Colombo Port expenditure cut by 8.6 percent

The expenditure of the Colombo Port has been reduced by 8.6 percent in 2017 in comparison to 2016, said Ports and Shipping Minister Mahinda Samarasinghe yesterday.

He also added that the Colombo Port has increased its income by 3.5 percent as well, in comparison to the previous year, making a total profit of Rs 13 billion in 2017.

He made these observations yesterday during a press conference held at the Ports and Shipping Ministry auditorium.

Sri Lanka Ports Authority Chairman Dr Parakrama Dissanayake said the expenditure of the Ports Authority was Rs. 33,005 million in 2016 and dropped to Rs 30,180 million in 2017. He said nearly Rs. 3,000 million has been saved in 2017.

He pointed out that the reduction of the expenditure is a challenge even for a private company. This target could be achieved by stern control implemented by the Ports Authority as well as the employees' commitment to make it a success. Areas such as use of electricity in particular, had been focused on for reduction of expenditure.

Minister Samarasinghe further stated that the Sri Lanka Ports Authority's profit had been increased to Rs 13.2 billion as it was rid of the loan taken for the construction of the Hambantota Port.

The Eastern Terminal is to be developed with the funds of the Ports Authority. The Eastern Terminal requires only equipment to bring it up to standard, he said. 

Share on Google Plus

About Lankaimage lanka

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.