Business
‘Expolanka Holdings navigates Q4, FY24 results with resilience and agility despite turbulent times’
Expolanka Holdings PLC announced its financial results for the fourth quarter and full year ended March 31, 2024, demonstrating resilience in the face of a volatile macro environment, sustained by its agility and strategic focus.
For the quarter ended March 2024, the company reported Revenue of Rs. 66.0 billion, Gross Profit of Rs. 12.8 billion, and a Net Loss of Rs. 5.3 billion. For the twelve months that ended on 31, March 2024, the group reported Revenue of Rs. 249.9 billion, Gross Profit of Rs. 47.1 billion, and a Net Loss of Rs. 17.6 billion.
Importantly, the company also announced the delisting of its ordinary shares from the Colombo Stock Exchange on 1st March 2024 and received approval from shareholders at an Extra Ordinary General Meeting (EGM) held on the 27th of March 2024. The company is now seeking approval from the Securities and Exchange Commission of Sri Lanka (SEC) to proceed with the delisting process.
The global economy faced multiple shocks over the past two years, including tightening monetary policies, persistent inflation, trade protectionism, high energy prices, and geopolitical tensions. The World Bank’s January 2024 report predicted global growth would slow to 2.4% in 2024 – the third consecutive year of deceleration – due to ongoing macroeconomic conditions, resulting in operational challenges and tepid financial performance for EFL Global.
In its logistics business, EFL Global experienced a decline in Air Freight and Ocean Freight volumes due to low imports and slowing consumer demand. This also led to reduced revenue from complementary services such as drayage and warehousing.
On the supply side, Air Freight rates remained steady during the quarter following volatility during the first 3 quarters of the year. Air Freight Yields were static but well below the prior year. Ocean Freight rates increased due to disruptions in the Red Sea, but yields remained unchanged as rate hikes stemmed from higher premiums like insurance. Ocean Yields saw a significant reduction compared to the previous year. Profitability declined across Air and Ocean Freight, with Ocean Freight more impacted by yield adjustments.
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
