 million,” the report says.
Meanwhile, the Central Bank of Sri Lanka also incurred Rs. 571 million in legal expenses as a result of the hedging transactions. Of this, the CPC had reimbursed Rs. 568 million between 2011 and 2014.
“In addition to that, the CBSL had paid a sum of Rs. 379 million up to 31 December 2014 for the services obtained from the foreign lawyers who had appeared in the arbitration proceedings initiated by the Deutsche Bank against the Government of Sri Lanka,” the Auditor General’s report states.
The financial difficulties referred to include inefficiency of refinery operations with low margins, poor yields and frequent stoppages, resulting in importation of refined petroleum products to meet the demand of the country; provision of fuel to SriLankan Airlines and Mihin Lanka at concessionary rates which were lower than the contract customer price; poor maintenance of storage facilities.
http://www.sundaytimes.lk/160110/new...al-178348.html
Taxpayers money must be spent in a way which guarantees the fullest possible benefit to the people.
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And somebody reminded this story
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What do you think of UL developing the route network as below?
Fleet
Full service carrier Fleet
A320 – 4 [140 SEATS]
A321 – 4 [185 SEATS]
A332 – 3 [265 SEATS]
A333 – 7 Brand new aircraft (297 SEATS) VERSION 1
A333 – 2 Second hand aircraft [316 SEATS] VERSION 2
A359 – 3 [348 SEATS]
Budget carrier Fleet
A321 – 2 [202 SEATS]
Network
CMB – NRT – 5 [A333 VERSION 1]
CMB – PEK – 7 [A332/A333 VERSION 1]
CMB – PVG – 5 [A332/A333 VERSION 1]
CMB – CAN – 7 [A332/A333 VERSION 1 & 2]
CMB – HKG – 5 [A332/A333 VERSION 1]
CMB – KMG – 4 [A320/1]
CMB – BKK – 7 X 2 [A333 VERSION 1 /A321]
CMB – KUL – 7 X 2 [A333 VERSION 1 /A321]
CMB – SIN – 7 X 2 [A333 VERSION 1]
CMB – CGK – 7 (HIGH DENSITY ,BUDGET CONFIG A321)
CMB – DAC – 7 + 4 [A321]
CMB – KTM – 4 (HIGH DENSITY ,BUDGET CONFIG A321)
CMB – GYA/VNS – 2 (HIGH DENSITY ,BUDGET CONFIG A321)
CMB – DEL – 7 [A320/A321]
CMB – LHE – 7 [A320/A321]
CMB – KHI – 7 [A320/A321]
CMB – BOM – 7 [A320/A321]
CMB – CCU – 3 [A320/A321]
CMB – VTZ – 7 [A320/A321]
CMB – MAA – 7 X 4 [A321,A333 VERSION 2]
CMB – BLR – 7 X 2 [A321/ A333 VERSION 2]
CMB – TRZ – 7 X 2 [A321]
CMB – IXM – 7 [A321]
CMB – TRV – 7 X 2 [A321]
CMB – COK – 7 [A321]
CMB – GOI – 7 [A320]
CMB – MLE – 7 X 5 [A321, A333 VERSION 1 AND VERSION 2]
CMB – SEZ – 5 [A320]
CMB – MCT – 7 (HIGH DENSITY ,BUDGET CONFIG A321)
CMB – AUH – 7 [A321]
CMB – DXB – 7 [A333 VERSION 1 & VERSION 2]
CMB – BAH – 7 (HIGH DENSITY ,BUDGET CONFIG A321)
CMB – DOH – 7 [A332/A333 VERSION 1 & VERSION 2]
CMB – DMM – 7 [A332/A333 VERSION 2]
CMB – RUH – 7 [A332/A333 VERSION 2]
CMB – JED – 7 [A332/A333 VERSION 2]
CMB - KWI - 7 [A332/A333 VERSION 2]
CMB – LHR – 7 [A359]
CMB – FRA – YYZ – 4 [A359]
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There's no money to do anything. The Management are nothing but NATO members.
No alternative but to cut routes in a desperate attempt to reduce losses (another epic fail...).
The Management of the Airline are mostly political appointees - their function is to rubber stamp whatever the GOSL decrees and keep the funds flowing to family, friends and cronies.
Any efforts to investigate obvious theft, fraud and abuse of power have been blocked.
Rampant corruption and incompetence at all levels within the Airline. I've explained how it works at the office.
There's only one way this ends imho.
This was the situation at Flight Ops in 2013 when I left. The holes really were lining up - somehow they managed to avoid an accident.
http://www.safety-s2s.eu/modules.php...art=4&idp=1412Always fly a stable approach - it's the only stability you'll find this businessComment
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Banu,
YYZ or any North American destination for that matter will be a colossal mistake. Long Haul (especially ULH) are notoriously difficult to turn a profit out of and bigger players than UL also burnt badly, trying.
UL has no choice, but to discontinue the three continental European destinations immediately and perhaps increase the frequency to LHR (slot permitting). I know they operate like 10 weekly flights, perhaps they should make it double daily.
UL really has to focus on regional flying and strengthen their presence in China and India.Comment
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