Sri Lanka's deputy minister of finance and planning, Harshana Suriyapperuma, says state-owned SriLankan Airlines (UL, Colombo International) will embark on five-year plan this year with the goal, among others, of growing to 52 aircraft and doubling revenues from the current sub-USD1 billion mark to more than USD2 billion.
Speaking in Sri Lanka's parliament on February 25, Suriyapperuma said the airline's management were under instructions to make the carrier a self-sustaining entity. While the government will assist with legacy debt and interest payments, it will be less forthcoming about covering day-to-day operational shortfalls.
SriLankan Airlines is currently seeking six propeller aircraft, the minister said and, per the new plan, will increase its fleet from the current 22 aircraft to 52 by 2030. ch-aviation understands there is no firm pathway on achieving this number. However, the carrier is working on various options. The airline also has a "view on the (propeller) aircraft type," but it needs finalising.
Suriyapperuma was also critical of historical decisions to pay above-market lease rates and cited an example of SriLankan paying USD900,000 per month for three aircraft that have sat on the ground "for several years." It is unclear which specific aircraft he was referring to.
The ch-aviation fleets module shows that two A321-200Ns, 4R-AND (msn 7697) and 4R-ANE (msn 7891), have been grounded for around a year, but not several. ch-aviation is advised that no one aircraft has been on the ground continuously for three years. Instead, SriLankan Airlines had three narrowbody Airbus neos interchangeably on the ground for extended periods due to CFM International LEAP engine issues. That is now down to two aircraft. "It has not always been the same aircraft," ch-aviation was told, but the minister was "close enough."
The minister says he wants the five-year plan to chart SriLankan's pathway to growth, profitability, and self-sufficiency. He was critical of past borrowing decisions and said discussions were underway with stakeholders to restructure some USD-denominated debts.
