Nov 27, 2019

Sri Lankan losses exceed 230 billion Featured

The State-run Sri Lankan Airlines had lost over 44 billion rupees in the year to March 31, 2019, (Rs. 44,022.67 million), with accumulated losses rising to 230 billion rupees (Rs. 230,590.07 million), said the Government Auditor General W.P.C. Wickramaratne.

The Auditor General said the company’s currency liabilities were 186 billion rupees (Rs. 186,339.26 million) more than current assets, and total liabilities were 177 billion rupees (177,556.23 million) more than total assets.

This was revealed in the 2018/19 Sri Lankan Airlines annual report  Government Auditor General’s notes.

The Group incurred a loss of Rs. 41,700.33 million during the year ended 31 March 2019 with an accumulated loss of Rs. 223,488.73 million and, as of that date, the Group's current liabilities exceeded its current assets by Rs. 177,725.40 Million and total liabilities exceeded its total assets by Rs. 168,111.70 million, the Auditor Generals notes indicated.
Based on the audit evidence obtained, the Auditor General stated that whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.