Business
Colombo tea prices spiral as Covid-19 lockdowns depress global producers
by Steve A. Morrell
Brokers agreed in their weekly market reports that tea production at 21.9 million kilos for September 2020 was more or less on par with the corresponding month of the previous year (2019).
However, performance year-on-year indicated dismal results with Asia Siyaka Tea Brokers saying comparative results in cumulative perspective reflected a minus variance deficit of 31.8 million kilos.
Production at the end of 2019 was 300.1 million kilos. The deficit performance by end September 2019, cumulatively at 201.1 million kilos, was an indicator that the minus variance would continue with production remaining at that level. Production at end September 2019 was 232.9 million kilos.
Attributed to the production deficit results was the severe drought in the first quarter of 2020, which retarded growth. The drought cut across all elevations, but particularly impacted on low growns, which set back production.
However, prices remained at competitive levels. Cumulatively, up to October 14, 2020, the net sales average (NSA) was Rs. 645.03 per kilo. The 2019 average over the same period was Rs. 513.47 per kilo.
The price table of John Keells Tea Market Report showed a steady increase in prices over the months in 2020. Low growns recorded the highest levels at Rs. 674.25 per kilo thereby contributing substantially to the upward trend in the price table.
The report also said flowery grades prices were high. For low growns, FBOPF recorded Rs. 2,800 per kilo while Op 1 fetched Rs. 3,100. per kilo.
The reasons attributed for the price increases in Colombo were shortages in producing countries in the backdrop of global corona lockdowns. India was singled out for its traumatic market conditions because of the pandemic sweeping the world.
The Uva quality season made a difference in Colombo. Though this year, the season was short-lived, it did contribute its share to the price table.
The Forbes & Walker Tea Market report said CTC (Cut Twist Curl) production at end September 2020 recorded marginal decrease of 0.1 million kilos. However, prices at Rs. 569.95 per kilo were better than the Rs. 420.25 fetched in 2019.
Although, the Covid-19 resulted in a global economic crisis, tea production continued to sustain economic activity in Sri Lanka without interruption. Tea was produced, sales and auctions were carried out and the produce was shipped out as routine.
Brokers attributed the sustained forward movement of the industry to the plantations and the tea smallholders, who continued normal production.
Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.
His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.
He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.
The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.
Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.
Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.
Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.
Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.
In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.
A stunning reversal of fortunes in Canada’s historic election
Images of Pope Francis’ tomb released
‘Mass casualty incident’ as car driven into Vancouver street festival
-
Features6 days agoRuGoesWild: Taking science into the wild — and into the hearts of Sri Lankans
-
News5 days agoOrders under the provisions of the Prevention of Corruptions Act No. 9 of 2023 for concurrence of parliament
-
Features7 days agoNew species of Bronzeback snake, discovered in Sri Lanka
-
News5 days agoProf. Rambukwella passes away
-
Business14 hours agoPick My Pet wins Best Pet Boarding and Grooming Facilitator award
-
News7 days agoPhoto of Sacred tooth relic: CID launches probe
-
Opinion6 days agoSri Lanka’s Foreign Policy amid Geopolitical Transformations: 1990-2024 – Part IX
-
Features7 days agoSri Lanka’s Foreign Policy amid Geopolitical Transformations: 1990-2024 – Part VIII