Business
December 2020 quarterly earnings surged by 33% to Rs. 88.6bn
Consumer services, banks and real estate showed dull performance
December quarter earnings surged by 33%YoY to LKR 88.6bn led by Diversified Financials (144%YoY), Food, Beverage and Tobacco (73%YoY), Capital Goods (68%YoY) Transportation (1930%) and Materials (153%). However, sluggish quarterly performance was witnessed in Consumer Services (-177%YoY), Banks (-19%YoY) and Real Estate (70%YoY), according to a Review by First Capital Research.
The review further stated: “Diversified Financials, Food, Beverage & Tobacco, Capital Goods, Transportation and Materials sectors perform robustly: Strong performance in Diversified Financials, Food, Beverage & Tobacco, Capital Goods, Transportation and Materials sectors were witnessed on the back of recommencement of economic activities. BUKI earnings were up by 7005%YoY and CARS earnings spiked by 306%YoY supported by the gain from oil palm plantations, fair value gain through financial asset and gain from currency movements. DIST earnings were up by 37%YoY owing to the reduction in cost of sale during the quarter amidst marginal growth in revenue. Diversified Financials witnessed a growth of 144%YoY primarily driven by growth in LOFC (13658%YoY) boosted by net other income. Capital Goods sector witnessed a growth of 68%YoY benefited from remarkable performance in HAYL (301%YoY) amidst strong performance in Hand Protection, Purification Products, Agriculture and Plantation sectors, while RCL (100%YoY) and LWL (287%YoY) benefited through import restrictions. Materials sector witnessed a growth of 153%YoY largely benefited from the exceptional performance in CIC (119%YoY) and TKYO (409%YoY). Transportation sector witnessed a growth of 1930%YoY driven by back-to-back exceptional profit in EXPO (1406%YoY).”
“Consumer Services, Banks and Real Estate illustrated dull performance: However, the Tourism industry continues to be adversely influenced, hence, Consumer Services sector earnings recorded a dip of 177%YoY. Banking sector witnessed a decline of 19%YoY largely driven by SAMP (-34%YoY) and HNB (-28%YoY) impacted by the increase in impairment. Real Estate sector earnings (-70%YoY) have slowed down due to the ongoing pandemic, out of which OSEA witnessed a decline in earnings by 55%YoY.” First Capital Research Review said.
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
