Business
Lanka IOC registers positive performance in Q2
Lanka IOC posted a positive performance for the quarter ended 30th Sep 2021. While declaring the results, Lanka IOC said that during the quarter the company could offset the auto fuel losses only on account of positive performance in other business segments like Lubricants, Bunkering and Bitumen.
Consolidated turnover of the company increased by nearly 10 % to Rs 20.6 billion during the quarter whereas the Cost of Sales increased by around 8% to Rs 19.5 billion against the corresponding period of previous year. Company’s Interest costs/LC opening charges have increased significantly during the quarter in view of sharp rise in oil prices and increased cost of working capital including import loans.
Commenting on the overall performance, Manoj Gupta, Managing Director of LIOC stated – “This has been a challenging half year due to the pandemic implications coupled with the steep rising crude prices. We have delivered a fairly acceptable performance despite incurring heavy losses in auto fuel segment apart from considerable input cost pressures across all business segments. Nevertheless, while continuing to safeguard the interests of its stakeholders, the company shall always remain committed to serve the nation by ensuring uninterrupted supply of petroleum products.”
Gupta further stated that in view of the global economic recovery, propelled by fast pace COVID-19 vaccination across the globe, the international fuel prices have risen sharply reaching 7-year highs. During last two months, Petrol & Diesel prices in the international market have also risen by more than 25% and touched unprecedented levels of $96/barrel in Diesel and $103/barrel in Petrol. At such levels, the company continues to incur heavy losses on both Petrol & Diesel.
While being highly appreciative about the vaccination drive and the various strong measures implemented for rebounding of the economy, LIOC has been requesting the Government of Sri Lanka for a suitable price increase in auto fuels and are very optimistic that Government will come out with appropriate solutions to circumvent the losses being presently incurred in auto fuels.However we have been compelled to effect a marginal increase in the price of fuel by Rs.5/litre, even though the increase shall not at all mitigate the losses being actually incurred.
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
