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CDB closes year with Group PAT of Rs 1.8 bn

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showing a growth trajectory of 1.6% year-on-year

Conquering extensive economic destabilization dynamics stemming from the aEaster Sunday attacks and COVID-19, Citizens Development Business Finance PLC (CDB) concluded the financial year 2019/20 on a triumphant note with a healthy profit after tax of Rs 1.8 Bn, showing a growth trajectory of 1.6% year-on-year.

The Company’s trademark resilience was demonstrated when it weathered the impact of COVID-19 lockdowns in Q1 of FY 2020/21 showcasing a balance sheet of Rs 96.7 Bn as at June 30th 2020 and recorded a profit after tax of Rs 487.9 Mn, a significant growth of 63% compared to the corresponding quarter in the previous year. These results are as per the group audited financial statements for Financial Year ended 31st March 2020 and the interim results for the 1st quarter ended 30th June 2020 released to the Colombo Stock Exchange (CSE) recently.

CDB’s Managing Director/CEO Mahesh Nanayakkara is well pleased with the Company’s progress during this challenging period, stating, “With our digital and e-commerce focused business strategy, coupled with the integration of sustainability into our business, CDB confidently looks forward to a sustained strong performance in the post-COVID-19 era.”

Despite widespread disruptions in consumer behavior and economic activities, CDB achieved a revenue of Rs 17.4 Bn in the financial year 2019/20, which is a growth of 3% year-on-year. Net interest income increased by 21% to Rs 6.6 Bn, while the Group maintained its profit before tax at Rs 2.3 Bn. CDB’s consolidated balance sheet as at year-end stood at Rs 93.2 Bn with Rs 11.6 Bn in net assets. The cost to income ratio continued to improve to 48.79%, whilst the return on assets stood at 1.98% and return on equity came to 17.99%.

 

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GPV Lanka wins Gold Award at Taiki Akimoto 5S Awards 2019

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GPV Lanka (Pvt) Ltd won the Taiki Akimoto 5S Gold Award 2019 under the large category presented by Japanese Sri Lanka Technical and Cultural Association (JASTECA).

What was special in particular about the achievement was that GPV Lanka (Pvt) Ltd clinched the Gold Award in the first attempt itself while competing against several other large-scale, well reputable organisations in Sri Lanka.

GPV Lanka (Pvt) Ltd. is a subsidiary of GPV International A/S Denmark. GPV was founded in Denmark in 1961 and is today one of Europe’s leading electronics manufacturers. GPV is a global EMS-partner providing complex electronics, cable-harness, mechatronics and box-build solutions including design and engineering activities to customers worldwide within high mix/low-medium volume.

GPV generates revenue at about USD 460 million with around 3,700 employees and has production sites across Europe, Asia and the Americas.

GPV Lanka (Pvt) Ltd has been in the industry in Sri Lanka for more than 30 years, and today it has 1,022 employees including 45 electronic engineers with a state-of-the-art manufacturing facility.

The company was recognized at the Sri Lanka Presidential Export Award consecutively for four years in 2015/16/17/18, under the electronic & electrical sector for highest foreign exchange earner.

The JASTECA upholds the benchmark of excellence for companies practising Japanese productivity concepts such as the globally accepted 5S system for organising, promoting efficiency, effectiveness and safety.

The awards ceremony was held for the 24th consecutive year at the Grand Ballroom of Hotel Galadari on August 22, 2020 with a large gathering of representatives of all the award winners, JASTECA Members and the Chief Guest, Toshihiro Kitamura, Minister, Embassy of Japan, Sri Lanka.

 

 

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Seylan Bank joins hands with PickMe for exciting promotions

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Seylan Bank recently partnered with PickMe, Sri Lanka’s leading transportation service provider, to offer all Seylan Credit and Debit Cardholders exciting discounts bringing convenience to their fingertips.

A discount of Rs. 100 per month on two PickMe rides per user can be claimed by Seylan Card holders during the promotional period until December 31st, 2020. To avail this promotion, Seylan Cardholders can simply add their Seylan debit or credit card as a payment method on the PickMe app and enjoy smooth and reliable cashless transactions eliminating the need for physical cash in hand. Seylan customers who wish to book a ride, get food delivered or use any of the services offered by PickMe will be eligible for the discount.

Seylan Bank continues to focus on expanding their merchant partnerships to provide their customers with the best and most valuable financial service experience. Seylan Cards are recognized as an ‘essential card’ offering year-round promotions covering a wide variety of products and services, offering maximum value and maximum savings.

Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services. The Bank has a growing clientele of SMEs, Retail and Corporate Customers and has expanded its footprint with 173 branches across the country and an ATM network of 216 units. Seylan Bank has been endorsed as a financially stable organization with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating revised to ‘A (lka). The bank was ranked second among public listed companies for transparency in corporate reporting by Transparency Global and is now part of the S&P Dow Jones SL 20 Index. These achievements are a testament to Seylan Bank’s financial stability and unwavering dedication to ensuring excellence across all endeavours. For more information on products and services please visit www.seylan.lk.

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Traditional Hand Embroidery by Lakpahana

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It was in the early 1960’s that Mrs. Siva Obeyesekere, who was passionate about all things handmade, started 15 sewing centers in the Attanagalle and Maligawa electorate. About 500 women attended the sewing centers.

Her husband Senator James Peter Obeyesekere was the Member of Parliament for Attanagalle at the time. The women could help improve their family income by using their leisure time in sewing at home. This became a popular cottage industry.

At the sewing centers, she and her friend, Mrs. Lorna Manukulasuriya, trained women to make the most exquisite hand embroidered handkerchieves, pillow cases and baby shirts. Made from French lawn, these beautifully embroidered items often embellished with handmade lace eschewed sentimentality, nostalgia and beauty. The designs were of a Victorian era. These beautiful items were very popular and found a ready market overseas.

Lakpahana now showcases the beautiful hand embroidered items. Handmade does not mean cheap, it means beautiful and well made. Carefully hand embroidered hankies make ideal mementos or gifts from a bygone age. The stitching is so well done that both sides are just as good.

A cotton hanky is ideal to use on hot humid days. There are gents’ hankies, childrens’ embroidered hankies and ladies’ hankies. They are deal to keep in the handbag and far classier than common tissue. It is a gift of love.

Kandyan embroidery fascinated Mrs. Obeyesekere. A great granddaughter of Iddamalgoda Kumarihamy, who was considered a princess in her time, Sabaragamuwa designs and embroidery occupied a special place in Siva’s heart. She drew all these vivid recollections to create a tapestry of colour.

Kandyan style embroidery using specific designs, colours and materials have been used to turn out beautiful cushion covers, table mats, flags and bags. The embroidered betel bags consists generally of a centre design, floral or otherwise framed by three or more borders parallel to the edge of the item of the borders.

The inner most is always “Pala peti”, the “Liya wela”, “Hawadiya” or “Gal bindu” patterns. Most of the Kandyan embroidery uses chain stitch, centipede stitch, buttonhole stitch, feather stitch and simple cross stitch.

Obeyesekere worked tirelessly to revive traditional handicrafts. Her efforts led her to start a small shop in front of the Horagolla Samadhi. This shop was the precursor to Laksala and finally Lakpahana. All the painstaking efforts of one woman who wanted to create a Sri Lankan identity. She spent endless hours with craftspeople and immersed herself in the country’s craft. Her work is a tribute to our country.

Lakpahana showcases all these embroidery and patchwork items together with a fantastic collection of all that is handmade. The past makes a beautiful present. Lakpahana has been at the forefront of doing things the traditional way.

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