Business
‘Record Q4 enables Teejay to end 2021 strong despite pandemic’

Strong revenue and profit growth in the fourth quarter at both Group and Company level have enabled Teejay Lanka PLC to significantly minimise the impact of the pandemic-affected first quarter on the Group’s full-year results and end 2020-21 on a resilient footing.
Sri Lanka’s top textile manufacturer has reported profit before tax of Rs 902.8 million at Group level for the three months ending 31st March 2021, reflecting growth of 67% over the corresponding quarter of the previous year, with revenue growing 40% to Rs 9.770 billion, its highest quarterly revenue since inception.
Group profit after tax improved by an even more impressive 80% to Rs 760.8 million. Over the preceding three quarters of the year, Teejay Lanka posted a Q1 net loss of Rs 31.5 million, a net profit of Rs 631.3 million in Q2, and a net profit of Rs 778.4 million for Q3.
Revenue for the quarter at company level was up 56% to 6.297 billion, profit before tax grew by 52% to Rs 599.4 million and net profit increased by 65% to Rs 575 million, Teejay Lanka said in a filing with the Colombo Stock Exchange (CSE).
As reported in previous disclosures of quarterly results, the impact of the extreme adversity of the first quarter of the year continued to be visible in the Group’s cumulative results for the full year, albeit at substantially lower levels than witnessed at the preceding quarters. Group revenue for the year ending 31st March 2021 was down 4% to Rs 31.853 billion, in contrast to the 16% decline at the end of Q3.
Similarly, Group profit before tax for the year, at Rs 2.650 billion reflected a reduction of 6% as against 26% at the end of Q3, while profit after tax for the year declined by 10% to Rs 2.139 billion, improving significantly from 30% negative as at 31st December 2020.
Commenting on these results, Teejay Lanka chairman Bill Lam said: “I’m happy to announce that as a Group, Teejay has performed well in the 2020-21 financial year while battling with the pandemic. The Group was able to continue its operations at all three plants by adhering to government health protocols to cater to the world fashion and textile industry.”
He disclosed that the Group closed the year with a consolidated debt-free balance sheet, with a cash balance of Rs 6.2 billion.
Teejay Lanka CEO Pubudu De Silva said the Group had kept administration costs to Rs 1.356 billion which is a decline of 5%, while marketing and distribution costs were curtailed to Rs 148 million, a decline of 24%. An increase in yarn prices seen in the fourth quarter will continue to be prevalent in the first quarter of the new year, he said.
De Silva said the expansion of Teejay’s India plant is within the planned timeline despite the disruptions of the Covid-19 pandemic. The investment of US$ 26 million will result in the plant’s daily output increasing to 20 tons, and contribute to the Group’s target of becoming a US$ 300 million business. “Furthermore, our investments to modernise the plants in both India and Sri Lanka are in progress,” he said. “These investments made in these turbulent times will undoubtedly position Teejay as the leader in the textile arena of South Asia and will establish the company’s footprint to compete in the market in the new normal environment.”
Teejay Lanka was adjudged the Best Textile Exporter in Sri Lanka at the Presidential Export Awards presented by the Export Development Board (EDB) in 2019, moved up three places in the Business Today Top 30 companies ranking that year and was named among the 100 Most Respected Companies in Sri Lanka by LMD.
An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay has been listed on the Colombo Stock Exchange (CSE) since 2011 and was included in the S&P Top 20 Index in Sri Lanka. The Company has also been named among the Forbes ‘200 Best under a Billion in Asia’ and been recognised as the ‘International Textile Firm of the Year’ and the ‘International Dyer and Finisher’ by World Textile Institute, London.
–Teejay Lanka
Business
‘Sri Lanka is a Union Country’, says global labour leader

ITF pledges expanded partnership with transport sector workers at Colombo Welfare Hub launch
In a landmark moment for Sri Lanka’s transport sector, the International Transport Workers’ Federation (ITF) unveiled The Palace—a brand new welfare facility for seafarers—while declaring its commitment to partner with the nation’s entire transport workforce.
ITF General Secretary Stephen Cotton delivered a stirring message at the launch on March 20, hailing Sri Lanka as “a union country” with robust labour laws and a resilient worker-led culture; a rare endorsement from a global labour leader.
“I call Sri Lanka a union country because it’s a nation that takes pride in its labor laws and collective strength,” Cotton declared to a room of policymakers, shipowners, ship crews, ILO officials, women seafarers and maritime stakeholders.
“The ITF doesn’t just want to support seafarers—we’re here to partner with all transport workers, from railways to ports, to build a fairer future,” he said.
Located in central Colombo, The Palace—a collaboration between the ITF, its Seafarers Trust, and the National Union of Sri Lankan Seafarers (NUSS) —aims to transform the lives of maritime workers. The facility offers affordable lodging, family reunification spaces, counseling, and recreational resources for seafarers transitioning to and from grueling voyages.
Boa Athu, President of NUSS called it a “long-overdue sanctuary” for workers who sustain Sri Lanka’s economy through foreign remittances.
Cotton emphasized the timing of the launch amid global instability: “We’re in turbulent times—geopolitical shifts, climate crises, and economic uncertainty. But here, Sri Lanka’s unions have shown what solidarity can achieve. He noted NUSS’s growth from 7 to 30,000 members, calling it a “phenomenal” model for worker empowerment.
The ITF’s vision extends far beyond the docks. Cotton revealed he had met with railway workers the day prior, signaling broader ambitions.
Transport workers were the lifeblood of the global economy linking supply chains and keeping the world moving, and they were vital to successfully responding to the challenge of Covid-19. We mustn’t forget the risks that transport workers faced on the frontlines. Now, we must ensure they’re shielded from crises like climate change,” he said, framing the climate emergency as a “workers’ crisis” requiring urgent re-training for green energy transitions.
With partnerships spanning the UN Global Compact and International Maritime Organization, the ITF plans a Singapore forum to accelerate fossil fuel phase-outs.
“Seafarers here are already training for new energy technologies—but placing them in jobs remains a challenge,” Cotton admitted.
Referencing global political volatility—including U.S. leadership shifts—Cotton stressed the need for “predictable” worker alliances like the ITF. He praised Sri Lanka’s push to grow its maritime economy, including government plans to boost container capacity and recruit women into skilled and rewarding roles.
“The Palace isn’t just a building—it’s a symbol of what’s possible when unions, governments, and global partners unite,” Cotton said. “Sri Lanka’s workers are its economy. Safeguarding their wellbeing isn’t charity—it’s strategic,” he said.
As the ITF expands collaborations in Brazil, Mexico, and beyond, Sri Lanka’s transport sector stands at a crossroads. The Palace offers immediate relief for seafarers, but Cotton’s message signals a larger ambition: positioning the island as a beacon of worker solidarity in an unstable world.
For Sri Lanka’s 30,000-strong NUSS members—and thousands more in railways, ports, and tourism—the call is clear: the fight for fair conditions is now a global alliance.
By Sanath Nanayakkare
Business
Alipay+ joins as Gold Sponsor of LankaPay Technnovation Awards 2025

LankaPay – Sri Lanka’s National Payment Network recently announced its partnership with Alipay+ as the Gold Sponsor of the LankaPay Technnovation Awards 2025. This marks Alipay+’s second consecutive year of collaboration at this landmark event, reinforcing Alipay+’s commitment to advancing digital payment solutions and financial innovation in Sri Lanka’s evolving financial sector.
LankaPay Technnovation Awards is Sri Lanka’s first and the only payment technology innovation awards; and the only financial sector awards competition in the country which is organized for the 7th time in 2025. The grand finale is scheduled to be held on 26th March 2025 from 6.00pm onwards at the Grand Ballroom, Shangri-La Colombo under the patronage of the Chief Guest – Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and Deputy Minister of Digital Economy, Eng Eranga Weeraratne and Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy as Guests of Honour. The event will see an audience of over 500 movers and shakers of the country’s financial sectors including Chairmen and CEOs of FIs and FinTech companies, Government officials, policymakers and top-tier delegation of leading international payment networks.
Business
Sanasa Life Insurance sponsors 95th ‘Battle of the Maroons’

Sanasa Life Insurance sponsored the 95th edition of the big match between Ananda College and Nalanda College. The highly anticipated three-day big match ended in a draw. Adverse weather conditions prevented a decisive outcome, but based on their performances, both teams were declared joint winners.
‘The Best Fielder’ award was also sponsored by Sansa Life Insurance. “We see brilliant cricketing talent being played on the field right before our very eyes. These youngsters are the future of cricket that takes the name of Sri Lanka proudly to the world someday. We are glad to have been a part of their journey forward”, said Sanasa Life Insurance CEO Mr. Nuwanpriya Gunawardane, commenting on the outstanding fielding performance by Chanul Athukorala of Nalanda College.
Commenting on the match, Gunawardane added: “Sanasa Life Insurance is honoured to support this legendary cricketing battle. We believe in encouraging the younger generation to overcome challenges and strive for greatness. This match embodies those values.”
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