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Resilient Teejay bounces back in Q2 amidst improving industry sentiments

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Teejay Lanka Chairman Mr Ajit Gunewardene (left) and CEO Mr Pubudu De Silva

Top textile maker Teejay Lanka PLC has achieved a remarkable recovery from its first quarter losses to post strong top and bottom line figures for the second quarter of 2023-24, a company news release said.

“Sri Lanka’s first multinational textile manufacturer has reported profit before tax of Rs 1.2 billion for the three months ending September 30, 2023, reflecting a gain of Rs 1.9 billion over the pre-tax loss of Rs 701 million in the preceding quarter, recording quarter-on-quarter growth of 275%,” it said.

“The Group’s net profit of Rs 943 million for the three months was a gain of Rs 1.8 billion over the net loss of Rs 853 million reported for the first quarter of 2023-24, and represented a quarter-on-quarter gain of 211%.

“Revenue for the quarter reviewed, at Rs 15.5 billion, was up 11% over the preceding quarter’s figure of Rs 14 billion, Teejay Lanka PLC said in a filing with the Colombo Stock Exchange (CSE).”

Commenting on the Group’s second quarter turnaround, Teejay Lanka Chairman Mr Ajit Gunewardene said it was the result of a series of strategic initiatives implemented during the quarter as well as changing market conditions generating optimism for improved performances in the upcoming quarters, even though the second quarter’s and first half’s figures were lower than those of the corresponding periods of last year.

He attributed these decreases to a drop in sales volume driven by present market conditions, the appreciation of the Sri Lanka Rupee, and underutilisation of capacity. “The on-going industry volatilities have posed persistent challenges,” Mr Gunewardene said, “but our performance in the second quarter highlights the positive momentum and growth within the Group, demonstrating its resilience in a challenging economic backdrop.”

The Group expressed concern about the changes in taxation during the quarter under review, with the introduction of a new tax policy resulting in a 121% increase in taxes for the Group.

For the six months ending September 30, 2023, Teejay Lanka reported revenue of Rs 29.5 billion, profit before tax of Rs 522.9 million, and net profit of Rs 90 million, reflecting declines of 39%, 81% and 96% respectively over the first half of 2022-23.

However, the Teejay Group has presented a strong Balance Sheet, concluding the period under review with a noteworthy cash and cash equivalents balance of Rs 12.9 billion.

Elaborating on the second quarter recovery achieved by the Group, Teejay Lanka CEO Mr Pubudu De Silva said strategies such as identifying new customers, introducing new product segments, capacity management and optimisation and inventory management while investing in advanced infrastructure, and enhancing the necessary skills and expertise to adapt to evolving industry dynamics had contributed to the turnaround. “These efforts have positioned Teejay to effectively meet the changing needs of Sri Lanka, India, and our sales office in Bangladesh,” he added.

Teejay Lanka was the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol, and is a public quoted company with 40 per cent public ownership. The company is backed by Sri Lanka’s largest apparel exporter Brandix Lanka which has a 33 per cent stake. Pacific Textiles of Hong Kong, whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 per cent of Teejay Lanka.

An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay Lanka was ranked the No 1 corporate entity among 100 public listed companies in Sri Lanka for Transparency in Corporate Reporting in the TRAC 2022 assessment carried out by Transparency International Sri Lanka (TISL), the local arm of the international corruption watchdog. The TISL assessment was carried out on three areas crucial to fighting and preventing corruption: reporting on anti-corruption programmes, transparency in company holdings and the disclosure of key financial information in domestic operations.



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European Union mobilises 2.6 million Euro to strengthen civil society in Sri Lanka

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Representatives from govt, policy makers and social acitivists

The European Union (EU)-funded “Together We Rise” initiative, implemented by World Vision and SAFE Foundation in Sri Lanka, is a €2.6 million project designed to strengthen civil society and promote human rights, inclusion and accountable governance. Over three years, the project will support 50 civil society organisations (CSOs) by providing targeted training and resources, while also engaging government institutions, policymakers and 250 social activists to enhance transparency, accountability and civic participation.

The initiative is expected to reach 701,100 people across nine districts, with a focus on underserved and conflict-affected areas. Participating organisations will include women-led, youth-led and those representing persons with disabilities. In addition, more than 350 CSO staff will benefit from tailored capacity-building and technical support to strengthen their effectiveness and long-term sustainability.

To achieve this, the project will begin by conducting a Capacity Development Needs Assessment (CDNA) to better understand the strengths and gaps of selected CSOs. Based on these findings, tailored Capacity Development Plans will be developed for each organisation, ensuring support is relevant, targeted, and impactful. Furthermore, through a capacity-building approach, CSOs will be strengthened in key areas including governance and leadership, financial management and compliance, inclusion, safeguarding, and gender equity, civic engagement and advocacy, digital capacity and innovation, as well as resilience and long-term sustainability.

Dr. Johann Hesse, Head of Cooperation at the European Union in Sri Lanka, noted, “With this EUR 2.6 million programme, the EU is investing in a stronger partnership with civil society for inclusive and sustainable development. Civil society organisations work alongside public institutions, helping to reach communities, mobilise citizens, and support the implementation of activities that are both national and EU priorities”.

In addition, selected CSOs will receive small grants to implement their development plans and respond to community needs, ensuring that learning is translated into action. The project will also create platforms for dialogue and engagement between communities, civil society, and government stakeholders, supporting advocacy efforts and influencing policy change.

Highlighting the importance of addressing structural inequalities, Nirosha Hapuarachchi, Project Manager for Together We Rise at SAFE Foundation, noted, “Youth unemployment (ages 15–29) stands at 34.5% in 2025, according to the Department of Census and Statistics. This highlights a critical gap between the skills possessed by young people and the demands of the labour market. Similarly, women and persons with disabilities continue to face social, economic, and structural challenges that limit their ability to access their rights and opportunities. In response to these challenges, the ‘Together We Rise’ project aims to promote inclusive development by addressing the needs and rights of youth, women, and persons with disabilities, enabling them to achieve sustainable, improved well-being”.

The initiative was introduced through a stakeholder engagement platform that brought together representatives from the EU, government institutions, civil society organisations, and community leaders, highlighting the importance of partnerships in driving sustainable development.

Chandrarathna D. Vithanage, Director General of the National Secretariat for Non-Governmental Organisations, emphasised the role of partnerships, stating, “A country can only truly develop when the government, business sector, and civil society work together. Together We Rise is a timely initiative with clear goals to strengthen the NGO sector, and I look forward to being part of this journey, building knowledge, fostering trust, and empowering village-level communities to take charge of the challenges they face.”

Underscoring the importance of inclusive, community-driven approaches, Glattes Rosairo, Project Manager for Together We Rise at World Vision Lanka, remarked, “Together We Rise is not just a phrase – it is a commitment to building strong, collaborative relationships that empower CSOs. This initiative prioritises listening to communities, amplifying the voices of persons with disabilities, youth, and women, and strengthening grassroots leadership to ensure sustainable and meaningful impact across Sri Lanka.”

Grounded in a rights-based, inclusive, and locally led approach, the project prioritises listening to communities, amplifying marginalised voices, and strengthening grassroots leadership – ensuring sustainable and meaningful impact across Sri Lanka.

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CINEC invites students to build future careers as social scientists

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Professor Prasad Sethunga

Students interested in understanding society, education, communication and human behaviour now have an opportunity to pursue that path through CINEC Campus, which is promoting its Faculty of Humanities and Education as a gateway to becoming tomorrow’s “social scientists.”

As economies and workplaces rapidly change through technology and automation, demand is rising for graduates who can analyse human needs, improve communication, strengthen communities and guide institutions through social change. CINEC says its programmes are designed to develop these skills through a combination of academic learning and practical training.

The institution offers a range of diploma and degree programmes including Early Childhood Education, English, Information Technology, and Sports and Physical Education. While diverse in subject matter, these courses share a common focus on producing graduates equipped to work with people, solve real-world challenges and contribute to national development.

CINEC places particular emphasis on careers linked to teaching, research, language development, communication and community leadership. Graduates may find opportunities as educators, trainers, social researchers, communication specialists, administrators and development professionals in both the public and private sectors.

According to the institution, its programmes are approved by the University Grants Commission and the Ministry of Higher Education. Prospective students should independently verify current recognition and course details before enrolment.

The campus also highlights a supportive learning environment with experienced lecturers and flexible study options for selected programmes, helping students balance education with work or other commitments.

At a time when technical skills alone may not be enough, fields connected to the humanities and social sciences are gaining renewed importance. Employers increasingly value communication ability, leadership, empathy, critical thinking and cultural understanding—qualities often developed through these disciplines.

For school leavers and working adults seeking meaningful careers that influence society and improve lives, CINEC says it is positioning its programmes as a pathway to becoming a new generation of social scientists.

By Sanath Nanayakkare

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Pride in hospitality: Ranil Asanka’s story at ‘City of Dreams’ Sri Lanka

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Ranil Asanka

Ranil Asanka, who hails from Matugama, is a dedicated team leader at Cuisine Restaurant in City of Dreams Sri Lanka.

He speaks with pride and passion about his long journey in the hospitality industry. He spent 15 years at Cinnamon Lakeside and later joined Cinnamon Life from its inception, becoming part of one of Sri Lanka’s most exciting hospitality developments from the very beginning.

“Our restaurant is the biggest in the city,” Ranil says proudly. “At one time, more than 600 guests can dine here.”

Cuisine Restaurant is famous for its impressive buffet experience, offering breakfast, lunch, and dinner buffets every day, along with à la carte options. However, Ranil explains that buffet dining remains their main focus.

“What makes us special is the largest variety of buffet dishes,” he says. “We serve Indian, Western, Chinese, Sri Lankan, and Japanese cuisine.”

Among all the options, Ranil notes that guests especially love Indian and Sri Lankan food.

“Mostly Indian and Sri Lankan guests come here, and they enjoy those cuisines the most,” he explains. “Sri Lankan food is a little spicy, and some Indian dishes are spicy too.”

Ranil’s career path is also a story of growth and smart decisions. He first pursued his highest studies in the science field, but later chose to switch to AAT and CIMA qualifications to build better prospects in the hospitality sector.

This move helped him combine academic knowledge with practical business and management skills.

Ranil feels honored to be part of such a prestigious hotel.

“This is the heart of the Cinnamon Hotels,” he says. “It is the biggest one, and I am proud to work here.”

The restaurant remains busy every day, welcoming a constant flow of guests from many countries, especially India, Sri Lanka, and China.

When asked what advice he would give to young people hoping to join the hotel industry, Ranil shares a simple but powerful message:

“When you work in any hotel, work with your heart. Always gain knowledge. That is how you come to the next level.”

From Matugama to one of Sri Lanka’s premier hospitality destinations, Ranil Asanka’s story reflects dedication, adaptability, and pride in serving others—qualities that make hospitality truly special at City of Dreams Sri Lanka.

By Ifham Nizam

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