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Frostaire celebrates 40 years by launching ‘Cool Clinic’

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Frostaire Industries (Pvt) Ltd., is celebrating 40 years of playing a pioneering role in providing air conditioning and refrigeration systems to homes and industries countrywide by launching a ‘Cool Clinic’ as an additional service, offering free inspection and technical advice to customers on any of their appliances and systems, a company news release said.

From humble beginnings in 1980 as a refrigerator and air conditioner manufacturing and repair company, Frostaire has diversified its portfolio over the years, picking up on global trends and often being the first to introduce services, solutions, and brands to the local market, the release said.

Remembered for introducing retail ice to the country under the name ‘Frosty Ice’, Frostaire was also the first to locally manufacture cold rooms and freezer trucks to help facilitate efficient management of the country’s cold supply chain.

From small-scale, single unit air-conditioners and refrigerators for the home, to commercial refrigerated warehousing, storage, and transport -for perishable food, beverages, and medicines- to facilitate efficient cold chain management, Frostaire has earned for itself a firm reputation as an efficient and reliable distributor of high-quality comprehensive cooling solutions.

As a result, the company’s clientele has expanded to include a number of private sector organisations, government institutions, well-known food and retail chains, and individual industry professionals, with tens of thousands of units provided and installed island-wide.

Among the many global names it has acquired under its portfolio of product offerings, Frostaire was most recently awarded the status of sole agent and dealer of Thermo King truck and trailer refrigeration units sales and services in Sri Lanka.

A newly opened and well equipped Themo King Service Center in Welisara will be made available to assist clients with their specific chiller and freezer truck service requirements, the company said.

“Just a call, and a highly-skilled team will visit your home or facility to provide free-of-charge advice, repair, and servicing of the air-conditioning or refrigeration units in question,” it said.

“From inception, Frostaire has been pioneering advanced comfort solutions in order to keep people relaxed in their homes, productive at work, as well as food cool and safe,” said Mukthar Marikkar, Managing Director of Frostaire. “We have always prioritised our clients in our ongoing commitment to pursuing innovative solutions, and we hope to continue on this upward trajectory always with our core values and tenets on board.”



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CEB urged to revise Draft Long Term Generation Expansion Plan, in view of renewable energy needs

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Damitha Kumarasinghe

By Ifham Nizam

The Public Utilities Commission of Sri Lanka (PUCSL) has instructed the Ceylon Electricity Board (CEB) to revise its Draft Long-Term Generation Expansion Plan (LTGEP) 2025-2044, incorporating more robust projections for renewable energy and battery storage, while also reassessing LNG infrastructure and procurement strategies.

The Island Financial Review reliably learns PUCSL Director General Damitha Kumarasinghe emphasized the need for “more robust and realistic cost assumptions for Renewable Technologies and Battery Energy Storage Systems (BESS).”

The Commission stressed that BESS should be valued not just as a renewable integration tool but also for its potential to mitigate power shortages.

The directive also calls for revisions in LNG infrastructure planning, including “a comprehensive analysis covering LNG fuel cost calculation, infrastructure development, procurement contracting options, and risks associated with supply and procurement.” PUCSL has specifically highlighted the importance of evaluating the financial and economic feasibility of a natural gas pipeline from Kerawalapitiya to Kelanitissa.

Kanchana Siriwardena, Deputy Director General – Industry Services, reinforced the Commission’s stance on renewable energy, stating that “further reductions in renewable energy curtailment should be explored by incorporating more BESS.”

The PUCSL’s instructions also mandate incorporating clauses from the Memorandum of Understanding (MoU) with Petronet India, which includes a temporary LNG supply for the Sobadhanavi Plant. The revised LTGEP must also factor in infrastructure costs related to the Floating Storage Regasification Unit (FSRU) and pipeline networks as part of the overall LNG cost calculation.

The CEB is expected to resubmit the revised plan for PUCSL’s approval, ensuring alignment with Sri Lanka’s long-term energy security and sustainability goals.

The PUCSL directive also calls for a comprehensive evaluation of various LNG procurement options and associated risks. These include:

LNG infrastructure development and expansion

Contracting options for LNG procurement

Risks related to LNG supply and procurement stability

Robustness of natural gas demand calculations

Economic feasibility of the proposed natural gas pipeline from Kerawalapitiya to Kelanitissa, given the low plant factors of power stations at Kelanitissa.

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Nations Trust Bank ends 2024 with strong performance, achieving 24% ROE

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Nations Trust Bank PLC reported strong financial results for the twelve months ending 31st December 2024, achieving a Profit After Tax (PAT) of LKR 17 Bn, up 46% YoY.

Nations Trust Bank, Director & Chief Executive Officer, Hemantha Gunetilleke, stated, “The Bank’s performance for the twelve months ending 31st December 2024 showcases our continued growth and expansion across diverse customer segments. Our solid capital position, strong liquidity buffers, effective risk management frameworks, and steadfast commitment to service excellence and digital empowerment remain the key drivers of our success.”

Improvements in the macro-economic environment and successful management of the Bank’s credit portfolio resulted in total impairment charges decreasing by 69% and the Net Stage 3 ratio reducing to 1.6%.

The Bank’s financial performance is supported by its strong capital buffers, with Tier I Capital at 21.47% and a Total Capital Adequacy Ratio of 22.66%, well above the regulatory requirements of 8.5% and 12.5%, respectively.

A strong liquidity buffer was maintained with a Liquidity Coverage Ratio of 320.56% against the regulatory requirement of 100%.

The Bank reported a Return on Equity (ROE) of 24.22%, while its Earnings Per Share for the twelve months ending 31st December 2024 increased to LKR 50.82, against LKR 34.70 recorded during the same period last year.

Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through multi-channel customer touch points spanning both physical and digital. The Bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience. Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.

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Modern Challenges and Opportunities for the Apparel Industry: JAAF drives industry dialogue

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The Joint Apparel Association Forum (JAAF), in collaboration with Monash Business School and the Postgraduate Institute of Management (PIM) successfully hosted the International Conference on the Apparel Industry 2025 recently in Colombo. This was the second time the event was held, following its inaugural edition in 2018, as part of JAAF’s commitment to fostering dialogue and collaboration within the global apparel sector.

Themed “Modern Challenges and Opportunities for the Apparel Industry”, the three-day event brought together industry leaders, academics, and sustainability experts to discuss pressing issues such as ESG (Environmental, Social, and Governance) compliance, circular economy strategies, technological advancements, and workforce transformation.

A key highlight of the event was the panel discussion on “Current Actions and Their Impact on ESG-Related Outcomes in the Apparel Industry,” featuring:

Felix A. Fernando – CEO, Omega Line Ltd.

Nemanthie Kooragamage – Director Group Sustainable Business, MAS Holdings

Gayan Ranasinghe – Control Union,

Chamindry Saparamadu – Director General/CEO, Sustainable Development Council

Pyumi Sumanasekara – Principal Partner, KPMG Sri Lanka

Discussions emphasized how Sri Lanka’s apparel industry is adapting to global ESG standards, incorporating sustainable production methods, and aligning with evolving regulatory frameworks.

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