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Sri Lankan Port Authority makes a staggering profit of 13.2 billion Sri Lankan Rs in 2017

The Sri Lanka Ports Authority which manages the Colombo and Hambantota Ports has made a staggering profit of 13 .2 billion rupee profit for the year 2017. The profit was a mere one billion Sri Lankan rupees in 2016. This was a quantum leap in terms of profit, Minister of Ports and Shipping Mahinda Samarasinghe said according to Sri Lankan Media reports.

We have every reason to believe that profits for the year 2018 would continue to bring in similar profit levels, he said. Samarasinghe was speaking at a function in the capital city of Colombo.

The Hambantota Port joint venture with a Chinese company is off the ground now. Sri Lanka will be receiving 580 million US dollars by May 9th from the Chinese company, the amount being the balance of the 60 percent due to Sri Lanka under the agreement.

Most conditions have been fulfilled by the Chinese company and the release of funds would strengthen the economic fundamentals, including sustainable development efforts. This is the largest ever FDI .160 million dollars is to come in for infrastructure. The port would be operational. The money invested would be recoverable.

A sum of .5 billion Sri Lankan rupees has been spent on constructing stage two of the Hambantota Port, Sri Lanka Ports Authority is to retire the debt. We have been freed from this huge debt payment. The SLPA will honor this debt, the minister explained.

Sri Lanka has negotiated a hall mark agreement with the operators in Colombo Port, to promote Colombo Port collectively. This is a hallmark agreement. The Sri Lanka Ports Authority, had discussions with three players for development of Colombo Port This would enable two ships of three hundred meters to berth. Currently such huge drafts are not available in any port in the vicinity..

The Minister said he would be taking up the issue of development of Easter Terminal at Colombo with the Cabinet. The terminal would be developed by the Sri Lankan Port Authority Ddevelopment of East Terminal at Colombo Port needs to be accelerated, enabling shipping that pass our port to visit Colombo rather than pass by. (India has evinced interest in developing the East terminal at Colombo and the state owned Container Corporation of India is in the race for securing the development contract)

As a result of shipping not calling at Colombo Port over the past three years, the country has sustained a notional loss of 3.5 billion rupees. SLPA would be developed to handle this need.

'Trincomalee Harbour in the Eastern Sri Lanka is also to be developed along with strategic development of the Kankesanturai Harbour in the Jaffna region. The Tricomalee port will be developed taking into consideration the demand for Cruise Shipping. Trinco harbor and the Galle harbor would be developed to meet these needs and concerns.

The port authority is facing problem in developing Oluville harbor due to the presence of sand banks. Steps will be taken to attend to this problem the minister said. He said the Sri Lankan Port Authority will no longer depend on the State Treasury for development of Ports in the island and instead would contribute to the treasury.'


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