Financial Times

No bonus for SriLankan Airlines staff
Staff of SriLankan Airlines, whose profits nosedived 76 percent last year because of sky high fuel prices and a tourism downturn caused by the tsunami, will not get the usual profit bonus, a spokesperson said.
The Board of Directors of the national carrier, in which Emirates has a 43 percent stake and management control, has decided to give staff a 13-month salary instead of a bonus.

The airline has also not declared a dividend to shareholders. It declared a 25 percent dividend amounting to Rs 656 million paid to the government the year before last.“No dividend has been declared because of the situation in the airline industry,” the spokesperson said.

Many international airlines are struggling to cope with soaring fuel prices and are expected to make losses. SriLankan Airlines group however has announced a net profit after tax of Rs. 1.4 billion for the 2004/05 financial year, down sharply from the previous year's Rs. 5.6 billion.

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