However, the significant devaluation of the Sri Lanka rupee in March 2022 resulted in an exchange loss of Rs. 143 billion for the year, driving the Group to record a full-year net loss of Rs. 164 billion after exchange loss and finance charges as against Rs. 49 .7 billion in FY21.

Of the loss 87% consisted of exchange losses as opposed to 40% in FY21. SriLankan Airlines Chairman Ashok Pathirage said,

“With the successful implementation of our new business strategy in line with the increase travel demand, it is significant to note that the Group recorded a profit (when reported in dollar terms, as over 75% of the Group’s revenues are generated in foreign currencies), for the fourth quarter of the financial year.”

He said that the national carrier has recognised that the debt burden of the company largely relating to liquidity sourcing made in the past, remained a drawback to an otherwise improving financial performance.

Therefore, the company explored the possibilities of restructuring some of these debts, the majority of which are held by institutions owned by the Government of Sri Lanka.