Business
Aitken Spence shows strong comeback in Q1 through improved performance in June 2020
Aitken Spence PLC made a strong comeback in the month of June 2020 with the Group’s main sectors excluding tourism recording a growth in profits compared to June 2019, despite the adverse effects of the Covid-19 pandemic on overall economic activity.
It is noteworthy that three main sectors of the Group; maritime & freight logistics, strategic investments and services collectively recorded a profit of Rs. 513 million during the quarter with the performance of these sectors improving steadily month on month.
The tourism sector of the Group both in Sri Lanka and overseas was significantly impacted due to the global pandemic and lockdown in the country during April and May 2020, resulting in the first quarter ending June 30, 2020 recording a loss of Rs. 1.5 billion compared to Rs. 216.7 million profit attributable to the shareholders in the previous year.
Resilience was seen in the Group’s diversified business portfolio and strategic direction, particularly, in integrated logistics, plantations, elevator agency, insurance and money transfer services that was commendable amid unprecedented challenges.
The maritime & freight logistics sector performed remarkably under challenging conditions to deliver a profit-before-tax (PBT) of Rs. 459 million. Most companies within the maritime and freight logistics sector, operated continuously without a disruption during the quarter under review with increase in profits from the integrated logistics segment and airline cargo division of 58% and 71% respectively over the last year. Another outstanding sector performance was recorded by the elevator agency, insurance, money transfer segments in the services sector recording PBT of Rs. 96 million.
The strategic investments sector recorded a loss of Rs. 42.4 million for the three months ended June 30, 2020 due to foreign exchange translation losses arising from the strengthening of the rupee by nearly 2% during the quarter, although the plantations segment recorded an excellent performance with a growth in profit of more than 350% over the previous year and the power generation segment also making a noteworthy contribution to profits. (Aitken Spence)
Business
JAT Holdings celebrates the 6th Pintharu Abhiman Convocation, uplifting over 800 painters through NVQ certification
JAT Holdings PLC marked a significant milestone with the successful conclusion of the 6th JAT Pintharu Abhiman Convocation, recognising more than 800 painters who have earned their NVQ Level 3 qualification, an internationally recognised professional certification delivered in partnership with the National Apprentice and Industrial Training Authority (NAITA).
JAT Pintharu Abhiman was established to uplift Sri Lanka’s painter community through structured skills development, professional recognition and stronger earning potential. This year’s graduating cohort reflects the programme’s expanding reach and the tangible changes it continues to deliver for individuals, families and communities.JAT in collaboration with NAITA has streamlined the certification process such that what would traditionally take up to six months has been refined into an efficient and high-impact three-day assessment model. This approach ensures painters can obtain their qualification without sacrificing extended periods of work, while JAT fully absorbs the certification cost, removing financial barriers and enabling wider access to formal recognition.
Research conducted amongst NVQ qualified participants shows meaningful improvements in livelihoods, with 90 percent reporting increased personal confidence and 76 percent noting an improvement in their overall standard of living. This uplift demonstrates the long-term value of industry-aligned professional training.
A noteworthy moment at this year’s convocation was the recognition of four female painters who received their NVQ certifications. Their achievement marks an important step in broadening female participation in a field that has historically been male dominated, reinforcing JAT Holdings’ commitment to creating inclusive pathways for technical development and sustainable employment.
Speaking at the ceremony, Mr. Wasantha Gunaratne, Director Sales and Technical (South Asia) of JAT Holdings PLC, said:
“Pintharu Abhiman is fundamentally about development, giving painters the knowledge, structure and recognition they need to progress in their careers. By equipping over 800 painters with an internationally recognised NVQ qualification, we are not only strengthening the technical standards of the industry but also creating real pathways for entrepreneurship and financial independence. It is especially encouraging to see that one in five certified painters have already begun building their own businesses. These are the outcomes that matter because they show that when we invest in skills, we unlock opportunity. JAT remains committed to expanding these avenues so every painter has the chance to grow, lead and build a sustainable future.”
The 6th JAT Pintharu Abhiman Convocation underscores JAT’s continued dedication to uplifting the painter community, enhancing industry standards and supporting national skills development through accessible, professionally recognised qualifications.
Business
Industry bodies flag gaps in Draft National Electricity Policy
The Ceylon Chamber of Commerce, together with the American Chamber of Commerce, Exporters Association of Sri Lanka, Federation of Renewable Energy Developers, Joint Apparel Association Forum, National Chamber of Commerce of Sri Lanka and Sri Lanka Association for Software and Services Companies, has submitted joint observations on the Draft National Electricity Policy, highlighting that several key issues have not been adequately addressed.
Whilst recognizing the need for reform in the electricity sector, the submission flags several gaps in the draft policy that require closer attention. Key areas such as affordability, decarbonisation commitments, incentives for renewable energy, competition, and the long-term financial health of the sector are either missing or not addressed in sufficient depth.
The proposed tariff revisions outlined in the draft energy policy raise concerns, particularly regarding the removal of cross-subsidies and the proposal to restrict subsidies exclusively to households consuming less than 30 kWh per month. Without detailed analysis, these measures could weaken access to sustainable and affordable energy and potentially lead to fiscal risks.
The provisions allowing uncompensated curtailment, removing feed-in tariffs, and imposing mandatory time-of-use tariffs on rooftop solar users could make renewable energy projects un-bankable for international lenders, thereby increasing the cost of capital for Sri Lanka.
Calling for a more future-focused approach, the submission stresses the need for a policy that reflects modern electricity systems, including planning for the energy transition, energy storage, market competition, cross-border electricity trading, and emerging technologies.
The Chambers and Associations request a comprehensive revision of the Draft National Electricity Policy, alignment with the Electricity Act, and resubmission following substantive consultation, and reiterate support to engage constructively with policymakers to shape a policy that supports affordability, investment confidence, and Sri Lanka’s long-term energy security.
Business
Bank of Ceylon partners with 36th APB Sri Lanka Convention
Bank of Ceylon (BOC) partnered with the 36th Annual Convention of the Association of Professional Bankers (APB) Sri Lanka, reaffirming its commitment to promoting professional excellence and knowledge sharing within the banking sector. The partnership was officially handed over by Sameera D. Liyanage, Chief Marketing Officer of Bank of Ceylon and M. R. N. Rohana Kumara, Deputy General Manager Business Revival Unit of Bank of Ceylon, reflecting BOC’s focus on empowering banking professionals and supporting the sustainable growth of Sri Lanka’s financial services industry.
-
Business1 day agoKoaloo.Fi and Stredge forge strategic partnership to offer businesses sustainable supply chain solutions
-
Business5 days agoDialog and UnionPay International Join Forces to Elevate Sri Lanka’s Digital Payment Landscape
-
News5 days agoSajith: Ashoka Chakra replaces Dharmachakra in Buddhism textbook
-
Features5 days agoThe Paradox of Trump Power: Contested Authoritarian at Home, Uncontested Bully Abroad
-
Features5 days agoSubject:Whatever happened to (my) three million dollars?
-
Business1 day agoSLT MOBITEL and Fintelex empower farmers with the launch of Yaya Agro App
-
Editorial11 hours agoThe Chakka Clash
-
Business1 day agoHayleys Mobility unveils Premium Delivery Centre
