News
Steep depreciation of rupee shoots up foreign loan interest cost of SLPA last year by 200 percent
The cost of foreign loan interest that the Sri Lanka Ports Authority (SLPA) had to pay in 2022 increased by 200 percent compared to the previous year due to the depreciation of the Sri Lanka rupee, the SLPA’s 2022 Annual Report states.
However, the SLPA reported a net after tax profit of 42.3 billion rupees last year, compared to 20.7 billion rupees recorded in 2021, primarily due to the depreciating Sri Lankan rupee against the U.S. Dollar.
The SLPA Annual Report said the institution recorded an operating profit of 47.2 billion rupees in 2022, as against 24.9 billion rupees in the previous year. The gross revenue in 2022 was 99.1 billion rupees, compared to 60.6 billion rupees in 2021, which was an increase of 38.5 billion rupees. Total expenditure before tax, foreign loan interest and foreign exchange gain / loss was 43.7 billion rupees compared to 32.9 billion rupees in 2021, an increase of 33 percent. The SLPA terminals recorded 1,925,895 twenty-foot equivalent units (TEUs)) annual throughput in 2022 and maintained volumes without a significant drop despite industry drawbacks, the report said.
Average productivity of SLPA terminals recorded marginal improvement, while the productivity of mainline vessels reported 23.3 moves per hour (MPH) in 2022, which was a 2.6 percent improvement over the previous year. Feeder line vessels reported 20.99 MPH in 2022, an improvement of 4.9 percent over the previous year, it said.
With regard to the controversial East Container Terminal (ECT), which was initially to be given to Adani, The SLPA has already constructed a 600-meter quay wall and plans to build the balance of the 720-meter quay wall foundation to have 20-meter deep berths. The development of the ECT will be done in phases, with the goal of making it a fully-owned container terminal of SLPA by 2025. The ECT will have a 1320-meter-long quay that could accommodate three ultra-large container carriers, a yard area of 72 hectares, and an annual capacity of three million TEUs when completed. Plans are underway to semi-automate the ECT, complete with extra height and reach ship-to-shore (STS) automated Cranes, straddle carriers, and Automated Rail Mounted Gantries (ARMGs), the report said.
The tonnage-wise cargo handled at the Port of Colombo in 2022 decreased to 96 million tonnes, which is a decline of 7.4% compared to the 103 million tonnes handled in 2021. In terms of the performance of other ports, 323 ships arrived at the Port of Hambantota, with a decrease of 5.9 percent in cargo handling tonnage compared to 2021. However, vehicle handling at the Port of Hambantota increased by 13.1 percent. Meanwhile, the number of ships that arrived at the Port of Trincomalee decreased by 18.8 percent, with cargo handling tonnage declining by 34.3 percent compared to 2021, according to the report.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
