Thilanga meets Faiszer, hands over report on SLC performance

Sri Lanka Cricket’s (SLC) President Thilanga Sumathipala and the Executive Committee of the SLC met the Minister of Sports Faiszer Musthapa at the Ministry, this evening.

Sumathipala handed over the 2017 Audited Annual Accounts and the Annual Report to the Minister at the meeting.

The cricket board said that SLC financials ventured into positive ground during the year 2017 with its liquidity level (Net Current Assets) recording a surplus Rs.1.97 billion, the first time since 2010, SLC saw its liquidity levels recording a positive figure.

During the year 2016, the liquidity levels of the SLC stood at a negative of Rs. 572 million, while in 2015, it was around a high of Rs. 985 million; with its worst year being the year 2011, which amounted to a negative of Rs. 4.25 billion.

In the meantime, SLCs net income ( Net Profit) rose to Rs. 2.12 billion during 2017 compared to just a mere Rs. 64 million earned an year ago. This is a 33 times increase, year on year and was a result of SLC’s strategic growth plans and prudent financial management.

Whilst its income for the year 2017, recorded a sum of Rs. 6 billion, the highest in the institution’s history, this is almost a 100-percent rise from the previous year’s income.

Cash and Cash equivalent jumped to Rs. 2.4 billion during the year 2017, from Rs. 410 million recorded in 2016 and just Rs. 117 million recorded in 2015.

SLC has also managed to bring down its liabilities from around Rs. 4 billion stood at 31st December, 2015 to Rs. 1.3 billion as of present. This was achieved owing to SLC’s present administration’s prudent financial management.

Sri Lanka Cricket’s investment on Domestic Tournaments rose to Rs. 464 million in 2017, compared to Rs. 241 million invested in year 2016, whilst investment into Cricket and Development during the year 2017 increased to Rs. 724 million from Rs. 584 million invested in 2016. (Colombo Gazette)