Business
Aitken Spence reports a cumulative first nine months PBT of 10.3 Bn with a growth of 214%

The leading blue-chip conglomerate, Aitken Spence PLC reported a cumulative Profit Before Tax (PBT) of Rs. 10.3 Bn for the nine months ended 31st December 2022, which was a significant growth of 213.7% over last year. The highest contribution to the Group’s profit before tax was from the Maritime & Freight Logistics sector which accounted for 68.4% of Group PBT.
The Group’s earnings (inclusive of equity accounted investees) before interest expenses, tax, depreciation, and amortisation (EBITDA) for the nine months ended 31st December 2022 was an exceptional performance of Rs. 24.0 Bn showcasing a growth of 144.9%. However, the translation of which to PBT was dampened by the 182.2% increase in finance cost to Rs. 8.3 Bn, due to the high interest rate regime which prevailed during the reporting period.
Despite the 192.7% increase in the income tax charge for the nine months, the Groups’ Profit After Tax (PAT) increased to Rs 7.3 Bn, a growth of 223.1%.
Income tax expense for the nine months ended 31st December 2022 increased to Rs 2.9 Bn, stemming mainly from the significant increase in corporate tax rates that was implemented effective 1st October 2022.
The Group’s Maritime and Freight Logistics sector’s stellar performance of a cumulative PBT of Rs. 7.0 Bn was led by the growth witnessed by freight, airline cargo GSA, integrated container and ship agency segments. This was followed by the Group’s Strategic Investment sector that recorded a cumulative PBT of Rs. 3.6 Bn with a growth of 395.1% mainly owing to the improved performances of the Group’s apparel manufacturing and printing and packaging segments and the foreign exchange gains recorded by the holding company.
However, the excessive delays faced in the settlement of dues from the Government in the power generation segment is causing a strain on the Group’s finances with unwarranted finance cost being borne by the sector. Despite this Aitken Spence has been operating its 10MW waste-to-energy power plant based in Kerawalapitiya as halting operations would mean that the country’s Colombo District will once again be faced with a severe garbage crisis that could potentially lead to social and environmental problems.
The Group’s Services sector also recorded a strong cumulative PBT of Rs. 566.9 Mn with a double-digit growth. The Group’s Tourism sector recorded a loss of Rs. 944.1 Mn for the nine months ended 31st December 2022, mainly due to the challenges faced by the Sri Lankan hotel segment.
It is crucial that there are targeted marketing campaigns for key tourist generating source markets. Sri Lanka Tourism Development Authority (SLTDA) together with industry experts have identified seven countries based on the ability and potential to generate tourism and bring the much-needed foreign revenue into the country. The Group’s Destination Management segment carried out independent campaigns and through such campaigns introduced new source markets to Sri Lanka such as charter flights from Uzbekistan which commenced recently.
Business
ASUS launches ‘cutting edge’ laptops in Sri Lanka for AI acceleration

ASUS and Republic of Gamers (ROG) Sri Lanka officially launched their latest suite of computing innovations, setting a new benchmark for ultra-portability, AI acceleration, and next-generation gaming experiences in the country.
Unveiled at Shangri La, Colombo on May 7th, the lineup includes five cutting-edge laptops designed to cater to students, professionals, gamers, and creators, marking a transformative leap for Sri Lanka’s tech landscape.
Leading the charge is the ASUS Zenbook A14, the world’s lightest Copilot+ PC at just 980 grams. Featuring a durable Ceraluminum chassis, Snapdragon X processor, and a 45 TOPS NPU for AI tasks, it boasts an ASUS Lumina OLED display, up to 32-hour battery life, Wi-Fi 7, and 1 TB SSD storage. Meanwhile, the gaming-focused ROG Strix SCAR 16/18 and Zephyrus G16 pack Intel Core Ultra 9 processors and NVIDIA RTX 5090 GPUs, paired with 240Hz Mini-LED displays, customizable RGB lighting, and advanced cooling systems for marathon sessions.
“Our mission is to push boundaries in performance and design,” said Eric Ou, ASUS South Asia’s Regional Head, emphasizing the brand’s commitment to innovation. The new devices blend portability with power, offering AI-enhanced workflows and gaming prowess.With multi-day battery life and groundbreaking specs, ASUS aims to redefine how Sri Lankans work, create, and play.
By Sanath Nanayakkare
Business
Direct Kitchens opens flagship Colombo showroom blending Australian luxury design with local elegance

Direct Kitchens, Melbourne’s premier designer and manufacturer of high-end custom kitchens, marked a significant milestone with the launch of its first international showroom in Colombo, bringing over 40 years of world-class kitchen design expertise to sophisticated Sri Lankan homeowners. Located at No. 314, R.A. De Mel Mawatha, Colombo 03, the new Experience Centre reflects the brand’s commitment to luxury, craftsmanship, and innovation.
The soft launch of the showroom was attended by select invitees including Nalin Herath, Chairman and Managing Director of Home Lands Group, who graced the occasion as the Chief Guest, along with industry professionals and well-wishers.
For over three decades, Direct Kitchens has earned a stellar reputation in Australia for creating bespoke, luxurious kitchens that are as functional as they are visually stunning. From sleek modern designs to timeless French provincial and country styles, each kitchen is crafted with precision, using the finest materials and cutting-edge technology. The brand also specializes in a range of custom interior solutions including pantry units, wardrobes, closets, laundry units, and more—tailored to suit the lifestyle and aesthetic of each client. Direct Kitchens Sri Lanka is a subsidiary of Home Lands Group, Sri Lanka’s leading real estate solutions provider.
The Colombo Experience Centre marks the beginning of Direct Kitchens’ global journey in redefining sophisticated living spaces. Visitors to the showroom can explore a curated selection of premium kitchen displays, cabinetry styles, finishes, and fittings—guided by a team of expert designers who offer personalized consultations and complete project management services.
Speaking at the launch, Amaya Herath, Director of Direct Kitchens Sri Lanka, stated, “We are proud to bring the legacy of Direct Kitchens to Sri Lanka and offer homeowners here access to a new standard in luxury interior solutions. Our Experience Centre is more than just a showroom—it’s a space where creativity, lifestyle, and functionality meet. With our decades of expertise and design excellence, we look forward to helping our clients transform their homes into elegant, purposeful spaces.”
Business
W15 Ambuluwawa- Magic, mystery and magnificence

Harold Samuel, a British real estate mogul is credited with the phrase- location, location, location, a sentiment that will forever be pertinent and one that is evident when you behold W15 Ambuluwawa, a white clad stunning boutique hotel perched atop an outcrop of land in Gampola, offering 360-degree views of hills wearing jade and crowns of white clouds. It is a magical place that invites guests to leave the ordinary behind and step into the extraordinary and be enveloped with an utter stillness of being and a peace that transcends quiet.
W15 Ambuluwawa is indeed a rare find, a gem that has been recently added to adorn the W15 Collection, a group of luxurious boutique hotels dotted across some of the most beautiful locations in Sri Lanka. The first boutique hotel to be opened within the Ambuluwawa biodiversity project, W15 Ambuluwawa, with one master suite, 4 deluxe and 3 standard rooms, has been designed with responsibility to the surroundings and sustainability at its core. The ingenuity of architectural genius is displayed from every space in this breathtaking property as the exterior beauty is captured through floor to ceiling windows, a spacious patio and a sundeck.
Guests can expect W15’s signature exceptional service with a large staff cadre and a personal butler assigned to each room, an extraordinary al-fresco dining experience where tastebuds will be tantalized while nature paints the skies with vivid hues and birdsong provides a harmony of background music. Evenings are for breathtaking sunsets to be imbued into your restless soul while you sip a sundowner on the patio.
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