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* Losses at Sri Lanka's budget airline for current financial year is estimated at Rs. 2.2 billion
Fri, Mar 7, 2014, 11:36 am SL Time, ColomboPage News Desk, Sri Lanka.

Mar 07, Colombo: The government of Sri Lanka has informed parliament that the losses incurred by the state owned budget airline, Mihin Lanka, stands at Rs. 2.2 billion for the current financial year.

Civil Aviation Minister Priyankara Jayaratne made this revelation in response to a question posed by United National Party (UNP) parliamentarian Ravi Karunanayaka.

The Minister noted that the losses incurred by Mihin Lanka for the financial year 2011/2012 were Rs. 1.9 billion and Rs. 3.2 billion last year.

Meanwhile, the airline has obtained loans amounting to Rs. 283 million.

In an abrupt move, the government Thursday appointed Nishantha Ranatunga, Secretary of Sri Lanka Cricket as the Chairman and Chief Executive Officer of Mihin Lanka with immediate effect replacing the current CEO Kapila Chandrasena.

Mihin Lanka since its inception in 2006 has recorded continuous losses and despite being declared bankrupt the government has pumped funds to keep the carrier afloat to offer air travel to Sri Lankans at reasonable rates.

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