The Group delivered a strong quarterly performance marked by the contribution from its new investments and businesses as well as a robust contribution across the portfolio. The operationalising of key investments in the first half of the year provides a strong platform to translate to an enhanced profit contribution over the second half and the ensuing financial year.

Group earnings before interest, tax, depreciation and amortisation (EBITDA) at Rs.18.36 billion in the second quarter of the financial year 2025/26 is a significant increase of 127% against Group EBITDA of Rs.8.09 billion recorded in the corresponding period of the previous financial year.

Cumulative Group EBITDA for the first half of the financial year 2025/26 at Rs.31.33 billion is an increase of 98% against the previous year. Given the high seasonality in many of our businesses, the second half performance is expected to improve further over the first half. The Group recurring EBITDA for the full financial year 2024/25 was Rs. 45.69 billion.

Group profit before tax (PBT) at Rs.7.80 billion in the quarter under review is a significant increase of 243% against the Rs.2.27 billion recorded in the second quarter of 2024/25.

Group profit after tax (PAT) at Rs.4.20 billion in the second quarter of the financial year 2025/26 is an increase of 176% against the Rs.1.52 billion recorded in the previous financial year while the profit attributable to equity holders of the parent is Rs.1.65 billion compared to Rs.1.37 billion in the corresponding period of the previous financial year.

The profit attributable to equity holders of the parent, excluding City of Dreams Sri Lanka and JKCG, is Rs.2.61 billion in the quarter under review compared to Rs.692 million in the corresponding period of the previous financial year. (JKH)

The Embassy of the Republic of Korea in Sri Lanka, led by Ambassador Miyon Lee, hosted a grand celebration to mark Korea’s 4358th National Foundation Day at Cinnamon Life, Colombo. This year’s celebration also commemorated the 48th anniversary of diplomatic relations between Korea and Sri Lanka, highlighting the deepening friendship and multifaceted cooperation between the two nations.

The occasion was graced by several distinguished guests, including Hon. Saroja Savithri Paulraj, the Minister of Women and Child Affairs, who attended as the Chief Guest. Also in attendance were Cabinet Ministers, Ministry Secretaries, Ambassadors, Korean nationals, and representatives from diverse sectors of Sri Lankan society, all of whom have contributed to the ongoing partnership between Korea and Sri Lanka.

In her opening address, Ambassador Miyon Lee warmly welcomed the guests and emphasized the deep historical and cultural significance of National Foundation Day for the Korean people. She highlighted Korea’s journey from its ancient roots to its modern achievements, underscoring the nation’s commitment to democracy, global peace andprosperity.

Ambassador Lee also reflected on the evolving bilateral relationship between Korea and Sri Lanka, particularly through Korea’s Official Development Assistance (ODA) programs. She spotlighted several key collaborations over the past year and outlined Korea’s new phase of soft power diplomacy with focus on “K-Initiative” aimed at promoting K-pop, K-dramas, Kmovies, K-beauty, and even K-technology to reach beyond Korea and across the globe.

Special mention was made of KOICA (Korea International Cooperation Agency), the lead organization implementing Korea’s ODA in Sri Lanka. The Ambassador congratulated KOICA on its 30th anniversary in Sri Lanka, recognizing its enduring presence and dedicated service across multiple sectors.

Minister Saroja Savithri Paulraj, in her keynote address extended heartfelt congratulations on the occasion of Korea’s National Day and commended the Korean government for its generous support through Korea’s Official Development Assistance (ODA).

Korea Celebrates National Foundation Day and 48 Years of Korea–Sri Lanka Friendship She acknowledged the significant contributions of Korean ODA to key sectors in Sri Lanka including education, transportation, tourism, technology, water management, and rural development, which have played a vital role in the country’s socio-economic progress.

Emphasizing on the role of Sri Lanka’s migrant labour force in Korea, she stated that over 30,000 Sri Lankan migrant workers are employed in Korea under the Employment Permit System (EPS) and thanked the Republic of Korea for its commitment towards the well-being of the Sri Lankan community.

The Minister further noted that as Korea and Sri Lanka mark 48 years of diplomatic relations this year, she is confident that the strengthening ties between the two nations will continue to advance their comprehensive bilateral agenda and foster deeper collaboration in multilateral fora.

This year’s National Foundation Day celebration offered a unique sensory experience, showcasing the essence of Korean traditional culture, wellness and culinary artistry. Themed around “K-initiative” and showcasing K-beauty products, the event featured exhibits of Korean cosmetics hosted by the Korea Trade-Investment Promotion Agency (KOTRA) — showcasing Korea’s global influence in skincare and wellness. Additionally, a booth hosted by LG Electronics provided visitors with the chance to experience the latest cutting-edge technology developed in Korea, further underscoring the country’s innovation and cultural pride.

Guests also enjoyed a flavourful Korean culinary experience at the Korea Food Corner, which featured beloved dishes such as Kimbap, Ojingeobokkeum (stir-fried squid), Japchae, Bulgogi, Korean braised chicken, pan-fried zucchini, chive pancakes, and classics like Kimchi and Tteokbokki, all prepared by, Mr. Choi Jae-hyun, a master Korean chef who travelled all the way from Korea for the event. The traditional Korean sweet rice drink, Sikhye, also proved to be crowd favourite, delighted guests with its refreshing taste.

As in previous years, the celebration was made more vibrant by the enthusiastic participation of the Korean community in Sri Lanka. Their strong sense of national identity, unity and pride added warmth to the event. Following the official reception and dinner, Ambassador Miyon Lee, dressed in a customized Hanbok specially curated for her by Buddhi Batiks, took the time to engage personally with members of the Korean and Sri Lankan communities, capturing the spirit of togetherness through a commemorative photo session.

In a sharp reminder of the financial pitfalls in large-scale infrastructure deals, the Ceylon Chamber of Commerce (CCC) urged the government to fortify its negotiating teams with top financial expertise to navigate unknown territories and protect the nation’s interest in Public-Private Partnerships (PPPs).

Speaking at the forum, “PPP Partnerships for National Prosperity,” held at the ITC Hotel in Colombo, Saliya Wickramasuriya, Co-Chair of the Ceylon Chamber’s Energy Sector Committee, directly appealed to Dr. Sulakshana Jayawardene, CEO of the National Agency for Public Private Partnerships (NAPPP), citing the controversial exit of the Adani Group’s wind power project.

Wickramasuriya, a veteran of global energy major Schlumberger and Sri Lanka’s top government institutions, including the BOI and Ports Authority, intimated that the failure to secure a favorable end-consumer tariff in the Adani deal highlighted a significant lack of financial acumen and project modelling among Sri Lanka’s evaluation panels. He stressed that this deficiency must be addressed immediately as the nation finalises its crucial PPP Draft Bill, which is anticipated to become law within the first quarter of 2026.

His comments underscored the need for robust evaluation of PPP partnerships and the tariffs that arise from them, ensuring both the protection of the end-consumer and the long-term viability of high-profile infrastructure projects. Several other speakers at the forum also demanded rigor and transparency in PPPs, particularly as Sri Lanka seeks to leverage this model to drive post-crisis economic recovery.

Dr. Sulakshana Jayawardene confirmed during his speech that the PPP Draft Bill is currently in progress and is expected to be enacted toward the end of the first quarter of 2026. He pointed out that once the Act is in place, the Public Investment Committee, in coordination with the National Planning Department of the Finance Ministry, will review project proposals. This body will then determine whether a project should be implemented with public financing or through a PPP, which is where the government needs to establish a clear regulatory framework.

“There are 67 projects currently being considered, and we are working with line agencies in the process of establishing PPPs. PPP is one of the key strategic approaches we follow for enhanced growth,” Dr. Jayawardene stated.

The forum focused on PPPs in critical infrastructure, energy, education, and real estate investment. The energy sector took a central role, with the keynote address delivered by Sanjay Banga, CEO and MD of Tata Power Renewable Energy Ltd.

This knowledge-sharing event on Public–Private Partnerships (PPPs) was jointly organised by the High Commission of India in Colombo and the Ceylon Chamber of Commerce.

Bingumal Thewarathanthri, Vice Chairperson of the Ceylon Chamber of Commerce, said that the national grid upgrade alone would need an investment of a few billion dollars, and that PPPs would be a viable way to make this investment possible.

By Sanath Nanayakkare