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CMA presents annual report to State Minister

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Chairman CMA Sarana Karunarathna presenting copies of Annual Reports 2020 to State Minister Dr. Nalaka Godahewa and Secretary to the Ministry Sirinimal Perera. General Manager CMA Dr. Indunil Liyanage also participated at this occasion.

Chairman of Condominium Management Authority (CMA) Sarana Karunaratne, Attorney-at-Law presented its first copy of the Annual Report 2020 to State Minister of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness Dr. Nalaka Godahewa and the Secretary to the Ministry Sirinimal Perera recently. The General Manager of CMA Dr. Indunil Liyanage also participated for this occasion.

Condominium Management Authority (CMA) was established under the Act of Parliament No.39 of 2003 to regulate and monitor Government and private sector condominiums in the country. Since 2003 CMA established 1,126 management corporations to monitor and regulate individual condominiums in the country which amounts to approximately 38,573 apartment units. CMA consists of various divisions to support this endavour namely, engineering, customer care, certificate issuance, administration and human resources, legal, finance, information technology and internal audit. Condominium Management Authority is a self-funded (profitable) institute functioning under the State Ministry of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness.

According to “Vistas of Prosperity and Splendour” policy statement of His Excellency the President, Government has a pledge to provide a house to each family in the country and in line with that CMA has planned several activities to regulate and monitor common amenities and common elements in condominiums of Government and private sector.

In line with “Vistas of Prosperity and Splendour” policy statement of His Excellency the President, CMA has taken steps to reduce its certificate issuing fees for Government sector condominiums which are over 5001 square feet to provide that benefit to its unit owners.

According to the act, CMA will play a significant role in the development of Port City. A plan has been developed by CMA for the Port City development activities under “One Stop Shop” concept introduced by UDA to expedite the approval process within a short period of time to meet foreign and local investor demands.

Year of 2020 was an exceptional year where every citizen in this country and globally had to experience the bitterness of Covid 19 pandemic and the construction industry in the country also faced a down turn and a standstill during this period. It was a very challenging year for CMA in terms of tough economic conditions due to Covid 19 pandemic and the country was locked down twice during 2020. As of 31st December 2020 CMA achieved a Rs.203 million income which was 2.6% over 2019 and the operational expenses was brought down by 8% compared to 2019. Net profit (PAT) for 2020 was Rs.32.96 million which was 80% increase compared to 2019 achievement of Rs.18.19 million. CMA has achieved excellent financial results by superseding its budget as of 31st October 2021. Achieved a revenue of Rs.304 million and a net profit of 142.1 million and brought down the cost below the budget 2021. Also CMA donated Rs.10 million in 2020 to the Covid fund as its Corporate Social Responsibility (CSR) towards the nation. A 5 year Corporate Plan, Action Plan, Budget, Procumbent Plan, Delegated Authority and Audit Plan for 2021 were completed in December 2020 with the participation of the senior management team of CMA.



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Seven factors of concern at upcoming Monetary Policy Review

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by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets

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Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Janaka Abeysinghe appointed SLT CEO

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Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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