Financial Times

Colombo Plaza takes over Oberoi

Sri Lanka's first star class hotel in Colombo, the Oberoi, was recently renamed "The Colombo Plaza".

The hotel has a new lifestyle concept combining with Crescat City which comprises an independent shopping mall, residential apartments, hotel facilities with plans by the management to invest $ 500 million in the entire project.

After reaching a settlement with Oberoi Hotels Ltd, Asian Hotels Corporation Ltd (AHC) formally took over management control of its hotel on April 1. Negotiations are underway with leading international hoteliers with a view to re-branding the hotel. It is expected that a comprehensive refurbishment plan would be drawn once a new partner is found.

Viren Perera, Director, AHC said that AHC would not be directly managing the Plaza but has short listed five hotel companies with one to be picked amongst them. He said the AHC would benefit by developing the concept of "one integrated city within the city".

He said that they wanted the Crescat City to be the destination of choice whether to 'live, work, dine, shop, play or relax'. AHC has reported results showing a dramatic upturn this year with post-tax profits for the nine months ended December 31, 2002 at Rs. 151.5 million, up 784 percent from Rs. 19.3 recorded in the same previous year nine months.

Daniel Roche, General Manager, AHC said that the main objective was to make the Colombo Plaza a permanent business hotel in Colombo. The Plaza would be linked to 3,000 hotels around the world and they were expecting a lot of business from the tourist side. The Colombo's most modern shopping mall and its most exclusive condominium would have a new spa and fitness centre, along with parking space for 300 more vehicles. Construction on this phase would be completed by the end of the year. He said that there would be a pool on its roof deck and a tennis court set in landscaped gardens, which would be managed by an internationally reputed operator. (QP)

HSenid software launches ESS - V 2.0 application

HSenid Software International, the premier HRM and Payroll solution provider in Sri Lanka launched its ESS (Employee Self Service) - V2.0 application at the recent IMEXPRO exhibition. ESS an ASP/Internet based, online, self service application provides a wealth of employee information where the HR Department staff's valuable time and resources could be utilized for productive strategic HR functions, diverting users to directly access frequently required employee information.

The application is integratable with any workflow management tool to enable approvals, recommendations and rejections - online.

The application/in-formation is secure with access only to authorized users.

First Capital’s 2002 profits sharply up

The First Capital Group was last year able to achieve phenomenal growth in all aspects to record the best year in its history with net profit after tax rising to Rs. 305 million against Rs. 83 million in the earlier year, the company said.

Shareholder's funds too rose sharply to Rs. 432 million from Rs. 182 million largely due to increased profitability from trading in fixed income securities and capital gains realized from trading in equity. Nevertheless, all strategic business units have made positive contributions to the group, the statement said.

The group consists of five companies, of which First Capital Limited is the holding company. The subsidiaries are: First Capital Treasuries Ltd (Primary Dealer appointed by Central Bank), First Capital Money Brokers Ltd (Licensed Money Broker appointed by Central Bank), First Capital Asset Management Ltd (Investment Manager) and First Capital Markets Ltd (Corporate Debt House).

Ceylinco Life launches unique book for kids

Ceylinco Life has published a valuable omnibus of general knowledge questions and answers in a novel cross-over between brand building and community relations.

Titled "Ran Daru Buddhi Prabodha" this 141 page publication takes the firstpart of its name from the company's popular child protection policy

"Ceylinco Ran Daru". The company plans to distribute the book to hundreds of schools island-wide, and also make it available free of charge to those who purchase Ran Daru policies during a stipulated period.

Compiled by Felix D. Fernando, a veteran radio personality and regular contributor to children's publications in Sinhala, the book is a collection of general kno-wledge questions segmented under 18 subject areas including current events, history, literature, science, culture, arts and cinema, people, religion and sports.

Eraj Wijesinghe new CSE chairman

Eraj M. Wijesinghe, chairman and managing director of the Bartleet group of companies, succeeded Ajit Gunewardene as the chairman of the Colombo Stock Exchange (CSE) at its annual general meeting last week.

Gunewardene, a director of John Keells Holdings, has ended his three-year term as CSE chairman.

Wijesinghe, son of the late Mallory Wijesinghe, the first chairman of the CSE, has been on the CSE board for eight years and has chaired its Finance Research and Development Committee.

He has also served on the boards of United Motors, Bank of Ceylon, Merchant Bank of Ceylon and BCC Lanka.

The CSE also announced its new board of directors. It said Anthony A. Page, chairman of Cargills (Ceylon) Ltd, CT Smith Stockbrokers (Pvt) Ltd, Ceylon Theatres Ltd, CT Land Development Ltd, Horana Plantations Ltd and Millers Ltd, was elected a director of the CSE board with effect from March 31.

CSE chairman Gunewardene and director Douglas D. Wijeyaratne resigned from the board with effect from 31st March 2003.

The board of the CSE consists of nine directors, five of whom are elected by the members of the CSE and while four are appointed by the Minster of Finance. The present board of the CSE comprises the following.

Mr. Eraj Wijesinghe - Chairman, Mr. A.N. Fonseka, Mr. D.H.S. Jayawardena, Mr. Arjuna Mahendran, Mr. G.L.A. Ondaatjie, Mr. Anthony A. Page, Mr. Sunil G. Wijesinha and Mr. R.T. Wijetilleke

LB Finance records Rs. 12 mln profit

LB Finance (LB) has made a profit of over Rs. 12 million in the financial year 2002, up from Rs. 5.2 million in the previous year and Rs. 4.5 million in the year before, the company said.

This achievement has been attributed to a number of factors. During the past two years LB was able to acquire the best management practices and skills necessary for the turnaround in performance.

With the company's balanced approach to unsteady market conditions and the special emphasis placed on recovery of non-performing advances with responsibility placed on the highest level of management, a competent team has ably steered the company through the uncertain economic conditions to achieve this result, a company spokesman said.

LB is the third largest and well capitalised, listed finance company. The formulation of sound strategies, effective supervision and the strict enforcement of regulatory requirements have not only boosted the company's revenue but more importantly has earned investor confidence, he said.

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