Business
Laxapana more than trebles profit in the face of daunting challenges
Laxapana Batteries PLC, a member of the Colombo Fort Land and Building Group, has substantially boosted both revenue and profitability in the year ended Mar. 31, 2020, with revenue growing to Rs. 652.8 million from the previous year’s Rs. 480.2 million and the after tax profit more than trebling to Rs. 41.3 million from Rs. 11.3 million a year earlier.
Incorporated in 1956 as Elephant Lite Corporation Ltd., the company was the pioneer local manufacturer of dry cell torch and transistor batteries and continued this line of manufacture until its closure in 2012 due to the rapid drop in demand for D size batteries both locally and globally.
The company which continues to market, under the Laxapana brand, a range of zinc chloride and alkaline batteries, LED bulbs etc. was quoted on the Colombo Stock Exchange in 1972. In Aug. 2005, its name was changed to Laxapana Batteries Ltd. And subsequently re-registered as Laxapana Batteries PLC.
The company’s recent published annual report says that it continues to operate a fully equipped laboratory to ensure the quality of its dry cell batteries and LED bulbs. In April 2019, it commenced its own distribution as Laxapana Hardware distribution.
The company’s chairman, Mr. SDR Arudpragasam told shareholders that in a year of unprecedented challenges, Laxapana has performed commendably in terms of both turnover which grew 38% and profitability. This performance is mainly attributed to their strategic initiative of launching an in-house distribution network to cater to a market segment previously not met.
“The initiative directly improved sales volumes and margins during the year,” he said. “Further, we adopted a stringent cost reduction model to streamline our operational expense-base against the previous year. These strategies enabled us to sustain our business in this challenging environment.”
Thus their after tax profit had more than trebled to Rs. 41.3 million from the previous year’s Rs. 11.3 million reflecting the focused efforts to manage costs and improve margins. They also capitalized on investment initiatives by branding the Laxapana LED segment which directly improved the company’s performance.
A first and final dividend of one rupee per share has been paid for the year under review.
E.B. Creasy and Co. PLC through two accounts own over 51% of Laxapana. The company’s chairman, Mr. SDR Arudpragasam and related companies of the of the Colombo Fort Land and Building group are among the top 20 shareholders.
The directors of the company are: Messrs SDR Arudpragasam (chairman), RN Bopearatchy, S. Rajaratnam, RCA Welikala, PMA Sirimane, AR Rasiah, SNP Palihena, AM Mubarak and SW Gunawardena.
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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