Business
SLT Group FY and 4Q 2023 results impacted by macro-economic challenges
Optimistic on future SLT-MOBITEL forecasts
The SLT Group’s financial results for the fourth quarter and financial year ending December 31, 2023, reflects a downturn in performance amidst a turbulent macro-economic environment in the country.
For 4Q 2023, SLT Group reported a year-on-year consolidated revenue degrowth of 7.5% amounting to LKR 26 billion compared to LKR 28 billion in 2022. The Group’s profits decline was attributed to reduced revenue, despite the efforts of cost optimization measures that resulted in a 5.9% reduction in Operating Expenses (Opex). Consequently, the Group saw a corresponding decline in operating profit, with both Profit Before Tax (PBT) and Profit After Tax (PAT) experiencing decreases in the quarter.
At SLT level, a 3.6% Opex reduction was posted for 4Q 2023 compared to 4Q 2022, attributed mainly to a well-managed cost reduction in staff costs. Further, SLT saw cost savings in other areas credited due to a reduction in advertising and activation costs, with repair and maintenance costs also decreasing during the latter part of 2023. However, these savings were outweighed by a fall in the top line and increase in depreciation, driving overall losses.
Offering a positive trend compared to 3Q 2023, the Group recorded a 13.2% reduction in Opex from 3Q to 4Q and a decrease in net losses from LKR 1.5 billion in 3Q to LKR 1.2 billion in 4Q. Moreover, the Group recorded an operating profit of LKR 549 million in 3Q 2023, followed by a surge to LKR 1.2 billion in 4Q 2023, indicating optimistic future forecasts.
Despite the performance decline over previous year, Mobitel showed a 3% growth in revenue and improvement in profitability parameters in the second half of 2023 over the first half of the year. The EBITDA reported a 9% growth and operating loss have reduced by 54% during the period as a result of company’s top line growth and cost optimization efforts.
Janaka Abeysinghe, CEO, SLT-MOBITEL noted, “Looking ahead, macro-economic uncertainty persists. Despite the year-on-year decline in profitability, we are optimistic and see encouraging signs for 2024. Our cost base is under continuous review and adjusted to match market conditions. Given these fundamental strengths, we believe we will overcome negatives in these challenging markets and are confident in driving the long-term profitability of the Group”. The Group remains committed to financial prudence and business continuity while hoping for improved economic forecasts ahead.
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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