Business
Singer delivers notable Quarter3 performance with Rs.869 million PAT
Delivering an outstanding performance, the Singer Group announced a post-tax-profit of Rs. 869.38 million for the third quarter (Q3) for FY20, a Singer press release said.
The release adds: ‘On a cumulative basis, Singer reported a substantial increase in consolidated profit-after-tax for the nine-month period ending December 2020 at Rs. 1.76 billion compared to Rs. 366.43 million in FY 2019. At Company level, Singer (Sri Lanka) PLC recorded a cumulative profit of Rs.1.17 billion, compared to Rs.102.97 million the previous year.
‘This performance reflects Singer’s resilience and effective implementation of the Group’s operating strategy, focus on driving targeted sales, continued robust demand for IT products, its efficient management of product margins and cost structure and the lower finance cost.
‘Contributing to these results was Singer’s consolidated revenue growth, which for Q3 increased by 20% to Rs. 18.66 billion. Cumulative revenues for year-to-date Q3 amounted to 16% to reach Rs. 49.4 billion.
‘Timely price revisions facilitated improved profitability margins with consolidated gross profit increasing by 8% to Rs.4.91 billion during the quarter and also rising by 8% on a cumulative basis.
‘As a result of pursuing a strong sales drive, the company’s selling and administrative expenses for Q3 increased by 8% to Rs. 3.28 billion. Due to continued pressure on repayment capabilities reflecting the economic toll of the pandemic, costs on trade and other receivables increased by 51% during the quarter.
‘While operating profits declined by 1% to Rs. 1.32 billion during the quarter, the operating profit margin narrowed to 7.1% in Q3 FY2021 compared to 8.6% in the corresponding quarter of last year. However, on a cumulative basis operating profit recorded an increase of 8% to Rs.3.48 billion. To stem rising impairments, the company has strategically focused on implementing proactive collection and monitoring measures.
‘The Group continued to pursue an aggressive sales drive leveraging its extensive branch and dealer network and digital capabilities. Demand for IT products remained strong during the quarter reflecting increased digital adoption due to remote working and online education arrangements.
‘Overall profitability continues to be supported by the sustained reduction in the Group’s borrowing costs. A sharp decline of finance costs during the period under review was due to the gradual decrease in market interest rates, extension of supplier credit periods as well as continued rationalization of borrowings, thereby complementing the improvement in core profitability to drive net earnings growth.’
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
