Business
March 2020 quarter earnings decline by 52.0% YoY for 266 companies: First Capital
The quarter ended in March 2020 reported a decline in earnings by 52.0% year -on-year for 266 companies, according to a report released by First Capital Research.
“March quarter earnings dipped by 51.9%YoY to LKR 33.6Bn primarily owing to sluggish performance in Diversified Financials (-87%YoY), Capital Goods (63%YoY), Food, Beverage & Tobacco (-72%YoY), Telecommunication (-52%YoY) and Consumer Services (-101%YoY)”, it said.
The report further said: “Upbeat quarterly performance was only witnessed in the following sectors; Banks (+32%YoY) followed by Food, Staples, and Retailing (+96%YoY) and Materials (+8%YoY)”.
“Lackluster performance in Diversified Financials, Capital Goods and Food, Beverage and Tobacco sectors was mainly owing to subdued economic growth which was heightened by the Covid-19 pandemic striking the island. PLC profit dipped by -90%YoY due to high impairments because of the slowdown in the economy caused a reduction in disposable income of customers and business volumes”.
“Consequently, there was a rise in non-performing loans in the sector which was the main factor for the decline in earnings of Commercial Credit and Finance Plc – (-56%YoY), LOLC Finance Plc (-29%YoY), LB Finance Plc (-19%YoY) as well. Therefore, primarily led by the above-mentioned counters, the Diversified Financial sector recorded a decline of 87%YoY”.
“Plunge in earnings by 63%YoY in Capital Goods was chiefly driven by SHL earnings reporting a loss of LKR 3.3Bn (-11033%YoY) followed by the decline in earnings in BRWN (-53%YoY) and SPEN (-45%YoY)”.
“Notably, JKH recorded a growth of 18%YoY primarily due to the growth in profits in Consumer Foods, Retail and Property segments, overall, the Capital Goods sector recorded a decline in earnings”.
|Banking sector witnessed a profit growth of 32%YoY to record LKR 14.6Bn primarily driven by COMB (+20%YoY), HNB (+57%YoY) and SAMP (+27%YoY). COMB, HNB and SAMP profits were boosted due to financial investment gains (forex and mark to market gains) coupled with the removal of NBT and Debt Repayment Levy which improved the bottom line”.
“Cargills Ceylon Plc recorded an impressive growth of 134%YoY driven by the growth in FMCG and retail space, benefiting the Food, Staples and Retailing sector to record a growth of 96%YoY”, First Capital report said.
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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