Business
Teejay Lanka 3-month group revenue up 119% to Rs. 10.4 billion
Teejay Lanka PLC has made an encouraging start to FY 2021-22 with solid top and bottom line growth in the three months ending 30th June 2021, shrugging off the pandemic-imposed shackles that retarded Q1 growth last year and overcoming the impact of the third wave of COVID-19 on the industry.
Sri Lanka’s largest textile manufacturer more than doubled revenue to Rs 10.4 billion at Group level for the three months posting growth of 119%, achieved a 27-fold improvement in its profit before tax of Rs 385 million, and converted last year’s Q1 net loss of Rs 31.5 million into a post-tax profit of Rs 310.5 million in Q1, 2021-22, the Group’s third consecutive quarter of profit growth.
Teejay Lanka Chairman Bill Lam welcomed the positive start to the new financial year but cautioned that raw material prices and the new dynamics brought about by the global pandemic would continue to pose challenges to the business. He attributed the growth in turnover to the Group’s success in maintaining uninterrupted operations at all three manufacturing plants despite the third wave of COVID-19, additional revenue from outsourced operations in Sri Lanka and the depreciation of the Rupee in the review period. The turnaround in Q1 profits was achieved through increased volumes, a strong order book, strategic management of yarn price increases and stringent control of costs, he said.
At Company level, Teejay Lanka reported profit before tax of Rs 347 million for the three months, reflecting growth of 40%, while net profit improved by 50% to Rs 315 million on revenue of Rs 6.2 billion, up 65% over the corresponding quarter of the previous year.
Based on these results, Teejay Lanka PLC has proposed an interim dividend of Rs 1.15 per share in respect of the quarter reviewed. The Group has continued its strong debt-free balance sheet from the previous year with a net cash balance of Rs 4.8 billion.
Teejay Lanka CEO Pubudu De Silva said raw materials and cotton prices are at a peak level while the global market remains competitive with changing dynamics. “The Group foresaw these challenges during the last financial year and strategically approached its customers to minimise the impact on profits and margins,” he said, adding that “Our operational excellence journey has enabled the Group to increase productivity while reducing overheads and wastage to reduce the impact on margins.”
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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