Home » Airport and Aviation Services Ltd posts profit after tax of Rs. 4.8 billion

Airport and Aviation Services Ltd posts profit after tax of Rs. 4.8 billion

By: Staff Writer Colombo (LNW): Airport and Aviation Services (Sri Lanka) (Private) Limited (AASL) said it has recorded a total of 5,503,198 international passengers movements while receiving a revenue of Rs. 27,647 million and a net profit after tax of Rs. 4,803 million. While releasing its annual report for the year 2022, the AASL said it had engaged with 37,641 International Aircraft Movements, 173,597 MT of Cargo flights, 23,846 overflying Movements with 3,854 employees. The company contributed Rs. 1,983 million to the government of Sri Lanka in the financial year 2022. The AASL was able to publish the Annual Report 2022 in all three languages on May 31, 2023, as per the guidelines of the Good Corporate Governance Act. The company was able to publish the report prior to the deadlines due to the dedication of the management team at AASL, it said. The revenue was earned while managing and operating the Bandaranaike International Airport (BIA), Mattala Rajapaksa International Airport (MRIA), Colombo International Airport Ratmalana (CIAR), Batticaloa Airport (BTA), and Jaffna International Airport (JIA). Airport & Aviation Services (Sri Lanka) (Private) Limited (AASL) performs statutory duties under the mandate granted by the Civil Aviation Act,No. 14 of 2010 by providing certain specific aeronautical services in Sri Lanka. As the statutory service provider of the Government, AASL develops the airport infrastructure utilizing its own funds and Government backed foreign loans and grants. AASL has deployed an asset base over Rs. 165 billion and a workforce of 3,900 employees. AASL’s revenue tripled from pandemic levels in 2020 and 2021 of Rs. 11.7 billion and Rs. 11.1 billion, respectively, to Rs. 33.8 billion in 2022,exceeding the pre-pandemic level of Rs. 29.9billion in 2019 by approximately 14 percent. Although the revenue from aeronautical services increased by 14 percent from Rs.5.4 billion in 2019 to Rs. 6.2 billion in 2022,the revenue from non-aeronautical services decreased by 2 percent, from Rs. 20.2 billion in 2019 prior to the pandemic level to Rs. 19.8 billion in 2022. The increase in financial expenses from Rs. 0.5 billion in 2021 to Rs. 12.4 billion in 2022 is the primary reason for the 129 percent expenditure growth from Rs. 11.9 billion in 2021 to Rs. 27.3billion in 2022. However, AASL was able to record Rs. 6.4 billion profits before tax in 2022, positioning itself as a profitable entity after two years as a loss-making entity.

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