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Sierra Cables registers commendable performance in second quarter

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Sierra Cables, a leading manufacturer of copper and aluminium cables at the forefront of meeting multiple needs across industrial sectors, posted commendable results for the second quarter, registering a positive economic growth for the company and for the economy.

‘Operating in a challenging economic climate, the Group posted a revenue of Rs 2.2 billion during the first half of 20/21 with a net profit of Rs 70 million. Company yielded a Rs 87 million net profit during the first half, indicating a 8% year on year growth, a press release said.

The release adds – ‘During the second quarter, the Group posted a revenue of Rs 1.5 billion, indicating a considerable growth of 104% over the first quarter, registering a strong streak of resilience and recovery from pandemic related economic conditions.

‘Fitch Ratings affirm Sierra Cables as BB (lka), having removed the company outlook from the Rating Watch Negative as a result of their exceptional performance during an economic downturn.

” We are pleased to have achieved these results having operated in an economic climate of restrictions and lockdown measures” says Harsha Jayatunga , CEO of Sierra Cables, ” Despite the pandemic and related economic downturn that restricted multiple activities, we succeeded in registering a growth that actually doubled during the second quarter, when compared to the first quarter.”

Widely recognised as a preferred supplier of cables for mega construction projects, Sierra Cables was honoured to be the cable supplier for the Rigid Tyre’s state-of-the-art, fully-integrated manufacturing plant, known as the largest tyre manufacturing plant in South Asia with an investment of USD 250 million, due to open in mid- January 2021.

‘Sierra Industries, a subsidiary of Sierra Cables, has been awarded a new tender recently by the National Water Supply & Drainage Board to the value of Rs 460 million for the supply of uPVC pipes and fittings for Western South, Sabaragamuwa, Central, North Central, North Western, Southern and Eastern Regions of the island, meeting the annual requirement.

‘Sierra Industries has finetuned its product offerings in large scale projects and infrastructure development. The 75% concluded project of Integrated Water Supply Scheme in Gampaha, Attanagalla and Minuwangoda for the National Water Supply & Drainage Board with a contract value of Rs 750 million is one such project of the recent past.

‘With 90.72% ownership held by Sierra Cables PLC, Sierra Industries commenced operations in 2011. With a quality centric focus operational at a state-of-the-art production facility, the company maintains leadership status in the industry manufacturing and marketing high quality uPVC pipes and fittings and is managed by an experienced team of professionals.

‘As an affirmation of its exceptional commitment to quality, Sierra Industries has also obtained SLS certification and ISO 9001 Quality Management System certification at the initial stages of establishing their manufacturing facility. The company is further certified with SLS Certifications – SLS 147, SLS 659 and SLS 1286.’



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‘This must be your last IMF Programme; lapses cannot be repeated’

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Top dignitaries who featured at ‘Sri Lanka’s Road to Recovery…’ forum.

IMF First Deputy Managing Director tells Sri Lanka

Sri Lanka’s long and difficult journey from economic collapse to cautious recovery reached a critical milestone as President Anura Kumara Dissanayake, IMF First Deputy Managing Director, Dr. Gita Gopinath, and Central Bank Governor Dr. Nandalal Weerasinghe addressed the high-profile “Sri Lanka’s Road to Recovery: Debt and Governance” conference yesterday in Colombo.

The event, jointly organized by the Central Bank of Sri Lanka (CBSL), the Ministry of Finance and the International Monetary Fund (IMF), underscored the urgency of sustaining reform momentum while opening a new chapter in the country’s 75-year partnership with the IMF.

With macroeconomic stability returning but fragility still looming, the message from all three leaders was clear: Sri Lanka cannot afford to backslide.

“This must be the last IMF programme for Sri Lanka, Dr. Gopinath stated firmly in her keynote speech. “We’ve had 16 before this—about half ended prematurely. Reform fatigue, policy reversals and lost discipline cannot be repeated. This time must be different.”

While the conference primarily focused on public financial management, debt sustainability, and governance, the implications for Sri Lanka’s business environment were unmistakable. According to Gopinath, structural reforms, transparent fiscal management and improved governance are not abstract policy ideals — they are the essential foundations for restoring investor confidence, revitalizing private enterprise and building a resilient economy.

“Comprehensive governance reform can raise GDP by over 7% and reduce debt-to-GDP by more than six percentage points over the next decade, Gopinath noted, citing IMF internal analysis. “These are not just theoretical benefits — they are real, measurable returns for the private sector, job creation, and inclusive growth.”

Dr. Weerasinghe echoed this sentiment, stating that the IMF-supported programme “has laid the groundwork for macroeconomic fundamentals essential for sustained growth. He emphasized that Sri Lanka’s financial institutions and monetary authorities are now better equipped to support private sector-led recovery, pointing to a stabilizing rupee, single-digit inflation and restored investor interest.

“With improved credit ratings and Sri Lankan bonds being re-included in global indices, capital markets are beginning to show signs of life, said Dr. Weerasinghe. “This creates a platform for increased foreign direct investment (FDI), trade expansion, and domestic entrepreneurial activity.”

President Dissanayake opened the conference with a stark reminder of the human cost of Sri Lanka’s economic collapse. He called for economic leadership that not only addresses balance sheets but also rights wrongs of the past.

“We lost three critical things — one in our economy, two in our country, and three in our people, he said. “We must recover what was lost. And we can only do that through trust, transparency and inclusive policies.”

Dissanayake acknowledged the sacrifices made by the public — especially the most vulnerable — and emphasized that public buy-in is essential to the success of reform. “The people of this country have already shown their willingness to endure hardship in service of recovery. It is now the responsibility of government and institutions to ensure that their sacrifices are not in vain.”

His words carried weight in a country where memories of fuel queues, food shortages and economic despair remain fresh. The President signaled his administration’s commitment to a social contract grounded in accountability and economic fairness.

Gopinath noted that:

USD 3 billion in external debt was forgiven.

USD 25 billion was restructured with longer maturities and lower interest rates.

External debt servicing was reduced by half over the next decade.

Debt-to-GDP ratios are expected to fall by 27 to 34 percentage points.

“Sri Lanka’s experience has helped us sharpen how we approach debt sustainability, creditor coordination and domestic financial sector resilience, said Gopinath. “It’s a case study in how complex, painful, but ultimately successful restructuring can be done.”

By Ifham Nizam

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Nestlé Golden Chefs’ Hat Competition 2025 recognizes Sri Lanka’s top culinary talent

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Nestlé Professional Sri Lanka, in partnership with the Chefs Guild of Lanka, relaunched the Nestlé Golden Chefs’ Hat Competition this year – an island wide culinary competition focused on developing up-and-coming culinary talent in the hospitality industry.

Nestlé Professional also collaborated with the Sri Lanka Hospitality Graduates Association and Chefs Guild of Lanka to launch the Junior Nestlé Golden Chefs’ Hat Competition for the very first time – providing culinary students in the hospitality industry with a platform to showcase their talents and skills, while fostering the next generation of culinary experts.

The regional rounds, held across all nine provinces of the country, brought together 18 finalists from both the Professional category and the newly introduced Junior category, to compete in the Grand Finale at the Culinary Art Food Expo.

The winners of the Nestlé Golden Chefs’ Hat Competition 2025 were awarded at an event held on 15th June at Cinnamon Grand Colombo, with the participation of distinguished guests – Chief Guest, Her Excellency the Ambassador of Switzerland to Sri Lanka and Maldives, Dr. Siri Walt; Head of Nestlé Professional Strategic Business Unit, Nestlé S.A., Reinhold Jakobi; Regional Business Head – Nestlé Professional, Nestlé Asia, Oceania and Africa Region, Jeroen Pluijmers; Director – Nestlé Professional, Nestlé South Asia Region, . Saurabh Makhija; Chairman of the Chefs Guild of Lanka, Chef Gerard Mendis and President of the Sri Lanka Hospitality Graduates Association, Patrick Pereira.

Mr. Bernie Stefan, Managing Director of Nestlé Lanka commented “The hospitality industry plays a vital role in supporting the transition from stability to growth in the Sri Lankan economy. Nestlé Lanka is honoured to play a part in uplifting the industry through the Nestlé Golden Chefs’ Hat Competition. This initiative also embodies our Nestlé Needs YOUth initiative, which is dedicated towards empowering and upskilling the youth to excel in their field of expertise and contribute to the community”.

H.E. Dr. Siri Walt, Ambassador of Switzerland to Sri Lanka and Maldives mentioned “I congratulate Nestlé Professional, the Chefs Guild of Lanka and the Sri Lanka Hospitality Graduates Association on this wonderful initiative to promote culinary talent.

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Activ8 Asia balances AI with nature through GPT (Go Plant a Tree)

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In celebration of World Environment Day 2025, Activ8 Asia, in collaboration with the Colombo Municipal Council (CMC), launched an inspiring green initiative titled Project GPT – Go Plant a Tree. The campaign was a city-wide call to action to counterbalance the environmental footprint of artificial intelligence through a simple, tangible act: planting trees.

The initiative saw teams planting a range of rare and biodiversity-rich flora across 11 prominent locations in Colombo, including Viharamahadevi Park, from SLT Head Office to Lake House, and near the BMICH. These spaces, chosen for their cultural, civic, and environmental significance, now serve as living reminders of the need to harmonize technology and nature. “Project GPT is our way of balancing innovation with responsibility — a gesture to give back to the planet as we move forward in the digital age. At Activ8 Asia, we use AI tools like ChatGPT daily as part of our creative workflow. But with every typed prompt, we know there’s an unseen cost — data centers that power AI models consume vast amounts of energy and water,” said a Managing Director, Wazeel Nizar from Activ8 Asia.

Project GPT was not just about planting trees — it became a platform to ignite critical conversations around digital sustainability. Through leaflet distribution, interactive signage, and a targeted social media campaign, the initiative engaged the public with compelling insights into the environmental toll of emerging technologies.

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