Sri Lanka Aviation

SriLankan Airlines turnaround in 3 years

The new board of directors at national carrier SriLankan Airlines has assured that plans are underway to turnaround the organization in three years.
The airline's new Chairman Ranjith Fernando told reporters on Thursday that according to the Consultant Nyras they were assured of bringing profits to the carrier. He made this announcement at the media briefing held at the airline's office in Colombo this afternoon.

The carrier is currently faced with losses amounting to US $100 million for the FY ending March 31, he said noting that they were in a crisis. (SD)

Sunday Times



The Ministry of Finance and Mass Media stated that the new board of directors for SriLankan Airlines was appointed to proceed with entering into a Public Private Partnership with a strategic investor.

The Ministry said in a statement that the restructuring of the airline, and the PPP process will continue to be guided by the Official Committee, which will be chaired by the Secretary to the Treasury.

The statement reflects that the official committee will consult the Ministerial committee for direction as required when implementing directives given by the board of SriLankan Airlines.

Aviation consultants, Nyras of UK will continue to report to the Official Committee, adding the working agreement is to ensure that the treasuries interests are adequately addressed in the restructuring process.

The statement further states, the final restructuring plan prepared by Nyras with the assistance of the National Agency for PPP will be submitted for Cabinet Approval upon being endorsed by the new Board of Directors.

According to the Nyras Plan, SriLankan Airlines can be become viable in the short to medium term through the restructuring strategy.

The Ministry says the plan is similar to the strategy adopted by Swiss Air and Aer Lingus, both advised by Nyras, which resulted in loss-making airlines turning into profitable companies.

https://www.newsfirst.lk/2018/04/sri...seek-investor/

Is there anyone that still believes this nonsense?

As per the new directors the remaining four A359 order will be cancelled and UL aimed to become profitable in 3 years. Anyhow the profit is impossible when UL is paying more money for aircraft leasing and management salaries.

When EK was managing UL it was an "airline" with EASA certification and proper ETOPS...now it is a typical GOSL department and running like CTB

http://www.sundaytimes.lk/180408/new...es-289298.html

New directors openly admit they have no Aviation experience - and then talk a bunch of 'Big Talk'.

Generally everyone on a supervisory board doesn't need industry specific (e.g. aviation) experience, but they need to be competent and able to make quick and sound decisions. E.g. replacing top management if they don't perform and actually holding them accountable for their KPIs/targets. Not holding my breath that this will happen though lol.

all these bastards are so corrupted...insane..freaking looters...the airline has already gone to the dogs.



https://www.youtube.com/watch?v=94LV...ature=youtu.be

Generally everyone on a supervisory board doesn't need industry specific (e.g. aviation) experience, but they need to be competent and able to make quick and sound decisions. E.g. replacing top management if they don't perform and actually holding them accountable for their KPIs/targets. Not holding my breath that this will happen though lol.

Looking at the board composition, I think they have come to the realisation the importance of debt rationalisation in the airline above everything else. No matter what operational efficiencies you gain, if cost of debt servicing is going to be more than operational profits, you still have an un viable airline. Hence they have put together a team of bankers in the hope they may be able to re-organise the balance sheet before they can have another pitch at seeking a suitable fool to take over this entity. Whether or not they are going to be able to do this, what amazes me the most is why wasn't this attempted before they went looking for a partner and embarrassed themselves?. Even this board with all their financial accolades don't seem to have any insight into this airline. I cannot believe the rhetoric is still " this is a national asset , end of Sri lankan airlines is the end of tourism industry in Sri Lanka".They, just like all the others before them are going to "stick" to their brief and waste time and more money on a fruitless task of trying to flog a dead horse. The cowardly government in the mean time are going to fund their non-sense through the public purse to further their political survival not wanting to be accused of grounding this airline. The hapless uninformed public ?..well good luck to them. They are still waiting for the messiah to come and rescue them from ever rising inflation. Not going to happen!

Hopefully Gov will select someone for CEO & COO with the strong aviation management skills. Any possibility These directors could remove excess staff and renegotiate the aircraft leases

4R-ABP has been ferried to AUH as UL1205, today. I thought its been ferried for one of the end-of-lease-checks which have to be carried out by third-party aircraft maintenance provider. Please confirm.