Business
First Capital reports ‘impressive financial performance’ with profits soaring to Rs. 2.81 billion
First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023. The Group reported an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year.
Among the key divisions, the Primary Dealer segment demonstrated an exceptional growth trajectory, reporting a Profit after Tax of Rs. 2.73 billion for Q1 2023, compared to the previous year’s figure of Rs. 409 million. This achievement can be attributed to a net interest income of Rs. 1.1 billion and a substantial trading gain of Rs. 2.1 billion from the sale of the government securities portfolio. In the prior year, the division reported a net interest income of Rs. 185 million and a trading gain of Rs. 242 million.
The Corporate Dealing Securities division also showcased a remarkable turnaround, reporting a Profit after Tax of Rs. 77 million for Q1 2023, a significant improvement from the previous year’s Loss after Tax of Rs. 310 million.
The Wealth Management division reported a Loss after Tax of Rs. 0.8 million for Q1 2023, an improvement from the previous year’s Loss after Tax of Rs. 0.9 million. The division’s assets under management demonstrated growth, standing at Rs. 48.6 billion as of June 30, 2023, compared to Rs. 40.5 billion as of March 31, 2023.
The Stock Brokering division maintained a strong stance, reporting a Profit after Tax of Rs. 2 million for Q1 2023, though lower than the previous year’s figure of Rs. 9 million.
The Group’s remarkable achievements were further underscored by its recognition as the most awarded entity in the Investment Banking Sector by LMD. Additionally, the Group had also received the distinguished Great Place to Work® Certification™ for the 2nd consecutive year in recognition of their continued efforts to cultivate a supportive and inclusive workplace that promotes employee growth and well-being.
Dilshan Wirasekara, Managing Director / CEO of First Capital Holdings PLC expressed his thoughts on the robust financial performance during the first quarter of 2023: “Our growth across multiple divisions reflects our commitment to excellence, adaptability, and strategic foresight. We remain dedicated to delivering value to our clients and shareholders while maintaining a strong position in the market.”– First Capital Holdings
Business
Advocata Institute highlights regulatory barrier limiting women’s overtime earnings
Advocata Institute says that, a regulatory barrier prevents Sri Lankan women achieving pay parity with their male counterparts despite recent legislative amendments that have opened doors for women to work night shifts.
Despite the 2024 and 2026 liberalizations of the Shop and Office Employees Act (SOEA), which allowed women over 18 to work night shifts in IT, BPO, and hospitality sectors, women remain legally barred from maximizing their income due to rigid overtime restrictions.
Under current regulations, women cannot be employed under the Shop and Office Act for more than nine hours per day, a limit that strictly includes overtime. While Regulation 6 of the Act permits up to twelve hours of overtime per week, this daily “hard cap” creates a practical barrier that prevents women from accessing the full overtime entitlement available to male workers. This creates a regulatory paradox: while the law now permits women to work at night, it simultaneously restricts them from working the hours necessary to take home the same pay as a man performing the same role.
The urgency for reform is underscored by the Sri Lanka Labour Force Survey for the third quarter of 2025, which reveals a significant participation gap. Female labour force participation stands at 33.9 percent, compared to 68.6 percent for men. Closing this gap is a key structural reform priority under Sri Lanka’s International Monetary Fund Extended Fund Facility (EFF) programme, which highlights the importance of modernizing labour laws to expand labour supply and support long-term economic growth.
Debates on reforming these restrictions are often framed around the concern that removing gender-specific protections could expose women to exploitation. However, a woman’s vulnerability in the labour market is shaped less by the absence of gender-specific laws and more by structural challenges such as inadequate public transport, poor workplace infrastructure, weak enforcement of law and order, and limited access to childcare.
Addressing these underlying barriers is critical to ensuring both protection and opportunity. True empowerment requires shifting the focus from paternalistic hour-caps to creating a safe, gender-neutral environment that allows women the agency to maximize their earnings and contribute fully to the national economy.
Business
Drifting lubricant barrels trigger oil spill on southern coast; 99% of clean-up completed
Authorities have traced the oil contamination reported along sections of the Hikkaduwa and Peraliya coastlines in the Galle District to drifting barrels of industrial lubricant, while rapid response teams have already removed almost all visible oil deposits from the affected beaches.
The Marine Environment Protection Authority (MEPA), together with the Sri Lanka Coast Guard, launched an immediate response after oil patches were detected along about a 20-metre stretch of coastline in the Hikkaduwa and Peraliya areas.
Addressing a media briefing at the Ministry of Environment, MEPA Chairman Samantha Gunasekara said emergency shoreline clean-up operations began on March 7 under the instructions of Environment Minister Dammika Patabendi.
“Nearly 99 percent of the oil patches have already been cleared from the affected coastal stretch,” Gunasekara said, adding that the swift intervention by authorities had prevented the incident from escalating into a wider marine pollution crisis.
Investigations carried out by MEPA have confirmed that the contamination originated from barrels containing Shell Corena S2 P 100 lubricant oil that had apparently been lost at sea and later drifted ashore.
The lubricant manufactured by Shell plc is commonly used to lubricate the internal components of reciprocating piston air compressors. Officials said the substance is not classified as a hazardous or toxic oil, easing initial fears of severe environmental damage.
MEPA General Manager Jagath Gunasekara said monitoring of the coastline was continuing to ensure that no additional oil patches washed ashore.
Meanwhile, the Department of Wildlife Conservation said there had been no confirmed reports of harm to marine animals, including sea turtles and coastal wildlife, following inspections in the affected areas.
Wildlife officials said they were continuing to keep the situation under close observation to ensure that marine fauna along the southern coast remained safe.
Authorities stressed that protecting the ecological integrity of the southern coastal belt—particularly around the Hikkaduwa marine area—remains a priority, while further investigations are under way to determine how the lubricant barrels ended up drifting in Sri Lankan waters.
By Ifham Nizam
Business
Support for psychological well-being: Launch of telemedicine psychology program in response to Ditwa Cyclone
The Sri Lanka College of Psychiatrists has launched an innovative telemedicine psychology program designed to provide essential support and mental health care to individuals adversely affected by the Ditwa Cyclone. This initiative is a vital response to the psychological challenges faced by the community in the aftermath of the disaster.
However, the implementation of this program has faced significant obstacles, primarily due to a considerable lack of access to smart devices among the target beneficiaries. Recognizing the urgency of this situation, S-lon Lanka (Pvt) Ltd has made a commendable contribution by donating tablet devices through its corporate social responsibility initiative, the “Suwasahana Charika” Program. This generous donation aims to bridge the technological gap, ensuring that individuals in need can access the psychological services offered by the telemedicine program.
The collaborative efforts were strengthened during a recent event that was attended by key figures, including Mr. S.C. Weerasekara, the Group Director / Chief Operating Officer of The Capital Maharaja Group, and Dr. Dashanthi Akmemana, the Chairman of the Sri Lanka College of Psychiatrists.
The Sri Lanka College of Psychiatrists expressed its gratitude to S-lon Lanka for its support and is committed to addressing the community’s mental health needs during this challenging time.
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