Agri and food fair
Plantations Minister Ramesh Pathirana examines mangoes at a stall at the Pro Food, Pro Pack & Ag-biz 2022, food and agriculture fair, which opened at the BMICH on Friday. It will end today. The event was held under the theme “farm to the fork” denoting the entire chain of the food industry which revolves around [...]
Sri Lankan firms diversify into unrelated agriculture to beat crisis
With core businesses struggling, Sri Lankan companies are finding their feet in unrelated areas. For instance, a number of vehicle importers has gotten into agriculture or are enhancing their already successful agri-businesses established as far back as five years ago. DIMO PLC is one such company. “We got into agriculture over five years ago and [...]
Moisture levels important at Colombo tea auction
The recently announced regulations by the Colombo Tea Traders’ Association (CTTA) to declare the moisture content of teas sent to the auctions is part of the authorities’ intention of sustaining the high quality of Ceylon Tea. The Colombo Tea Traders’ Association (CTTA) in a circular on Monday said that it has been decided by the [...]
Complex import rules trigger milk powder shortage
Sri Lanka is facing a milk powder shortage once again owing to a complex procedure in the clearance of containers, dollar shortage, difficulty in opening Letters of Credit (LCs) and import policy inconsistency, several high officials of leading milk powder companies complained. Several brands of milk powder were not available in retail outlets and even [...]
Aggressive overseas expansion, Kelani Cables’ mantra
Cable manufacturer, Kelani Cables PLC coming out with a remarkable performance in the last quarter amidst the crippling economic crisis, has set its sights on expanding to a new country each year in a bid to increase its export sales. Mahinda Saranapala, Managing Director/ CEO Kelani Cables PLC told the Business Times recently that the [...]
Coal procurement tenders cancelled for second time
Sri Lanka’s coal procurement process has become a cumbersome affair for state authorities following the cancellation of the award of the spot and term tender twice within less than two months this year; first over legal issues and secondly failure of bidders to comply with guidelines. This will result in the shutdown of Norochcholai Coal [...]
Pillars of bureaucracy
Presenting budgets, announcing all kinds of changes and setting up new institutions is the easy part. The more difficult exercise is the implementation. That was what young Arty, the intrepid entrepreneur, reflected on during a Thursday morning conversation. He had called to discuss the budget happenings. He was absolutely spot on with his views. For [...]
“Talk the talk & walk the walk”
Budget 2023 delivered on November 14 by the President Ranil Wickremesinghe is “one of the best” that I have seen for decades in Sri Lanka. Well, anyone or someone would find something there to disagree with. I can also provide a list of budgetary proposals from the establishment of the “Department of Cinnamon” to dozens [...]
Power Ministry’s prohibitive tariff stalls lucrative solar projects
The unviable new tariff is annihilating the solar industry by stopping new entrants while 50 megawatts of solar projects are still to be connected to the national grid. The Solar Industries Association (SIA) estimates that 43,000 rooftops in the country are powered by solar worth 630 megawatts. “Not a single company has applied to take [...]
CB Governor: Lower taxing of forex earners fails to bring returns
Strongly defending the high taxing of exporters and others earning in foreign currency, Central Bank (CB) Governor, Nandalal Weerasinghe claimed that preferential tax treatment accorded to them for many decades have not brought substantial returns to the country. He noted that these foreign exchange earning exporters and corporates diversifying its business overseas have so far [...]
Sri Lankan graphite: To store energy and fix economy
The energy crisis is the anticipated climax of the usage of the cycle of oil, gas, and coal whilst releasing undesirable amounts of greenhouse gases. Over the years, scientists, environmentalists, and many non-profitable and governmental organisations raised their voices to stand against climate change. The energy demand is increasing day by day due to overconsumption, [...]
NDB provides grant aid to female entrepreneurs
National Development Bank PLC (NDB) has supported eight female entrepreneurs by giving a total of Rs.2.6 million in grant aid to expand and grow their business ventures. As part of this sustainability project over 30 female entrepreneurs’ island wide were shortlisted and interviewed. The grant recipients were from Girithale, Batticaloa, Eheliyagoda, Jaela, Katugasthota, Katubedda, Rajanganaya [...]
Printcare delivers strong half year performance
Printcare PLC has delivered a strong half yearly performance with group revenues doubling to Rs. 6.8 billion from Rs 3.3 billion in the same period last year driven by sales growth of its innovative packaging material. The group’s Consolidated Profit Before Taxes increased to Rs. 1.7 billion during the year despite a Rs. 240 million [...]
Profits drop, impairment costs rise at Sampath Bank
Sampath Bank, amidst a drop in profits owing to the country’s economic downturn, has increased its total impairment charge to Rs. 48.8 billion for the 9-months to 30th September 2022, a 396 per cent increase from the Rs. 9.8 billion charge reported in the previous year. The potential impact of rising inflation, higher interest charges [...]
Daunting task ahead for HNB customers
Stressed income levels, high interest rates, inflation and taxes continued to aggravate Sri Lanka’s economic crisis as it hindered the repayment capacity of customers of HNB, the bank said this week. “This has resulted in the need to make higher provisions on account of loan impairment. The impairments on investments in foreign currency denominated government [...]
SPC defaults massive dues of pharma suppliers
State Pharmaceutical Corporation (SPC) is now not in a position to procure medicinal drugs from local and foreign companies and suppliers following its failure to settle import bills regularly since January this year Foreign companies are taking steps to black list the SPC due to non-settlement of import bills for a long period accumulating massive [...]
Impact of economic crisis on Sri Lanka’s tea industry
During the time of Gotabaya Rajapaksa’s regime, the former president decided to overnight change the fertiliser policy from inorganic to organic. As per my experience as a former planter, this was not the best decision to be made. The Tea Research Institute has published a replacement ratio of nitrogen in a slab according to the [...]
LOLC’s Gal Oya Plantations a role-model for profitable PPPs
At a time when enhancing profitability of public enterprises is an urgent need to boost the national economy of Sri Lanka, the revival and turnaround of Gal Oya Plantations (formerly known as Hingurana Sugar factory) by LOLC is a good example of how the nation’s assets can be enhanced through professionalism and expertise by the [...]
Resilience amidst profits drop at Pan Asia Bank
Pan Asia Banking Corporation PLC, in its result review for the 9-month period ending September 2022, heralded a period of resilience amidst a multitude of adversities emanating from challenging macro-economic conditions but its profits performance reflected the situation at most banks. For the nine-month period, the bank reported a Pre-Tax Profit of Rs.626 million and [...]
Nations Trust Bank bucks profit trends at most banks
Nations Trust Bank PLC has bucked the trends at most banks on profits for the 9-months to end September 2022 reporting a Profit Before Tax of Rs. 7 billion, up from Rs.5.8 billion in the same 2021 period and Profit After Tax of Rs. 5 billion vs Rs. 4. 5 billion in the same corresponding [...]
Northwest Marine Lanka to construct new boatyard at Dikkowita Fisheries Harbour
Northwest Marine Lanka this week commenced the construction of its new boat building facility at the Dikkowita Fisheries Harbour complex in Wattala. Northwest Marine Lanka currently manufactures large commercial fiberglass fishing vessels, but with this new boat yard, aims to expand into the manufacture and export of luxury yachts and speed craft, entering a new [...]
NDB reports moderate performance similar to most banks
Sri Lankan banks are navigating through a set of unique challenges hitherto not experienced by Sri Lanka or the banking sector, NDB Bank said this week. “In such context we are exercising maximum diligence, with high priority on prudent risk management strategies, concerted support to customers in need and preserving shareholder value. We also remain [...]