Operated kilometres rose to 1.8 percent to 344 million.
Various factions of Sri Lanka's elected ruling class have stuffed SLTB with their supporters generating losses in the heavily unionized utility which have been covered at the expense of the tax payer.
The total number of buses owned by the SLTB had fallen from 7,607 in 2013 from 7,756 in 2012.
The Central Bank said the losses of SLTB was mainly attributed to weaknesses in efficiency which needed to be corrected but it also operated some routes which were not profitable due to socio-economic importance.
In 2013, 1,641 buses had been refurbished and 50 luxury buses imported for the Commonwealth Heads of Government Meeting at tax payer cost had been handed over to SLTB to run on expressways.
A controversy brewed recently after the state kept buses operated by private citizens out of the expressways, leading to protests by operators.
The bus transport has a long history of pitting ordinary citizens against the elected ruling class and the coercive powers of the state.Bus transport was one of the first areas where the elected ruling class violated the property rights of citizens and expropriated their assets soon after gaining self-determination from British rule, killing an incorporated industry and entrepreneurship.
For decades it was a state monopoly until private operators were allowed in around the late 1970s.
But the private bus transport is fragmented and with only a few large companies and its quality of service and safety have come under question.