Business
Printcare picks up employees’ personal tax tab “even at cost to the company”
Continues impressive performance through Q3
Printcare PLC, the leading quoted company in the country’s printing and packaging industry, conscious of hardship imposed by the new tax regime on its employees, had decided to fully reimburse the added burden even at cost to the company, its Executive Director Krishna Ravindran said last week.
“We are lucky to have a great team of employees that have stayed focused on executing our strategy in the most challenging times. We are conscious of the additional financial burden our team has to bear as a result of the increased personal taxes, and have made a decision even at cost to the company, to reimburse the additional tax component they incur in full to ease this burden,” he said.
The company delivered a strong first nine months performance with Group revenue up 85% to Rs. 10.25 billion from Rs. 4.53 billion from the same period last year driven by an increase in the sales of its sustainable and innovative value added packaging to both its export and local markets, a company news release said.
“The cumulative profit before tax increase to just under Rs. 2.0 billion for the nine month period, a 33% growth over the profit before tax of Rs. 1.5 Bn for the corresponding period last year,” it said. “Soaring inflation, massive increase in interest rates, adverse impact on local disposable income from large tax rate increases, and continued migration of talent, have been some of the key challenges the Company faced in 2022 and continues to face in 2023.”
The release added that Printcare has a strong customer base that are market leaders in their respective industries, and so benefit from their insight into the market, which is invaluable during times like this. Printcare on its part has strived to ensure uninterrupted supply in 2022 to support customers’ growth strategies.
The outlook for 2023 will continue to be challenging, but the company will continue to engage with its customers on what packaging shifts they can foresee in their markets, based on anticipated consumer perception and regulatory changes. These insights will continue to help identify potential growth opportunities for which the company can uniquely position itself to provide winning solutions, the release said.
“Proactively identifying these sentiments and potential shifts help Printcare stay on top of trends as they develop, and also support its customers in revamping their packaging portfolio—ultimately creating significant growth opportunities, it added.
Printcare said it had focused on serving a global market since its inception over 40 years ago, and so has a history of competing with and bench marking itself against global and regional competitors. The endorsement of its products meeting top global standards recently came in the form of the prestigious Asian Packaging Excellence Awards conferred with in December, in the face of competition from 29 countries, the release concluded.
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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