Business
First Capital upgrades Hayleys Fabric PLC’s earnings target for FY24 to LKR 2.6bn
Hayleys Fabric PLC is set about on a promising note for FY24 with a better than anticipated performance during the 1QFY24 as it recorded a profit of LKR 901.6 million amidst a soft market environment while displaying a robust QoQ improvement against the earnings of LKR 54.3Mn in 4QFY23, according to First Capital Research.
The researchers at First capital further said: “However, on a YoY basis earnings of Hayleys Fabric fell 44.1% below the 1QFY23 earnings of LKR 1.6Bn owing to the higher base effect. Massive improvement in the GP margin (YoY) by 638bps to 19.3% in during the 1QFY24 has acted as the main catalyst in positive earnings growth. Accordingly, dollar denominated revenue appreciated by 9.3%YoY to USD 45.1Mn amidst higher quantities and higher margins while cost of sales in dollar terms remained broadly unchanged with a minute increase of 1.3%YoY.”
“Thus, gross profit surged higher by 63.1% and recorded at USD 8.7Mn. Nevertheless, LKR topline for 1QFY24 shrunk on a YoY basis amidst exchange rate fluctuations while cost of sales dipped YoY on the same line aiding GP margin to remain strong. During the 1QFY24, fluctuations in the rupee posed challenges to the bottom-line of HAYLEYS FABRIC PLC as finance expense continued to surge high causing a stumbling block to the earnings potential. Since our last report in Jul-23, share price appreciated sharply reaching our FV of LKR 35.0 and LKR 45.0 for FY24E and FY25E, respectively. Accordingly, considering HAYLEYS FABRIC PLC’s strategy to increase margins, expected gradual revival in the apparel industry and with the company substantially surpassing our earnings target for 1QFY24, we have upgraded the earnings target for FY24 to LKR 2.6Bn (previous: LKR 1.6Bn) while FY25 earnings is estimated at LKR 3.6Bn (previous: LKR 2.5Bn) while the target price for FY25 is further upgraded to LKR 65.0.”
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
