Sri Lanka port operating profit up in 2010

COLOMBO, April 21 (LBO): Sri Lanka Ports Authority (SLPA), which runs the island's ports, increased revenue and operating profit in 2010 on the back of the global economic recovery which generated double-digit growth in cargo flows. The SLPA's operating profit increased by 126 per cent to 4.4 billion rupees in 2010 from the previous year while revenue rose by 21.2 per cent to 28.3 billion rupees, according to the central bank. The SLPA's operating expenditure increased by 11.7 per cent to 23.9 billion rupees over the same period. "The capital expenditure incurred by the SLPA during the year increased to 6.1 billion rupees compared to 3.8 billion rupees in 2009," the bank's annual report said. "With the gradual recovery in international trade, the performance of port operations increased significantly in 2010." Container cargo flows at Colombo port rose 19.4 per cent to hit a new record of 4.1 million containers last year "supported by steadfast growth in both import-export and transhipment cargo," the bank said. The number of containers handled in 2010 was also 10.8 per cent higher than the total of 3.7 million TEUs (twenty-foot equivalent container units) handled in 2008, the highest-ever performance before the global recession. Transhipment cargo handling increased by 18 per cent in 2010 from the previous year, while the total cargo handled at the port of Colombo increased by 26.7 per cent.