Business
Third quarter financials highlight 30% PBT growth for Aitken Spence in FY 2025/26
Spanning tourism, maritime and freight logistics, strategic investments and services, with operations across the region, Aitken Spence PLC, with a legacy of over 157 years, continues to pursue excellence. The Group recorded revenue of Rs. 67 billion for the nine months ending 31st December 2025, underscoring a robust performance across its portfolio of industries. The Tourism sector accounted for 68% of Group revenue, while the Maritime & Freight Logistics sector and Strategic Investments sector contributed 18% and 12% respectively. Furthermore, the Group’s revenue for the third quarter improved by 3.8%, reflecting steady performance across key sectors.
The Group’s total Profit Before Tax (PBT) stood at Rs. 5.6 billion for the nine months ending 31st December 2025, compared to Rs. 4.3 billion in the corresponding period of the previous year, reflecting a growth of 30%. Correspondingly, the Group’s Profit After Tax improved by 42% to reach Rs. 3.4 billion.
Sectoral Performance
The Tourism sector recorded the most notable improvement during the period under review, reporting a Profit Before Tax (PBT) of Rs. 2.0 billion for the nine months ended December 2025. This performance was primarily attributable to the sustained recovery and growth of the tourism industry in Sri Lanka. In addition, the sector benefited from significant improvements in profitability at the Group’s Maldivian resorts, as well as enhanced operating performance across hotel operations in India and Oman.
The Group’s Maritime & Freight Logistics sector was the largest contributor to Profit Before Tax for the period under review, reporting a Profit Before Tax of Rs. 3.3 billion. Sector performance, however, was moderated by lower volumes and margin pressures, particularly impacting overseas freight and airline operations. This was reflected in the reduced contribution from the sector’s equity-accounted investee for the period.
In the Strategic Investments sector, the key contributing segments of printing and plantations both recorded stellar performance for the period under review despite the challenging market conditions of these industries, while the power generation segment witnessed a steady performance with notable contributions from the Waste-to-Energy and renewable power generation operations. However, the significant losses incurred in the apparel manufacturing segment impacted the overall performance of the sector, resulting in a loss of Rs. 652 million at PBT level.
The Services sector recorded strong growth during the period under review, driven primarily by the expansion of operations at Port City BPO, the Group’s most recent investment. This performance was further supported by improvements in performance by the Group’s elevators segment. As a result, the Services sector reported a Profit Before Tax of Rs. 843 million, compared to Rs. 114 million in the corresponding period of the previous year.
The period was marked by notable achievements:
Aitken Spence PLC became the first and only diversified holdings company in Sri Lanka to have its climate targets validated by the Science Based Targets Initiative (SBTi).
Business
ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push
Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.
“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”
Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.
During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.
With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.
Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.
Business
New Board appointed to lead Unit Trust Association of Sri Lanka
The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.
The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).
President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”
The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.
Business
Indiya at Cinnamon Life enters a flavourful new chapter
Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.
Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.
The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.
At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.
Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.
At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.
The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.
From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.
Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.
No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.
By Ifham Nizam
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