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First Capital reports ‘impressive financial performance’ with profits soaring to Rs. 2.81 billion

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Dilshan Wirasekara – Managing Director / Chief Executive Officer

First Capital Holdings PLC (the Group) announces its outstanding financial performance for the first quarter ended June 30, 2023. The Group reported an impressive Profit after Tax of Rs. 2.81 billion, marking a remarkable leap from Rs. 96 million recorded in the same period last year.

Among the key divisions, the Primary Dealer segment demonstrated an exceptional growth trajectory, reporting a Profit after Tax of Rs. 2.73 billion for Q1 2023, compared to the previous year’s figure of Rs. 409 million. This achievement can be attributed to a net interest income of Rs. 1.1 billion and a substantial trading gain of Rs. 2.1 billion from the sale of the government securities portfolio. In the prior year, the division reported a net interest income of Rs. 185 million and a trading gain of Rs. 242 million.

The Corporate Dealing Securities division also showcased a remarkable turnaround, reporting a Profit after Tax of Rs. 77 million for Q1 2023, a significant improvement from the previous year’s Loss after Tax of Rs. 310 million.

The Wealth Management division reported a Loss after Tax of Rs. 0.8 million for Q1 2023, an improvement from the previous year’s Loss after Tax of Rs. 0.9 million. The division’s assets under management demonstrated growth, standing at Rs. 48.6 billion as of June 30, 2023, compared to Rs. 40.5 billion as of March 31, 2023.

The Stock Brokering division maintained a strong stance, reporting a Profit after Tax of Rs. 2 million for Q1 2023, though lower than the previous year’s figure of Rs. 9 million.

The Group’s remarkable achievements were further underscored by its recognition as the most awarded entity in the Investment Banking Sector by LMD. Additionally, the Group had also received the distinguished Great Place to Work® Certification™ for the 2nd consecutive year in recognition of their continued efforts to cultivate a supportive and inclusive workplace that promotes employee growth and well-being.

Dilshan Wirasekara, Managing Director / CEO of First Capital Holdings PLC expressed his thoughts on the robust financial performance during the first quarter of 2023: “Our growth across multiple divisions reflects our commitment to excellence, adaptability, and strategic foresight. We remain dedicated to delivering value to our clients and shareholders while maintaining a strong position in the market.”– First Capital Holdings



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Sri Lanka introduces landmark food & beverage regulations

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The Sri Lankan government has announced new restrictions on marketing food and beverages to children, effective January 1, 2025, under the Food (Labelling & Advertising) Regulations 2022.

The Ceylon Chamber of Commerce, through its Food & Beverage Steering Committee, was a key partner in shaping these regulations by providing inputs on food science, nutrition, international regulatory practices, and legal frameworks during an over decade-long consultation process with the Ministry of Health.

Under the new rules, the industry must ensure that children under 12 are not featured in advertisements for F&B products. Further, the industry must ensure that F&B products are not advertised or promoted to children below 12 years without prior approval from the Ministry of Health.

Additionally, updated food labelling requirements, effective July 1, 2025, will empower consumers with essential information, including nutritional values and detailed ingredient lists, to make informed food choices. These updates address gaps in the regulations established in 2005 and align the framework with international standards.

Buwanekabahu Perera, CEO of The Ceylon Chamber of Commerce, stated:

“We commend the Ministry of Health for modernising Sri Lanka’s food regulatory framework after 20 years. Transitioning entrenched industry practices will be challenging for businesses, from SMEs to large-scale operators. However, it is vital to balance consumer protection with the continued availability of packaged food, and preserving longstanding brand equity. A corrective and collaborative approach to implementing these regulations will be important to ensure a smooth transition.”

(CCC)

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USD 40 million five star resort to be powered entirely by renewable energy

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Hewage Upananda Karunaratne

By Ifham Nizam

In a bold step to transform the tourism landscape of Sri Lanka’s Sabaragamuwa Province, a groundbreaking USD 40 million ecotourism project is set to take shape in the serene town of Uda Thimbiriya, Bulathkohupitiya. The “Thimbiriya Skyline Resorts,” a luxury 100-room, five-star resort, will be built on sustainable principles, powered entirely by renewable energy and achieving net-zero carbon emissions.

At the helm of this ambitious venture are two visionaries: Mrs. Elisabeth Berg Khan, an economist with a passion for green innovation, and Dr. Sikander Khan, a renowned professor and CEO of Peak Education Ltd., based in Stockholm, Sweden. Partnering with them was Hewage Upananda Karunaratne, the head of UDS Agro Holdings. ‘Together, they formed an alliance built on mutual respect and a shared dream: to create an eco-tourism marvel that would redefine hospitality, knowledgeable sources said.

The resort will be a pioneer in green tourism, integrating 1 MW agrivoltaic solar energy systems to support its operations, ensuring a fossil fuel-free environment. The project, which is a collaborative effort between international and local experts, boasts an ambitious design that includes energy-producing facades, building-integrated photovoltaics, and passive house components, such as enhanced insulation and energy-efficient windows.

At the forefront of this initiative is Major General Nimal Krishnaratne (Rtd), the Project Coordinator. With extensive experience in leadership and coordination, Major General told The Island Financial Review that the resort will not only attract international tourists but also foster significant local employment and skill development.

“This ecotourism project is more than just a hotel; it is an opportunity to uplift the entire community. With around 120 direct job opportunities and the training of local youth in marketable skills, we are helping to raise the standard of living in the area, he said.

The USD 40 million investment, with 99% of the funding sourced from foreign direct investment (FDI), will also have far-reaching social benefits. A portion of the proceeds will be allocated to community initiatives, such as healthcare, housing, and environmental development, particularly focusing on flora and fauna protection. Additionally, the project aligns with several of the United Nations’ Sustainable Development Goals (SDGs), underlining its commitment to sustainability and inclusive growth.

The resort’s location on eight acres of land, with five acres dedicated to hotel facilities and three acres for the solar farm, further emphasizes its focus on green infrastructure.

According to Major General Krishnaratne, this project is a perfect example of how tourism can be developed sustainably, creating a model for future projects across the region. “Once operational, this resort will not only be the first five-star hotel in the Sabaragamuwa Province but will also set a global standard for ecotourism, he remarked.

Already approved by the Sri Lanka Tourism Development Authority (SLTDA) with preliminary clearance, the Thimbiriya Skyline Resorts project will be a milestone for both the local economy and Sri Lanka’s tourism sector. The resort will help bring international attention to the area, boosting tourism and supporting the country’s broader goal of becoming a global ecotourism destination.

Major General added: “This project represents a unique synergy between sustainable development and tourism, one that we believe will create lasting positive impacts for generations to come.”

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Vision Care opens second Homagama branch, expanding access to top-notch eye care solutions

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Vision Care, Sri Lanka’s leading provider of vision, hearing, and eyewear solutions, opened its second branch in Homagama, marking a significant step in its mission to bring high-quality eye and hearing care to every corner of the country. In celebration of the opening, Vision Care also conducted an eye and ENT camp at the branch premises, offering free consultations and basic healthcare services to the public.

The opening ceremony was graced by esteemed guests, including renowned,Dr Lalantha Gurusinghe – Consultant Vitreo Retinal Surgeon (Colombo south teaching hospital & National eye hospital), Dr M D S Guneyilleke – Consultant eye surgeon (National eye hospital)

along with Vision Care’s Chairman Dasantha Fonseka, Managing Director Janaka Fonseka, several staff members, and well-wishers. This event celebrated the brand’s dedication to serving regional communities. Located in the center of Homagama city, the new branch minimizes travel time for residents while ensuring accessibility to all. Combining convenience with exceptional service, the branch features modern interiors, ample parking, and a welcoming atmosphere, providing customers with a seamless experience as they access expert care and premium products.

The newly opened Homagama branch offers a wide range of services, including eye tests, hearing assessments, and a curated collection of eyewear brands and hearing aids. Customers can explore stylish, high-quality frames and sunglasses from global brands such as Ray-Ban, Vogue, Polaroid, and Vintage. Additionally, the branch features advanced hearing aids from Oticon and Starkey, catering to both adults and children. With state-of-the-art technology and a team of experienced professionals, the branch ensures reliable, personalized solutions for every customer.

For over 30 years, Vision Care has been a trusted name in the eye and hearing care industry. Its unwavering commitment to innovation and customer satisfaction continues to set benchmarks, ensuring every location reflects the brand’s promise of excellence.

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