Business
John Keells Group Q2 EBITDA records growth of 93% to Rs.6.41 billion; significant turnaround in the Group’s Leisure business

Group EBITDA recorded a significant improvement to Rs.6.41 billion during the quarter under review, which is a 93 per cent increase against the comparative period [2020/21 Q2: Rs.3.32 billion].
• The Group’s businesses, except for Consumer Foods and the Supermarket business, recorded a strong growth in profitability compared to the second quarter of the previous year, despite the quarantine curfew which prevailed for a period of six weeks due to the third wave of COVID-19 cases which impacted business activity.
• It should be noted that the corresponding quarter in the previous year was a relatively more ‘normal’ quarter, with no COVID-19 related disruptions, where the country benefited from a faster recovery momentum post the outbreak of the first wave with most of our businesses reaching pre COVID-19 levels.
• Since the gradual easing of the restrictions from end September 2021 and supported by the high vaccination rates of the population, business activity has seen a strong recovery.
• The Leisure industry group, in particular, recorded a significant turnaround in performance with the Q2 2021/22 EBITDA almost at break-even levels at a negative Rs.46 million compared to a negative Rs.1.19 billion in the corresponding quarter of the previous year.
• The Maldivian Resorts segment continued its encouraging recovery momentum from the previous quarter where the occupancy at our hotels was higher than anticipated during this quarter, while the forward bookings for the upcoming season indicate a recovery to pre-COVID-19 levels.
• The quarantine curfew during the quarter under review significantly impacted the previously witnessed recovery momentum in volumes and same store sales in the Consumer Foods businesses and the Supermarket business, respectively.
• The mobile phones business, which is included under Retail, recorded a strong increase in profitability driven by a strong growth in volumes.
• The handover process of the residential apartment units at ‘Cinnamon Life’ continued during the quarter, resulting in recognition of revenue and profits from sales in the project. Revenue and profit recognition in Cinnamon Life will continue throughout the financial year as the
2 handover of the residential apartments and commercial office spaces already sold will be completed, in addition to new sales recorded.
• Further to the execution of a Letter of Intent to develop and operate the West Container Terminal in the Port of Colombo, the Build, Own and Transfer Agreement between the Sri Lanka Ports Authority and Colombo West International Container Terminal (Private) Limited, the project company, was executed for a lease period of 35 years.
• The Group’s carbon footprint per million rupees of revenue decreased by 26 per cent to 0.52 MT while the water withdrawal per million rupees of revenue decreased by 9 per cent to 11.93 cubic meters.
Business
SIA warns of 1,000 SME collapses, urges fair policies to protect Sri Lanka’s rooftop solar sector

By Sanath Nanayakkare
The Solar Industries Association (SIA), representing over 1,000 companies and employing 40,000 workers in Sri Lanka’s rooftop solar sector, issued a stern warning recently regarding threats to the industry’s survival and the nation’s renewable energy ambitions. The association condemned recent regulatory instability and called for urgent policy reforms to avert economic and social crises.
The SIA categorically rejected the Ceylon Electricity Board’s (CEB) claim that rooftop solar installations caused the recent island-wide power outage, calling the accusation “baseless and misleading.”
“Public trust is eroded when accountability is misdirected,” the SIA stated. “We demand an independent, transparent investigation led by experts appointed by the Ministry or the Public Utilities Commission (PUCSL). The CEB’s unilateral statements disregard the sector’s contributions and jeopardize Sri Lanka’s renewable energy transition,” they said.
“While acknowledging the formation of a tariff determination committee, the SIA criticized its narrow focus on financial parameters, ignoring the sector’s socioeconomic value. Rooftop solar empowers businesses and households with energy independence, reduces grid strain, and supports climate goals. However, proposed volatile tariff structures risk destabilizing over 100,000 installations—primarily owned by middle-class families—and deter future investment,” they noted.
“A rigid, equation-based tariff system is unsustainable,” the association warned. “Sri Lanka needs a stable policy framework to attract long-term investments. For instance, retirees could invest EPF savings into solar projects, securing income while advancing national energy targets. Without urgent action, 1,000 SMEs and 40,000 jobs face collapse, with dire consequences for employment, energy security, and economic stability,” they pointed out.
SIA urged policymakers to establish an independent committee to investigate the power outage fairly, expand the tariff committee’s mandate to include socioeconomic and environmental benefits and implement predictable policies to safeguard SMEs, households, and investor confidence.
“Sri Lanka stands at a crossroads,” the SIA emphasized. “Protecting rooftop solar isn’t just about energy—it’s about livelihoods, economic resilience, and a sustainable future. We urge stakeholders to collaborate on solutions that prioritize both people and progress,: they emphasized.
Business
SLT-MOBITEL partners with the Rush Lanka Group to power its apartment portfolio

SLT-MOBITEL has entered into a strategic partnership with Rush Lanka Group to provide exclusive SLT-MOBITEL Fibre connectivity solutions to their portfolio of luxury apartment developments in Colombo and the suburbs, enhancing the digital experience of all residents.
The agreement was signed between Imantha Wijekoon, Chief Business Officer of Consumer Business at SLT, and Zaid Ariff, Director of Construction at the Rush Group headquarters. Representatives from both companies also attended the ceremony.
Under the partnership, SLT-MOBITEL will serve as the exclusive digital service provider for five prestigious Rush Lanka developments including Street Rush Residencies and Rush Court 4 in Mt. Lavinia, Rush Tower 2, Rush Metropolis in Dehiwala, and Rush Court 5 in Colombo 14. The collaboration ensures residents will enjoy superior fibre connectivity speeds, enabling seamless digital experiences in modern smart homes. The partnership with the Rush Lanka Group aligns with SLT-MOBITEL’s commitment to offer ultra-fast, reliable connectivity solutions to residential developments. Delivering exclusive fibre connectivity to luxury apartments, SLT-MOBITEL ensures residents have access to world-class digital services that complement the living experience promised by Rush Lanka Group.
Powered by advanced fibre technology, SLT-MOBITEL network will provide the residences with seamless performance across digital activities. The SLT-MOBITEL Fibre backbone ensures lag-free experiences whether tenants are gaming online, attending virtual classes, working remotely, or streaming high-definition entertainment. SLT-MOBITEL Fibre will transform the lifestyles of all apartment users bringing greater convenience and superior quality of life.
Rush Lanka Group, established in 1992, is a property developer specializing in luxury and semi-luxury apartments.
Business
Sri Lanka makes outstanding appearance at OTM and SATTE 2025 in India

Starting its promotional work for 2025, Sri Lanka Tourism Promotion Bureau (SLTPB) added another feather into its cap of endorsements, by being recognized as the most innovative Tourism Board promotion in Outbound Travel Mart (OTM) . In parallel to that, several other sub events were held. The OTM was held in Jio World Convention Centre, Mumbai—India, from 30th January to 01st February 2025.Before OTM, the Global Village – Global Exchange & Trade Exhibition was held at the Surat International Exhibition & Convention Centre , Sarsana, Surat (Gujarat – India , from 25th to 27th January 2025. This travel fair was organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI).
Sri Lanka participated in both OTM and South Asia’s Travel & Tourism Exchange (SATTE), held from 19th – 21st Feb 2025, in New Delhi, India . This was an excellent opportunity for Sri Lanka to promote it’s potential as a unique travel destination, especially for the Indian counterparts, as SLTPB has identified India as the number one source market for Sri Lanka, tourism bringing the largest number of tourist arrivals to the destination.
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