Business
Lanka Salt chalks-up Rs. 1.4 bn turnover for March quarter
By Hiran H.Senewiratne
When most state owned enterprises (SOEs) are running at a loss or are under- performing, Lanka Salt Limited, based in Hambantota, has chalked- up a significant achievement by recording a turnover of more than Rs. 1.4 billion for the first quarter ending March 31, 2023.
‘For the first time in our 70- year history, Lanka Salt has recorded its highest turnover and made a net Rs 700 million profit- after- tax, which is an all- time record for the company, its new chairman Attorney-at-Law, Chaminda Sooriyapatabendhi told The Island Financial Review.
Sooriyapatabendhi added: ‘Since the company has not audited and calculated the final account yet the company has made a Rs 500 million plus for the quarter which too is the highest achieved in the history of the company. After paying Rs. 162 million as taxes we were able to record a net profit of Rs 700 million.
‘Having paid all bonuses to employees recently and having made some casual workers permanent the company was able to record this achievement.
‘In 2019 the company was making huge losses and had financial liabilities to banks and suppliers to the tune of around Rs. 324 million. We were able to turnaround the company due to an efficient management system.
‘In recent times the company has seen a positive rebound and today we also have savings of over Rs. 1.6 billion in our kitty. For the first time Lanka Salt hopes to export industrial salt to Canada to clean motorways during winter and through a foreign agent we will also look at penetrating other European markets.
‘Currently, Lanka Salt produces 90 per cent of local industrial salt and also manufactures fertilizer, which accounts for an over 80 per cent market share in the local salt industry.’
CEO, Lanka Salt, Dr. Ajith Shanmuganathan said that one of the key factors that contributed towards this achievement comprised of new management tools that were introduced to cut down on waste and increase efficiency, which increased by more than 13 per cent.
Shanmuganathan added: ‘This resulted in a production increase of around 60,000 Mt tons per year in 2020 to around 110 million Mt tons last year. Favourable weather conditions also helped to increase production from all our salterns. We also found new direct markets by entering tier products to supermarket chains, like Keells, Cargills and Sathosa.
‘As a cost- cutting measure on energy, we are looking at a suitable investor to build a 55 megawatt wind power plant within our properties, especially the Hambantota saltern, to meet our energy demand while supplying to the national grid as well.’
Director, Lanka Salt, Dinuka Chamara De Silva said that they will be investing Rs. 450 million to build and install a Pure Vacuum Dried Salt Producing Plant at Palatupana salterns and new products are already being marketed.
He said that these products will also be of great value to local food and medical sector manufacturers as they used to import these products before such imports were banned. “This has given them a huge Forex saving.”
De Silva said that they will also engage in PVD exports, especially to Korea and Japan, as there is a huge demand for PVD salt in those countries.
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.”
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