Business
Extraordinary impairment charges drive Ceylon Tea Brokers into the red
Company however able to declare a modest dividend
Ceylon Tea Brokers PLC, listed on the Colombo Stock Exchange as the first standalone tea broking company in 2010, has reported a negative bottom line in the year ended Mar. 31, 2020, despite posting an overall performance its chairman, Mr. CPR Perera, saw as encouraging in the face of lower production and declining tea prices.
The loss was the result of an extraordinary impairment charge of Rs. 119.85 million (Rs. 21.45 million the previous year), on account providing for loans and advances to tea suppliers in accordance with SLFRS standards. This has been charged to the company’s marketing expenses of Rs. 133.3 million.
“This had a significant impact on the company’s bottom line (down to a loss of Rs. 62.5 million from a profit of Rs. 21.54 million the previous year) resulting in a much lower PAT compared to 2018/19,” Perera said.
However, the company’s tea business had posted a profit of Rs. 21.5 million during the year, down from Rs. 115.3 million a year. Despite the negative bottom line, the directors have proposed a modest dividend of eight cents per share against the previous years 35 cents per share involving a payout of Rs. 14.5 million absorbing 67.75 of the distributable profit.
Perera reported that they had done well to post a 18% increase in the volume of tea it handled in the year under review although the value of the tea marketed had shown only a marginal increase on account of the decline in tea prices during the year.
Ceylon Tea Brokers’ fully owned subsidiary, Logicare (Pvt) Ltd. had commence operations during the year. This company operates state-of-the-art warehousing complex providing over 12,000 pallet locations. It primary caters to the warehousing requirements of the parent’s producer clients adding value at both ends of the supplier chain.
“With state-of-the-art infrastructure, modern equipment, cutting edge technology and a team of expert, Logicare is equipped as one of the best one-stop logistic service providers with a strong ability to serve various industry verticals,” Perera said.
“During the year under review Logicare partnered with some of the leading companies in Sri Lanka as well as Multi-national corporations as their strategic 3PL (third party logistics) service provider covering various industry verticals such as FMCG (fast moving consumer goods), apparel, stationary, telecommunications and e-commerce.”
He was confident that this company, in the context of the growing demand for 3PL services globally, would significantly contribute to group revenue and profitability in the future.
The company’s CEO/Director Waruna de Silva explained that the impairment charges arose from some tea producers scaling down operations of account of lower production and operations but on a positive note, a few factories that have closed down had re-opened.
Ceylon Tea Brokers origins go back to 2005 when the Captal Alliance Group acquire the long established produce broking firm of De Silva, Peiris and Abeywardena subsequently listing it on the CSE.
The company’s major shareholders are Ashthi Holdings (Private) Ltd. (30.39%), Mr. WAT Fernando (26.78%), Jetwing Travels ( 18.68%), Ms. Shiromal Cooray (5.98%), Associated Electrical Corporation (2.96%), and Mr. CPR Perera/Mrs. D. Perera (1.92%)
The directors of the company are: Messrs. CPR Perera (Chairman), RJN de Mel (Deputy Chairman), WAT Fernando (MD), DGW de Silva (CEO), KHS Deshapriya (COO),Ms. Shiromal Cooray,, HMS Perera, BRL Fernando, DH Madawala, KAD Fernando, HTD Nonia and Z Mohamed.
Business
Ambeon Securities hosts exclusive investor forum on Sri Lanka’s economic and market outlook
Ambeon Securities recently hosted an exclusive investor forum, bringing together clients, investors, business leaders, and market professionals for an insightful discussion on Sri Lanka’s economic outlook and investment opportunities amidst a challenging global landscape.
The event was organized with the objective of providing investors with valuable insights to make better-informed investment decisions while further strengthening the firm’s engagement with its growing client base.
The forum featured Baqar Zaidi, Director and Chief Economist for Sri Lanka and India at Citi Research, as the keynote speaker. Sharing his perspectives on the evolving global macroeconomic environment, Mr. Zaidi discussed key themes influencing emerging and frontier markets, Sri Lanka’s economic trajectory, and the opportunities lie ahead.
The keynote address was followed by an engaging panel discussion comprising Baqar Zaidi, Aravinda De Silva, respected investor, entrepreneur, and the Chairman of Arcasia Holdings. Hasitha Premaratne, Group Managing Director of Brandix and Asanka Herath, Chief Executive Officer – Unit Trusts and Head of Equities at LYNEAR Wealth Management.
Moderated by Imran Furkan, the panel explored a range of topics including Sri Lanka’s macroeconomic outlook, the future of the Colombo Stock Exchange, sectoral opportunities, capital allocation strategies, investor confidence, and the role of policy reforms in attracting investment and supporting long-term growth.
Speaking at the event, Charith Kamaladasa, Chief Executive Officer of Ambeon Securities, reaffirmed the company’s commitment to facilitate quality insights, informed perspectives, and meaningful dialogue to support their clients while building lasting relationships with them. He noted that in an environment where uncertainty has become the new normal, equipping investors with timely information and expert perspectives is essential for successful wealth creation.
The event was well attended by a distinguished gathering of institutional investors, high-net-worth investors, and business leaders. Among those present were members of the Ambeon Group Board, including Group Chairman Sujeewa Mudalige, Group CEO Dr. Sajeeva Narangoda, and Chairman of Ambeon Securities Mangala Boyagoda. Their presence, together with the participation of Ambeon Group shareholders and valued clients, enriched the discussions and contributed to a vibrant networking session, fostering meaningful dialogue and stronger connections within the investment community.
Through initiatives such as this, Ambeon Securities continues to reinforce its commitment to helping clients navigate evolving market conditions, make informed investment decisions, and achieve their long-term financial goals.
Business
Tata Group leads humanitarian education support initiative with DIMO and ChildFund
The Tata Group, in partnership with ChildFund and DIMO, has successfully implemented a humanitarian education support initiative for disaster-affected schoolchildren in Sri Lanka, reaffirming its commitment to helping communities recover from the impacts of Cyclone Ditwah and the subsequent floods.
Following a formal request for support from Sri Lanka, an on-ground assessment was conducted in December 2025. Recognizing the urgent need, several Tata companies joined forces to implement the response program.
As part of this initiative, the ‘Hope in a Backpack’ programme, which provides disaster-affected children with essential educational supplies, was launched by the Tata Group at Taj Samudra, Colombo, in the presence of the Chief Guest, Hon. Prime Minister Dr. Harini Amarasuriya; the Guest of Honour, Hon. Indian High Commissioner Santhosh Jha; Ranjith Pandithage, Chairman of DIMO; Chacko Thomas, Group Chief Sustainability Officer, Tata Sons; and Aditi Ghosh, Country Director, ChildFund.
This initiative is part of DIMO’s Social and Community Pillar, under the project theme ‘Lassana Hetak,’ which focuses on giving the future generation a helping hand towards a better future.
This collective effort was further strengthened by volunteers from Tata and DIMO, who actively mobilized on the ground to pack, distribute, and support affected communities. During the proceedings, specially invited schoolchildren received the backpacks with essential supplies as well.
Commenting on the partnership, Ranjith Pandithage, Chairman of DIMO, said: “DIMO is proud to collaborate on this meaningful initiative alongside the Tata Group and ChildFund as the local implementation and logistics partner. Our relationship with Tata spans more than six decades and has been built on a shared commitment to ethical business practices, trust, and creating lasting value for the communities we serve. These values have shaped our partnership over the years, extending beyond business to initiatives that make a meaningful difference in people’s lives.”
Business
NovaNest Properties launches Rainbow Apartments in Ratmalana
NovaNest Properties (Pvt) Ltd has officially launched Rainbow Apartments, a new residential development in Ratmalana. The announcement was made at an official launch event held at the Shangri-La Hotel, Colombo, marking the company’s latest addition to Sri Lanka’s growing apartment market.
The development is designed to cater to homebuyers seeking modern urban living, as well as investors looking for long-term value. Rainbow Apartments is located in Ratmalana, an area of increasing residential interest, and benefits from the suburb’s established social infrastructure, proximity to major transportation links, and accessibility to Colombo.
The project reflects NovaNest Properties’ commitment to delivering quality residential developments that combine contemporary design with practical living. Intended to satisfy the evolving lifestyle demands of today’s homeowners, Rainbow Apartments features thoughtfully designed living spaces supported by modern amenities. These include two infinity pools, a gym, fully functional workspaces, a mini theatre, stylish cafés, a mini-mart, and a children’s daycare. Additionally, it features a full time medical centre backed by Nawaloka Hospitals PLC Colombo, with a 24-hour ambulance service.
Commenting on the launch, the Chief Executive Officer of NovaNest Properties (Pvt) Ltd, Samitha Waidyasekera, said, “Today’s buyers are looking beyond square footage. In addition to providing long-term value, they want homes that are close to the places where they work, learn, and spend their time. With that shift in mind, Rainbow Apartments was created to bring together a strategic location, thoughtful design, and quality construction in a way that will continue to meet buyers’ needs for years to come. Through our promise of ‘Luxury Beyond Expectations,’ we are committed to delivering an elevated lifestyle experience that combines comfort, convenience, and modern living.
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