Business
Aitken Spence reports its highest ever Q3 PBT of Rs. 3 Bn

The leading blue-chip conglomerate, Aitken Spence PLC reported its best ever third quarter (Q3) performance with a Profit-Before-Tax (PBT) of Rs. 3 Bn in Q3 2021-22, a significant turnaround from the third quarter Q3 of the previous year. The Group’s businesses including the tourism sector is showing positive momentum. Across all sectors, the Group’s earnings before interest expense, tax, depreciation and amortisation (EBITDA) was Rs. 5.2 Bn compared to Rs. 1.2 Bn in Q3 of the previous year. The Group also recorded an EBITDA of Rs. 9.8 Bn for the nine months ended 31st December 2021. Despite considerable economic headwinds, the organisation’s agile strategy was reflected in the Group’s overseas businesses that contributed 78% to the overall PBT in Q3 and 64% in the nine months ended 31st December 2021.
The Group’s tourism sector came through with an exceptional turnaround in performance during the third quarter by recording a PBT of Rs. 1.6 Bn compared to a loss of Rs. 1.8 Bn in the Q3 of the previous year. The Group’s hotels were in full operation with a noteworthy contribution from the overseas hotels and an encouraging recovery from the local hotels together with the commencement of charter operations from the Eastern European market facilitated by the Group’s destination management segment. Aitken Spence Travels recently facilitated the first charter operation from Uzbekistan, another new source market for Sri Lanka.
During the third quarter the Group’s maritime and freight logistics sector yet again recorded a strong PBT of Rs. 1.1 Bn mainly from the freight management and liner shipping segments together with increased overseas port management operations. The Group’s strategic investments sector recorded a PBT of Rs. 181 Mn and the Group’s services sector recorded a PBT of Rs. 91 Mn. The waste-to-energy power plant and the three hydro power plants that were acquired last year, and the improved performances seen in the printing and apparel segments substantially contributed towards profits of the sector.
The Group recorded an impressive PBT of Rs. 3.3 Bn for the nine months ended 31st December 2021, which is a noteworthy turnaround from the loss recorded in the previous year. The results are significant in comparison to the PBT of Rs. 2.4 Bn that was recorded during the comparative period of the pre-pandemic financial year 2019-2020.
“Our performance this quarter is a reflection of the Group’s resilience and perseverance that propelled us amidst the most unprecedented challenges we have ever faced as a company. It’s rewarding to see a strong performance across all sectors of the Group, particularly for the tourism sector that showed remarkable turnaround. It was nothing short of an uphill battle and I must commend each and every Spensonian and our management teams and I thank all our partners in business for supporting our efforts. We continued to invest and prioritised the wellbeing of our employees and key stakeholders in the management decisions we made and it’s encouraging to see these results.”
During the quarter under review, Aitken Spence was recognised in several awarding platforms. The company won the most awards at the Best Corporate Citizen Sustainability Award 2021 organised by the Ceylon Chamber of Commerce.
The annual report of Aitken Spence PLC presented under the theme ‘Conquering Chaos’ won the bronze award under the diversified category and was recognised in the top 10 companies’ annual reports at the 56th Annual Report Awards, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). Furthermore, the company’s annual report was selected as one of the ‘Ten Best Integrated Reports’ at the Certified Management Accountants of Sri Lanka (CMA) Excellence in Integrated Reporting Awards 2021. Aitken Spence PLC was also ranked among the Top 15 companies for ‘Transparency in Corporate Reporting’ by Transparency International Sri Lanka (TISL).
Aitken Spence PLC was recently recognised in the global ranking of Top 100 Companies in Sustainability 2022, in an independent assessment carried out by the ‘Sustainability’ magazine which is an established international publication. Aitken Spence is the only Sri Lankan company to have been included in this ranking of global industry leaders such as Schneider Electric, Microsoft, Nissan, Lenovo, Novo Nordisk, Accenture, McKinsey & Company, PWC, Ernst & Young and KPMG.
Listed in the Colombo Stock Exchange since 1983, Aitken Spence is anchored to a heritage of excellence spanning over 150 years and driven by more than 12,000 employees across 16 industries in 8 countries: Sri Lanka, Maldives, Fiji, India, Oman, Myanmar, Mozambique and Bangladesh.
Business
Ranil calls for regionalism amid global shifts

Reiterates the need to integrate with southern India’s rapidly growing economy
At the inaugural session of the Fifth Bay of Bengal Maritime Dialogue held at Cinnamon Grand, Colombo on May 20, former President Ranil Wickremesinghe delivered a compelling speech urging greater regional connectivity, particularly on the western side of the Bay of Bengal, which he said lags behind its eastern counterparts in infrastructure development for regional connectivity.
Hosted by the Pathfinder Foundation, the event brought together diplomats and maritime experts to discuss the geopolitical and economic future of the Bay of Bengal, a region poised to become a global economic powerhouse by 2050.
Wickremesinghe began by highlighting the shifting global trade landscape, referencing U.S. President Donald Trump’s announcement of reciprocal taxes, which he said could disrupt existing trade frameworks.
“Globalisation will not disappear, but it will be affected,” he noted, emphasising the need for stronger regional trade blocs like BIMSTEC and ASEAN to fill the gap.
“The Bay of Bengal was once the heart of global trade and civilisation,” he said, recalling its historical significance in Buddhism, Pali, and Sanskrit traditions.
A key focus of his address was the stark disparity in connectivity between the eastern and western shores of the Bay of Bengal.
“Now, we must revive that spirit of collaboration through infrastructure-driven economic integration,” he noted.
Further speaking he said,” Infrastructure projects, including high-speed rail links have spurred between China, Laos, Thailand, and Myanmar. The India-Myanmar-Thailand rail link and the proposed land bridge from Rangoon to the Gulf of Thailand aim to reduce reliance on the Malacca Strait. However, Sri Lanka, Bangladesh, and India’s eastern seaboard lack comparable infrastructure.”
Wickremesinghe stressed the need for a Bangladesh-West Bengal-Bhutan-Nepal economic corridor and. recalling his constant past stance, Wickremesinghe advocated for a land connection between Sri Lanka and India’s southern states; Tamil Nadu, Andhra Pradesh, and Telangana, which he said could unlock immense economic potential.
“Sri Lanka’s ports, including Trincomalee and a potential new port between Wattala and Ja-Ela, must be integrated with southern India’s rapidly growing economy,” he said. This, he argued, would boost transshipment, apparel exports, and regional trade.
However, he acknowledged political and environmental concerns, urging ‘exhaustive discussions’ before any final decision is made on the land bridge.
With India projected to become the world’s second-largest economy by 2050 and Indonesia the fourth, Wickremesinghe called for accelerated cooperation.
“The Bay of Bengal’s collaborative success story is unfolding. We can choose to be part of it, or build our infrastructure projects separately,” he said.
The Fifth Bay of Bengal Maritime Dialogue continued on Wednesday, with local and foreign experts delving deeper into these pressing regional challenges.
By Sanath Nanayakkare
Business
SriLankan Airlines begins search for new cabin crew talent

SriLankan Airlines has launched a major recruitment drive in search of new cabin crew talent to represent its renowned frontline team, in line with the airline’s expansion plans amid growing passenger volumes and emerging markets. The process began with a public advertisement that drew nearly 12,000 applications. Demonstrating its commitment to transparency in selection, the airline is now inviting shortlisted applicants to take part in the next phase of the recruitment drive, scheduled to take place from 20–23 May 2025 at the Bandaranaike Memorial International Conference Hall (BMICH).
At BMICH, each candidate will undergo a meticulous multi-stage screening process, including document verification such as qualification certificates, an image and presentation assessment and an aptitude interview conducted by a panel of experts. Candidates must successfully complete each stage to proceed to the next. Those who meet the criteria across all stages will be invited for a final, in-depth interview at the airline’s headquarters in Katunayake, after which the final selection will be made on who is cleared for takeoff.
Susan Jacob, Group Head of Human Resources at SriLankan Airlines commented on the talent acquisition process, stating, “We are seeking individuals who embody the spirit of Sri Lanka and are passionate about providing world-class service to our valued passengers. That’s why we follow a transparent and thorough recruitment and selection process, not just to ensure fairness to all hopeful applicants, but also to choose individuals who are truly cut out for the role. Being a cabin crew member remains an aspirational career for many young people, and while it certainly comes with its perks, it is also a demanding job with long hours, which is why each candidate is evaluated across a range of criteria to make sure they have the right attitude and skills to thrive.”
Business
Sri Lanka and China to strengthen bilateral and cultural ties by joining hands to preserve ‘’Cultural Heritage and Tourism ‘’

Two Tourism Promotional strongholds got together, as Sri Lanka Tourism and City Alliance for Maritime Silk Road Heritage Conservation and World Heritage Nomination (CAMSR ) further strengthened their bilateral and cultural ties focusing on Heritage protection and development of Heritage Tourism, at a special ceremony and Forum held at the Radisson Blu Hotel, Galle, on 19th of May 2025.
CAMSR, is an the organization led by China, which is a city alliance comprised of 34 China cities and one Indonesia city, spreading across Guangzhou, Shanghai, Nanjing, Ningbo, Hangzhou, Wenzhou, Chaozhou, Hong Kong, Macau, etc. The CAMSR coordinator office is located in the Guangzhou Municipal Government, and the Guangzhou culture, Radio, Television, and the Tourism Bureau is the responsible government body. The Chinese delegation comprised of Liu Xiaoming Deputy Chief of Guangzhou Municipal Culture, Radio, Television and Tourism Bureau as the head of delegation together with Zheng Xiaolu Division Director , Hu Jianguang Deputy Division Director and Li Minyong , Chief Curator of Guangzhou Nanyue King Museum attended this event.
The event kicked off with a stunning Traditional dance performance which showcased Srilankan cultural elegance. As a VIP speaker, Sampath Nissanka , Managing Director ,Sri Lanka Tourism Promotion Bureau addressed the gathering. He said “This event in Galle underscores the script of our relations that will be crucial for enhancing the full potential of this Initiative. By working together, sharing experiences, and understanding, we can ensure the Maritime Silk Route to become a pipeline for shared prosperity and development of both nations”. He further said,.‘’I strongly believe this initiative will unlock new avenues for tourism, to attract more visitors to Sri Lanka from China, and foster a deep cultural understanding and exchange between our nations’’
Liu Xiao Ming, Chief of Guangzhou Municipal Culture, Radio, Television and Tourism Bureau expressed his thoughts on this initiative and mentioned that he was pleased to have this long standing partnership with Sri Lanka Tourism in promoting Cultural Heritage among 34 cities in China under the CAMSR program and importance of promoting Galle City as a world heritage site accredited by UNESCO.
Waruna de Silva as a Board member of Galle Heritage Foundation, made a descriptive presentation regarding the ancient relationship between China and Sri Lanka and also the significance of the Galle Harbour as a famous trade hub. Out of the seven voyages of Admiral Zheng He visited Sri Lanka in the 14th Century from Yunnan, four visits were to Galle to explore its potential. He mentioned that specifically the Silk Route, which has been a popular pathway used to connect the two countries during the ancient times since 6th century B.C, Sri Lanka had been an important landmark for maritime activities and trading of spices ever since then. Records of Marco Polo and the Chinese Traveler Monk Faxian are examples for Sri Lanka as a popular Maritime destination. Therefore Galle is considered as a living heritage city and is also becoming a famous hub for International festivals such as the Galle Literary Festival
Ruwan Wijerathna, Chairman , Galle Tourism Department also expressed his views at this occasion by elaborating their role as a provincial tourism body in preserving and developing Galle as a Heritage city.
Thereafter the Maritime Silk Road forum was held, moderated by Li Pei Feng, Global Fellow Partner of CAMSR program where questions were posted to the panel comprised of Li Ming Yong Chief of Guangzhou Nan yue kingdom Museum, Ms. Madubhani Perera, Director PR of SLTPB , Dushan Wickramasuriya, Director/Marketing of SLTPB , Prof. Amalka Wijesooriya Senior Lecturer at the History and Archaeology Department of University of Ruhuna, and Mr. Chandrarathna, Chief of the Galle Maritime Museum on the development of maritime and heritage tourism in China and Sri Lanka.
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