Business

SL spending $ 100 million on polythene from Dubai despite clamps on non-essential imports

Published

2 years ago

2022/12/16

Thilina Walpola

Top industry specialists charge:

By Hiran H.Senewiratne

Sri Lanka has spent more than US$ 100 million from January to November 2022 to import all varieties of polythene and polythene related raw material mainly from Dubai, despite there being a restriction on non-essential imports, top industry specialists said.

“Due to this there is an oversupply of polythene in Sri Lanka which has also resulted in the complete closing down of the Sri Lankan ‘polythene recycling business’, which accounts for nearly 30 per cent of the local requirement, members of the Sri Lanka Polythene Recycling Association told ‘The Island Financial Review’ recently.

“This segment also employs around 3,000 people from around 60 companies and their livelihoods are now at stake. But at this juncture when most of the industries are facing a crisis, only polythene imports have increased dramatically in the recent past, which is like a mafia, an Association member who preferred anonymity said.

“With the import restrictions taking effect, some local companies that operate in Dubai purchase this raw material through US $ telegraphic transfers and send it to Sri Lanka and once this material reaches the port, clearing agents under- invoice and pay less taxes to government coffers, Association sources said.

These sources added: “Due to local polythene recyclers opting out of the industry a major environmental hazard is looming as disposal of used polythene has become an issue. Recyclers collect and buy used polythene from homes, factories and collectors and due to cheap imports this business will come to a stand-still.

“With no recycling happening, used polythene will pile up and soon become a major environmental issue. Neither the environmental authorities nor the Central Bank are paying attention.

“When most non-essential imports are regulated we are surprised as to why polythene imports are not regulated as there is an oversupply in the market, which drains around US$ 100 million in foreign exchange per year.

“It is also very surprising that the import duty on polythene raw material (especially virgins) is around Rs. 10 per kilogram, when for some essential food items it is over Rs. 20- 30.

“The total responsibility for this has to be taken by the Central Environmental Authority (CEA) which has turned a blind eye towards regulating the imports and thereby saving around US$ 100 million for Sri Lanka.

“The CEA, way back in 2020, was in a major hurry to ban some polythene material used for the food industry. However, it’s highly questionable as to why that enthusiasm is not being shown by the CEA towards curtailing the free flow of polythene imports.

“What the government should do is have a temporary ban on polythene imports or impose a suitable tax structure because Sri Lanka has had an adequate supply of polythene for almost one year.

“The government can also look at imposing a higher tax for polythene imports, which will reduce the supply to a great extent.”

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Business

Dr RAD Jeewantha named most innovative dentist of the year

Published

4 hours ago

2025/04/27

Thilina Walpola

Dr Jeewantha receiving the award

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.

His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.

He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.

Business

IIHS Foundation in Biological Studies offers fast-track route to global health careers

Published

4 hours ago

2025/04/27

Thilina Walpola

The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.

Business

Seylan Bank Reports Strong Growth in Q1 2025 Financials

Published

4 hours ago

2025/04/27

Thilina Walpola

Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.

Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.

Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.

Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.

In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.