Business
Aitken Spence records stellar performance in 1Q from non-tourism sectors
Aitken Spence PLC made an impressive comeback in the first quarter ending 30th June 2021 by recording a 145% increase in Profit Before Tax (PBT) of Rs. 1.2 billion compared to Rs. 513 million in the previous year from the non-tourism sectors. The Group’s non-tourism sectors recorded a 96% increase in EBITDA (Earnings-inclusive of equity accounted investees, before interest expenses, tax, depreciation and amortization) of Rs. 1.9 billion compared to Rs. 990 million in the previous year.
The non-tourism sectors include companies in the maritime and freight logistics, renewable energy, elevator agency, money transfer services, printing and packaging, plantations, apparel, insurance and maritime education and management segments.
The Group’s revenue for the quarter increased by 54.5% to Rs. 8.5 billion compared to Rs. 5.5 billion in the previous year while the Loss Before Tax (PBT) for the quarter decreased by 79.6% to Rs. 467.3 million compared to Rs. 2.3 billion in the previous year. The Group’s profits from operations increased by 104% which is a notable improvement to record a profit of Rs. 72 million compared to a loss of Rs. 1.7 billion in the previous year’s quarter.
The Maritime and Freight Logistics sector recorded a growth in PBT of 84% to reach Rs. 845 million which was driven by an improved performance in freight management and liner shipping segments, and overseas port management operations. The Strategic Investments sector recorded a significant growth in PBT of 798% to reach Rs. 296 million, which was augmented by the contribution from the Group’s investments in hydropower and waste to energy which were recent additions to the portfolio. The Services sector performance was commendable, recording PBT of Rs. 117 million which is a growth of 21% compared to the previous year with a strong contribution from the money transfer segment. Companies in these sectors continued their operations and performed exceptionally well during the quarter amid constant travel restrictions and lockdowns imposed by the respective Governments in the operating countries.
The Tourism sector showed promising results with an increase in revenue and reduction in losses during the first quarter. One of the main contributing factors was the overseas hotels in Maldives which were operational during the first quarter. The Group’s Tourism sector recorded a loss of Rs. 1.7 billion which was notably lower than the previous year’s loss of Rs. 2.8 billion.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
