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Cargills ends a successful Q1 with helping local production

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Cargills (Ceylon) PLC Thursday (10) announced its consolidated financial results for the six months ended 30th September 2022. The Group was able to deliver a steady performance in a challenging environment, particularly considering rising interest and raw material cost as well as increasing cost of operations said a press release.

It said: The Group recorded a cumulative revenue of Rs 97,181 Mn (66% YoY) for the 1st half of the year while revenue increased to Rs. 49,206 Mn (70% YoY) during the quarter under review. Group EBITDA for the 1st half of the year was Rs. 9,410 Mn (65% YoY) and Rs. 4,969 Mn (74% YoY) for the quarter under review. The Group recorded an operating profit of Rs. 6,527 Mn (102% YoY) during the 1st half of the year while operating profits grew to Rs. 3,521 Mn (116% YoY) during the quarter under review. Profit after tax was Rs. 2,737 Mn (127% YoY) for the 1st half of the year and reached Rs. 1,186 Mn (69% YoY) for the quarter under review. The Group’s performance was driven by all three major business segments of the Group – Retail, Food Manufacturing, Restaurants.

The food manufacturing business recorded another strong quarter, despite challenges with raw material availability, fuel shortages, rising input costs, and rising cost of factory operations. All categories recorded strong volume growth except the confectionery business where the price component led sales growth. We have seen an increase in demand for our brands, although supply challenges have limited the ability to meet customer demand from time to time. Our team is currently working on building local production in order to ensure the Group continues to serve the nutritional needs of our customers. At a time when customers have been burdened with significant price increases, we have curtailed passing of costs to the consumer. Selective price revisions have been made to minimize the impact to profitability, with careful consideration on affordability and nutrition.

The Group’s operations have grown despite the turbulent macroeconomic environment. The Management is focused on driving top line while investing in building its key resources such as talent. Strategic investments will be made to increase capacity and touchpoints across the country while the Group works towards improving its cashflow position and managing debt amidst the high interest rate environment. These strategic investments will be made to support the country’s objective of achieving food security while ensuring the investments yield the required returns, both in the near-term and long-term. As a large local food company, the Group is committed to utilizing its resources to ensure the nutritional needs of consumers across the country are met.



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Sri Lanka Navy joins commencement of AMAN-2025

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The multinational naval exercise AMAN-2025, hosted by the Pakistan Navy for the ninth time, commenced at Pakistan Navy Dockyard in Karachi on 07 Feb 25. The event was attended by Commanding Officer and crew of SLNS Vijayabahu, representing the Sri Lanka Navy.

AMAN-2025 will be held from 07 to 11 Feb in Karachi, and the multinational naval exercise will see the attendance of Navy Chiefs, stakeholders and think tank from maritime fraternity, from 60 nations.

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SME representatives accuse presidential aide of instigating protest against Central Bank

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Susantha Liyanaarachchi

A presidential advisor, identified as D. Gamage, had asked a delegation representing the SME sector to “surround the Central Bank” instead of troubling officers at the Presidential Secretariat, Susantha Liyanaarachchi, Chairman of the National Construction Association of Sri Lanka (NCASL) told the media yesterday near the Presidential Secretariat.

Liyanaarachchi said so following a meeting with Gamage, on Friday, during a protest staged by a group of small- and medium-scale entrepreneurs, affiliated with the MSME Joint Alliance, outside the Presidential Secretariat against parate executions.

Five representatives were permitted to enter the Secretariat, where they also submitted a 17-point proposal aimed at reviving the domestic coconut oil industry.

“Gamage said there was no point in coming to the Presidential Secretariat. He asked us to surround the Central Bank. What an awful officer. We came here to settle our issues amicably, and Gamage told us to surround the Central Bank,” Liyanaarachchi said.

Liyanaarachchi also stated that the Central Bank did not adhere to instructions given by President Anura Kumara Dissanayake, exacerbating the concerns voiced by the MSME entrepreneurs.

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Govt. to seek new indictments in Lasantha murder case

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Harini

By Saman Indrajith

The government would try to initiate fresh indictments in the Lasantha Wickrematunga murder case, Prime Minister Harini Amarasuriya said on Friday, pledging that those responsible for the murder of journalist Wickrematunga would be held accountable. She also stated that she intended to respond personally to a letter from Wickrematunga’s daughter, Ahimsa, who has called on Parliament to impeach Attorney General Parinda Ransinghe (Jr.) over the recent release of three suspects.

Ahimsa Wickrematunga’s request for impeachment followed the release of several individuals—among them a police officer—who had been arrested on accusations of destroying evidence, including a notebook belonging to her father and key police records. Speaking in Parliament, Prime Minister Amarasuriya said, “I plan to respond directly to Ms Wickrematunga, as I fully understand her concerns and the distress she must be experiencing. We are doing our utmost to observe due process and uphold the independence of the Attorney General’s office, but justice must prevail.”

She went on to say, “We intend to seek justice for Lasantha Wickrematunga’s murder. President [Dissanayake] has met with those involved to determine the best course of action. We are examining the possibility of refiling or initiating new inquiries if necessary, as there is plenty of evidence.”

Opposition legislator Rauff Hakeem noted that the suspects were released on a technicality related to an identification parade, and expressed concern that the Attorney General was selectively releasing certain suspects, despite there being many dedicated officers within the Department. He added, “Ultimately, the purpose of all our judicial institutions is to deliver justice. If procedures obstruct that aim, we must re-examine them.”

Prime Minister Amarasuriya reiterated that the Government is open to debating the matter in Parliament, saying, “We will look at refiling charges or bringing new indictments where appropriate. We fully appreciate the gravity of this situation and the need for transparency, and we will do everything in our power to ensure justice is served.”

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