Business
Teejay Lanka consolidates in Q2 to post 6-month revenue of Rs 48.6 billion
A doubling of synthetic fabric volumes, higher selling prices and the impacts of the depreciation of the Rupee have generated strong growth for Teejay Lanka PLC, enabling Sri Lanka’s first multinational textile producer to close in on its preceding full-year revenue and profit figures by the end of the second quarter of 2022-23.
Teejay Lanka has reported revenue of Rs 48.6 billion and net profit of Rs 2.3 billion at Group level for the six months ending 30th September 2022, nearly achieving the corresponding figures of Rs 49.6 billion and Rs 2.5 billion recorded for 2021-22.
The Group’s six-month revenue grew by 111% over the revenue of the first half of the preceding year, while net profit growth for the period reviewed was 145%.
For the second quarter of FY 2022-23, Teejay Lanka posted revenue of Rs 24.8 billion reflecting growth of 95% and profit after tax of Rs 1.1 billion, an increase of 70%.
Teejay Lanka Chairman, Ajit Gunewardene commented however, that price hikes in raw materials, freight and energy had also increased the cost of sales, which for the second quarter alone stood at Rs 22.6 billion, representing a 96% increase.
“The period ahead is going to be a challenge, yet we remain optimistic that the strategies implemented will enable the Group to continue with its growth trajectory to achieve its US$ 300 million target in the coming years in line with the expanded capacity completed in September 2022,” Gunewardene said. “While there is a slowdown in the global demand for apparel, the Group is confident that it would be able to maintain its momentum by capitalising on newly emerging market segments and its synthetic fabric drive.”
Elaborating, Teejay Lanka CEO Pubudu De Silva said: “Teejay has achieved growth by focusing on its athleisure lines, synthetic orders, new customer segments and Asian markets. The ‘China Plus One’ strategy adopted by customers to shift demand from China to South Asian markets has opened up many opportunities for fabric and apparel manufacturers. We will continue to explore opportunities for growth by discovering new business and are evaluating the potential for capturing new international markets, going forward.”
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
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