Business
Teejay achieves milestone US$ 250 million in sales in 2021-22
Teejay Lanka PLC has reported a revenue milestone of Rs 50 billion at Group level for FY 2021-22, achieving its first annual sales of a quarter of a billion in US Dollar terms at the rates of exchange that prevailed during the year.A strong fourth quarter during which revenue grew 38% to Rs 13.5 billion, the highest quarter revenue since the Company’s inception, enabled Sri Lanka’s largest textile manufacturer to achieve 12-month sales growth of Rs 17.8 billion or 56% to end what was a challenging year for businesses in general, on a high note.
The Group posted profit before tax of Rs 2.887 billion and net profit of Rs 2.517 billion for the year ending 31st March 2022, recording healthy growth of 11% and 18% respectively. Net profit for the fourth quarter was Rs 826.2 million, reflecting an improvement of 9%.At company level, Teejay Lanka increased revenue by 40% to Rs 29.4 billion for the year, and reported pre-tax profit of Rs 2.6 billion and net profit of Rs 2.4 billion, achieving growth of 23% and 24% respectively.
Elaborating on the Group’s performance, Teejay Lanka Chairman Mr Ajit Gunewardene said the revenue increase was the result of increased demand from the region. The enhanced volumes were delivered with the increased capacity within the Group and the support of outsourced partners, he said.Gunewardene said, however, that margins had been impacted during the year because of the upsurges in the prices of cotton, oil, freight, dyes, chemicals, and auxiliaries. “The increase in the costs of inputs has been the biggest challenge during the year,” he said, disclosing that enhancing efficiency within the Group and increasing prices to customers were the key strategies to counter the challenge.
By Ifham Nizam
In a landmark move towards a sustainable energy future, Sri Lanka launched the Green Energy Acceleration Plan 2025-2030 at the Cinnamon Life Hotel in Colombo. The five-year initiative, spearheaded by the Ministry of Energy, aims to transform the nation into a renewable energy powerhouse through strategic investments in solar, wind and hydropower.
The event, held under the patronage of Prime Minister Dr. Harini Amarasuriya, brought together key stakeholders, including Energy Minister Kumara Jayakody, Deputy Ministers Eranga Weeraratne and Janith Ruwan Kodithuwakku, Secretary to the Ministry of Energy Professor Udayanga Hemapala and CEB chairman Dr. Tilak Siyabalapitiya.
Addressing the gathering, Prime Minister Dr. Amarasuriya emphasized that the initiative is not merely a policy document but a transformative roadmap for Sri Lanka’s energy sector.
“We are not just here to launch this project; we are here to transform our country into an energy powerhouse for the future. The Green Energy Acceleration Plan will expand renewable energy production and provide affordable electricity to all Sri Lankans, she stated.
The plan prioritizes reducing electricity demand, lowering costs and modernizing the energy sector through digital innovations and advanced energy storage technologies. A key aspect of the initiative is reforming energy regulations to promote efficiency and sustainability.
The government has outlined three critical focus areas for the energy sector overhaul:
Affordable & Reliable Renewable Energy – Expanding solar, wind and hydropower while minimizing carbon emissions.
Public Awareness & Digital Transformation – Educating citizens on the importance of renewable energy and modern technologies.
Advanced Energy Conversion Methods – Modernizing the sector with innovative energy solutions aligned with global advancement.
The Prime Minister stressed the importance of local and international partnerships to successfully implement the plan. She urged all stakeholders—including policymakers, investors and industry experts—to collaborate in achieving energy security and economic resilience.
With the Green Energy Acceleration Plan 2025-2030, Sri Lanka takes a decisive step towards energy independence, reducing reliance on fossil fuels and positioning itself as a regional leader in clean energy innovation.
This ambitious initiative marks a turning point in Sri Lanka’s energy landscape, setting the stage for a greener, more sustainable future for all.
President Donald Trump is moving forward with 25% tariffs on goods imported from Canada and Mexico into the US, saying that time had run out to reach a deal.
US stock markets sank in response to the measures, which have been threatened since earlier this year and are due to go into effect on Tuesday.
An additional 10% tariff on Chinese imports is also expected to come into force, leaving all three of America’s top three trade partners facing significantly higher trade barriers than just a few weeks ago.
“No room left for Mexico or for Canada,” Trump said at the White House on Monday. “The tariffs, you know, they’re all set. They go into effect tomorrow.”
Trump threatened to impose the tariffs – which is a tax that is added to a product when it enters a country – on Canada, Mexico and China in response to what he says is the unacceptable flow of illegal drugs and undocumented migrants into the US.
He had already imposed a 10% tariff on Chinese exports to the US last month, meaning goods from the country now face a levy of at least 20%.
All three countries have said they will retaliate against the US in response to the tariffs, raising the prospect of a widening trade war.
Canada’s Foreign Minister Melanie Joly said the tariffs are “an existential threat to us” with “thousands of jobs in Canada at stake”.
She said Canadian officials have had “constructive conversations” with the Trump administration to try to avert the 25% levies but warned “we are ready with counter tariffs”.
Trump has long maintained that tariffs are a useful tool to correct trade imbalances and protect US manufacturing.
He has largely dismissed concerns that the measures risk economic damage in the US, despite the close ties, especially in North America, where businesses have enjoyed decades of free trade.
“What they’ll have to do is build their car plants, frankly, and other things, in the United States, in which case they have no tariffs,” he added.
The three major indexes in the US sank after Trump’s comments. The Dow Jones Industrial Average ended the day down 1.4%, the S&P 500 sank 1.75% and the Nasdaq fell 2.6%.
Officials from Canada and Mexico had been in Washington in recent days, trying to avoid the tariffs.
Mexico’s president, Claudia Sheinbaum, appeared to send a message to Trump earlier on Monday when she said at a public event in the city of Colima that “Mexico has to be respected”. “Co-operation and co-ordination, yes, subordination, never.”
Canadian Prime Minister Justin Trudeau said on Sunday, from a summit on Ukraine in London, that Canada was “not an issue” as a source of illegal fentanyl in the US.
Only 1% of fentanyl seized in the US is thought to come from Canada, according to US data.
The Canada Border Services Agency (CBSA) says it has been “surging” its efforts to tackle fentanyl crossing into the US.
Canada has repeatedly said tariffs will harm both economies but added that it will defend itself if they happen.
Last month, it prepared a list of $30bn (£23.6bn) worth of American goods it said it would levy in response to US tariffs. Items on that list included everyday goods like pasta, clothing and perfume.
Canadian Internal Trade Minister Anita Anand met officials in Washington in recent days and said over the weekend there will be a response.
“We are steady at the wheel. We are prepared for any eventuality, but we will at every turn defend our country’s economy,” she told CBC News.
China’s state-run Global Times newspaper said that Beijing had prepared countermeasures, which would probably target US agricultural and food products.
President Trump has also announced a 25% charge on all steel and aluminium imports, which is meant to come into effect on 12 March.
In addition, he has threatened to impose custom “reciprocal” tariffs on individual countries, as well as 25% tariffs on the European Union.
[BBC]
The Italian embassy in Colombo celebrated Italian Design Day and The Days of Italian Fashion in the World by hosting Brenda Bellei Bizzi, the CEO of WHITE Milano, a renowned fashion tradeshow held during Milan Fashion Week. She collaborated with Colombo Fashion Week Summer 2025 in its 22nd edition presenting Sicilian designer Cettina Bucca’s Spring/Summer 2025 collection at CFW. Brenda Bellei Bizzi was appointed Ambassador for Italian Design in Sri Lanka in the 2025 edition of Italian Design Day.
Focusing on contemporary women’s wear design, WHITE became a significant platform for promoting emerging designers and sustainable fashion practices at CFW this year. Brenda’s discussions integrate well with the ethos of circularity in fashion, creating a fashion ecosystem that provides support for designers to enter the global fashion industry. Additionally, her discussions with fashion and design students at the College of Fashion & Design and fashion designers about opportunities at WHITE added momentum to their journey into the world of fashion on the global ramp.
Delighted to bring the unparalleled expertise of Brenda Bellei Bizzi to Sri Lanka, Ambassador for Italy in Sri Lanka Damiano Francovigh said, “Fashion and Italy are inextricably linked and having Brenda Bellei Bizzi with us to celebrate Italian Design Day and the launch of The Days of Italian Fashion in the World in Sri Lanka augments that premise. As the ambassador for Sri Lanka in the 2025 edition of the Italian Design Day, Brenda Bellei Bizzi’s collaboration with Colombo Fashion Week allowed us to showcase Italian fashion in this beautiful country.”
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