Magampura to make profit in three years

Shirajiv Sirimane in Hambantota

The Ruhunu Magampura Mahinda Rajapaksa Port in Hambantota will start making profits within the next three years, Ports Authority Chairman Dr. Priyath Wickrama said. Speaking at the ground breaking ceremony of the first investment to the Port by Hayleys Advantis, he said that usually Ports take around 10 to 12 years to reap benefits.

"However this Port would start making profits from three years," he said. The Chairman said US $ 360 million was invested for the first phase of the Port and already four investors have pledged US $ 760 million.

"This clearly underlines the investor confidence for the project."He said they are targeting US $ one billion investments within the next few months for the Ruhunu Magampuura Port. Dr. Wickrama said with these investments coming in they cannot cope and this was the reason they launched the second stage of the Port development.