Thiruvananthapuram: SriLankan Airlines Group has nearly doubled its profit in the 2005-2006 financial year on the strength of new market strategies and greater emphasis on controlling costs.

The Group reported a net profit after tax of Rs.2,041.18 million, an increase of 48.33 per cent from the previous year's Rs.1,376.07 million.

SriLankan Airlines Limited achieved an impressive profit after tax of Rs.797.93 million. "The focus on better control of costs did not in any way compromise our commitment to providing the finest service," said Peter Hill, CEO of SriLankan Airlines in a release.

The group's operating revenue was Rs.62,489 million, up 14.20 per cent from the previous year, and the airline's operating revenue was Rs.61,160 million, up 13.66 per cent.

The operating expenditure increased by 11.77 per cent to Rs.60,581 million, and the airline's operating expenditure increased by 10.59 per cent to Rs.60,399 million.

The company's fuel cost increased by 39.73 per cent on the back of a 33.58 per cent increase in average fuel prices and a 4.68 per cent increase in consumption required by the Airline's expansion in the last financial year.

SriLankan Airlines played a prominent role and invested Rs.400 million in the country's biggest promotional campaign — Rediscover Sri Lanka — in partnership with Sri Lanka Tourism.

The airline's tourism arm `SriLankan Holidays' launched a series of initiatives to promote inbound and outbound tourism, and services of its domestic arm SriLankan Air Taxi were increased.

Cargo operations capitalised on the growth of India's economy, including the launch of a new freight service to Coimbatore and achieved revenue of Rs.8,152 million, up 9.64 per cent, which constituted 13 per cent of the group's revenue.

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