Business
Carson’s ensure no job losses or pay cuts despite crippling blows to business
Carson Cumberbatch PLC, the 107-year old Colombo incorporated conglomerate had suffered a group loss of Rs. 2.65 billion in the year ended Mar. 31, 2020, down 349% from a profit of Rs. 1.07 billion a year earlier. according to the company’s just released annual report.
Despite possibly the worst challenges faced during its long history, Carson’s Chairman Tilak de Zoysa said he was proud to report that none of their group employees lost their jobs or had to take pay cuts on account of the Covid impact – something they considered a key corporate social responsibility.
Carson’s are among the world’s major players in palm oil with extensive plantations in Indonesia and Malaysia and substantial processing capability. The business had been impacted in the year under review by two consecutive years of low prices for crude palm oil (CPO), de Zoysa reported.
“(Prices) started recovering during the third quarter, and were yet again pushed down by the demand downturn following the spread of the pandemic,” he said. “In addition global crude petroleum prices were not incentivising vegetable oil during the year.”
These remained range-bound at the USD 50-60 level, subsequently crashing since Jan. 2020 despite the emergence of an industry benevolent bio-diesel programs in Indonesia. Also adverse weather hurt crops impacting the fresh fruit bunch production.
In addition to growing and processing palm oil, Carson’s are into the ancillary oils and fats industry, beverages (being the dominant stakeholder in the Lion Brewery), portfolio and asset management, controlling the wealthiest investment company quoted on the Colombo Stock Exchange, leisure (Pegasus Reef and Giritale Hotels) and real estate owning prime commercial properties in Colombo.
The chairman said their three main areas of activity were oil palm plantations, beverages and portfolio and asset management with a value of Rs. 7.2 billion.
Despite the negative results resulting from a variety of factors including the Easter bomb and the pandemic, de Zoysa said that as a “resilient conglomerate, the group remained focused and positive by looking ahead despite the immediate economic and operational strain created by the pandemic on markets and businesses.”
He vowed to move forward achieving a balance of utmost health and safety of their operations and the optimum level of business and customer satisfaction.
Carson’s has a strong balance sheet with total assets totaling Rs. 172.9 billion and total liabilities Rs. 117.7 billion. A revenue reserve of Rs. 23.1 billion is also carried in the books. An interim dividend of 75 cents per share was paid during the year under review, down from one rupee a share a year earlier.
Bukit Darah PLC, a member of the Carson’s group, is the single largest shareholder of the company where there is a total if 1,997 shareholders in the register including the EPF (2.85%) and several non-resident investment funds. The Selvanathan family, founders of the Sri Krishna Corporation, is the ultimate controlling shareholder.
The directors of the company are: Messrs. T. de Zoyza (chairman). H. Selvanathan (Deputy Chairman), M. Selvanathan, DCR Gunawardena, SK Shah, VP Malasekera, F. Mohideen, R. Theagarajah, Ravi Dias, AS Amaratunga and Ms. Sharada Selvanathan. Mr. K. Selvanathan is alternated for Mr. M. Selvanathan and Mr. S. Selvanathan for Mr. DCR Gunawardena.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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