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Schoolgirls
bag Young Entrepreneur awards
The award for the Best Company for the year 2000 went to 'Cuddles-2000' of Visakha Vidyalaya and 'Fantasy Kids' of Southland College, Galle, bagged the same award for the year 2001. The awards, organised by the Young Entrepreneur of Sri Lanka (YESL), could not be given last year due to the security situation in the country. The YESL is a body which has worked tirelessly in providing young students with the opportunity to learn practical business skills by setting up their own business ventures, and running its administration within the school curriculum. Patrick Amarasinghe, President of the YESL, said that having witnessed the young achievers programme in many countries, he believed that with the right kind of exposure, Sri Lankan students had the ability to brush shoulders with foreign students in terms of entrepreneurial skills. Amarasinghe said that the objective of the programme was to make students more enterprising so that they would eventually start up their own businesses. "This is one of the best initiatives introduced under the educational reforms, and will transform our youth to job creators rather than job seekers." P. Weliwita, Chief Executive Officer of YESL, said that business education needs to be taught at a very young age, as done in the USA, where business skills are given as much preference as languages. "Sri Lanka needs to invest in its youth, and I'm glad that the private sector has made a contribution towards investing in this project, that will ensure long term benefits for our country." Since its inception in 1997, the YESL has functioned with the assistance of USAID, whose latest contribution of Rs. 20 million will enable the project to expand to 15 rural schools in the country. Under the programme, students appoint a board of directors who are paid a salary, maintain records similar to international companies, operate bank accounts and liquidate the company after 30 weeks of learning and earning with the help of a manual and a consultant. The shares of the company are returned with dividends after paying taxes and conducting a social service project. At the end of 2001, after just 30 weeks of trading, 26 school companies managed to collectively achieve a business turnover of Rs. 16 Million. Having initially raised their capital through the sale of 20,000 shares at Rs. 10 each amongst fellow school colleagues, these Advanced Level students have managed to amass a net profit of Rs. 115,000 after taxes. Carol Becker, Director of USAID, said that Sri Lankan students need to be less dependant on their parents. "It is only then will they see the world of uncertainty as a world of opportunity, and will be less reliant on the government to steer the destiny of the nation." Minister of
Human Resource Development, Education and Cultural Affairs, Dr.
Karunasena Kodituwakku said that Sri Lanka should try to emulate
India, which has succeeded in setting up business ventures across
the world. Caltex
profit soars This has increased
customer confidence in the market, resulting in the company achieving
a 13 percent revenue growth, the firm's chairman Martin B. Southern
said. The company's operating profit before tax rose 49 percent to Rs. 878 million while earnings after tax soared by 72 percent to Rs. 675 million in the period under compared with the same period last year. Overall lubricant sales volume rose by nine percent following increased sales in the north and east and the company's ability to capture the supply rights for nearly all thermal power plants in the country. The merger of ChevronTexaco and the formation of a global lubricants business unit had contributed significantly to the rise in company profits, Southern said. Purchasing synergies achieved through the merger had resulted in the company receiving rebates on core raw materials such as base oil and additives and other merger related service charges, which has contributed approximately Rs. 100 million to the company's overall profit. The company has also earned an interest income of Rs. 124.6 million on cash reserves. Following the company's re-structuring programme and other cost reduction initiatives in the operational aspects of the business, it has realised a saving of Rs. 40 million which Southern said has helped the company achieve this significant growth. Anura Perera, Director/General Manager of Finance, said that with the government's idea to create a 'Terminal Company' for the petroleum sector consisting of three major players, the company was not sure as to whether products of other companies would be allowed into the market. The two players are the Ceylon Petroleum Corporation and the Indian Oil Corporation. Asked whether CLL wants to become the third player in the petroleum sector, Perera said that the company could not take a decision until the government announced the regulatory framework for the sector, and the resources such as petrol stations which would be made available to the third player. (SG) Mosguard
denies mosquitoes landing rights A pleasantly fragranced, cream-based lotion, Mosguard is registered with the Cosmetics, Drugs and Devices Authority (CDDA) and comes at a time when Sri Lanka is plagued with dengue. Hemas said mosquito coils, mats and mat machines, liquid vaporizers, sprays and water-based lotions are popular means to combat mosquitoes among different income groups, together with natural and cost effective methods such as burning leaves, coconut shells and the use of Citronella oil. "However, with deadly dengue mosquitoes being active during the day, coils and mats are of little use especially for people who are outdoors. School children are particularly at high risk during the daytime. Mosguard is especially useful in these situations when coils and mats do not help," a Hemas statement said. Macksons
Paints blend with Isamu of Japan Isamu Paints Japan is one of the leading auto refinish paints manufacturer in Japan since 1927. Macksons while produces the Multilac paints range, is one of Sri Lanka's dynamic paint manufacturers and the only large scale exporter of paints to introduce the state-of-the-art automotive refinish paints to the overseas market as well. Isamu Paints Executive Director Junji Kozasa who signed the agreement in Colombo said the new collaboration with Macksons would facilitate Isamu Paints to offer customers high quality auto refinish paints without any compromise on the original quality. Macksons Managing Director Mizver Makeen said as a global solution provider of surface coatings, it was essential for them to collaborate with specialised manufacturers in various fields to give the best to the customers. Nivasie's
second phase nears completion NDPL is planning to invest nearly Rs. 3 billion on the entire project, which will involve the construction of 1,800 houses, in four stages on 144 acres. General Manager, NDPL, Herman S. Gonsal said the second phase involves customer-tailored houses and is targeted at the lower middle to upper-middle classes. The price per unit ranges from Rs. 900,000 to 2.8 million. He said the developers have provided a lot of open space and greenery with ponds - amongst the houses - to enhance the beauty of the location. Project Marketing Consultant, Senaka Bandaranayake said the houses have being designed and planned by a well-known architect and town planner, Surath Wickremasinghe Associates. Site Co-ordinator Primus Bandara said that this is a fully fledge housing complex with all basic facilities within the premises. (HS) |
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