MAS Holdings continued its commitment to value enhance plastic waste by disrupting the pollution cycle and manufacturing Sri Lanka’s ICC T-20 World Cup jersey using fugitive plastics collected from around the island. MAS Active, together with their supply chain partners TRISCHEL Fabric (Pvt) Ltd and Eco Spindles Sri Lanka, leveraged their combined capabilities to transform discarded PET waste into recycled polyester, which is then manufactured into high quality wearable material.
The Sri Lanka Cricket 2021 T-20 World Cup jersey achieves international sportswear standards, maintaining fit, comfort, breathability and high absorbance. The design of the 2021 jersey is inspired by the scales and texture of the Black Ruby Barb, a tropical fish endemic to Sri Lanka as well as elements of peacock feathers extracted from the iconic low country dance masks which are traditionally symbolic of protection and safety.
“We hope the jerseys worn by the Sri Lankan cricket team are a reminder to the public to reuse plastic products and responsibly recycle their waste.” said Sarinda Unamboowe, CEO of MAS Kreeda.
This is not the first time the Sri Lankan cricket team’s choice of jerseys made of 100% recycled material will champion the theme of sustainability in the international arena. In 2019, over 30,000 PET bottles collected from Sri Lankan beaches were made into recycled polyester, which was used to create the 2019 World Cup jersey for the Sri Lankan cricket team. In 2020, MAS stepped up these efforts, collectively recycling 21 million fugitive PET bottles. “We are proud of our continued innovation and manufacturing capabilities that contribute to disrupting Sri Lanka’s pollution cycle,” said Nimesh Amalean, General Manager – Business at MAS Active.
Using the World Cup as a springboard, in 2019 MAS furthered its efforts in addressing the issue of fugitive plastic waste, by setting up 10 large plastic bins in the shape of a cricket ball, as collection points for plastic waste dumped along the coastal line of Sri Lanka. With the aim of creating behavioural change, over the years, MAS has partnered with the Marine Environment Protection Agency (MEPA), the Sri Lanka Navy and Eco Spindles to organise beach clean ups around the island.
As a step to address the issue of marine plastic waste at the source, MAS implemented a pilot floating trash trap named the ‘Ocean Strainer’ in the Dehiwala Canal in August 2020, which has prevented approximately 67,000 kilograms of waste reaching the ocean in its first year of installation.
Global CEO Forum fetes one of most influential SL entrepreneurs
In tribute to the late Merril J. Fernando, the esteemed Founder of Dilmah Tea, the Global Brand Creator 2023 Award was bestowed at the Global CEO Forum held recently in Sri Lanka. This prestigious accolade was presented to Kirmali Fernando (the daughter-in-law of late Merril J. Fernando) by the Governor of the Central Bank Dr. Nandalal Weerasinghe, Kataro Katsuki, Deputy Head of Mission at the Embassy of Japan in Sri Lanka, Janaka Abeysinghe, CEO -SLT MOBITEL, Dr. DMA Kulasuriya, Director General-NIBM, Ahamed Ikram, Director-Emerald International , Dilanga Karunaratna- Director Otto Bathware and Anura Siriwardena, Chairman-Global CEO Forum.
Coca-Cola Sri Lanka extends its ‘Adopt A Beach’ program for a third year
Coca-Cola Sri Lanka Ltd. proudly continues its mission to safeguard Sri Lanka’s shorelines by extending the ‘Adopt A Beach’ initiative for a triumphant third year. This exciting announcement aligns with the celebration of International Coastal Cleanup Day on September 16, 2023, emphasizing the paramount significance of coastal preservation.
Commemorating the partnership with an exclusive beach cleanup and an enlightening session at Crow Island Beach, the day’s proceedings were honored by the presence of the Governor of the Western Province and Marshal of the Sri Lanka Air Force, Roshan Goonetileke and key government stakeholders representing the Ministry of Local Government, Colombo Municipal Council, Environmental Police Division, Coastal Conservation Department, Waste Management Authority and the Crow Island Beach Management Society.
Additionally, underlining the vital role that the youth of our nation play in forging cleaner and safer coastal regions, particularly through the realms of media and volunteerism, the occasion also brought together young talents from the media sector and a dedicated team of volunteers from the Clean Ocean Force, Clean Ocean Force Youth Club of the Ocean’s University, Clean Ocean Force Youth Club in Negombo, Rotaract Club Colombo Regent, Shri Vimukthi Youth Association, youth from International Schools and Adfactors Public Relations Lanka.
PLC’s profits surge 80.9% in Q1, amidst challenging environment
People’s Leasing & Finance PLC (PLC), a pillar of strength and stability in Sri Lanka’s financial sector, successfully concluded the 1st Quarter of the fiscal year 2023/24 with a year-on-year increase in Profit of 80.9% in the midst of a challenging economic landscape.
PLC’s top line interest income recorded an impressive 10.2%, reaching Rs. 7,465 million owing to the increased investment income during the quarter. However, the company’s net interest income showed a modest fall when compared to the first quarter of 2022/23. This was mostly the result of higher interest expenses brought on by the repricing of deposits to higher rates in line with higher policy rates. Despite the stated decrease in net interest income, PLC was able to end the first quarter with a profit after tax (PAT) of Rs. 331 million as opposed to Rs. 183 million recorded in Q1 2022/23 thanks to the significant year-on-year reduction in Impairment Charges as well as reduction in operating expenses, demonstrative of an intensified commitment to internal sustainability.
Similarly, PLC Group also recorded a PAT of Rs. 552 million during Q1 2023/24, reflecting a year-on-year increase of 21.5% mainly driven by the significant reduction in the Group’s impairment charges and other losses for loans and receivables.
Even in the face of a highly inflationary environment, PLC successfully reduced total operating expenses by 3.5% compared to the corresponding quarter in the year prior due to a determined effort to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes. PLC recognized the significance of recalibrating its balance sheet in a setting not favourable to business expansion and took strategic measures to ensure the right sizing of its balance sheet resulting a total asset base of Rs. 155,380 million as of 30 June 2023. Backed by these strategic moves, total asset base of the PLC Group also remained resilient at Rs. 179,948 million as of 30 June 2023.
In an extremely volatile and complex business setting PLC adopted a highly disciplined liquidity management approach to ensure financial stability whilst maintaining capital adequacy ratios well ahead of the statutory minimums at the end of Q1. The majority of PLC’s funding needs were met through improved collections enabling PLC to remain watchful in growing its deposit base in a high-interest environment. Despite these measures, the deposit base of PLC remained robust at Rs. 93,228 million as of 30 June 2023, showcasing strong customer confidence. The Group deposit base also remained strong at Rs. 100,439 million, as at 30 June 2023.
Meanwhile, PLC retained its No.1 position as Sri Lanka’s Most-Loved Brand in Leasing and Finance category, as ranked by Brand Finance in LMD Brands Annual. The company’s steadfast dedication to excellence was also evident in its ascent from 51 to 36 in the esteemed “Most Respected Entities” ranking by LMD within just one year, further cementing its position as one of Sri Lanka’s most respected and trusted financial services providers.
US National Security Agency unveils artificial intelligence security centre
At least 50 killed, dozens injured in blast in Pakistan
Department of Irrigation extends flood warnings issued to the basin areas of the Nilwala, Kalu and Gin rivers
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
News6 days ago
Business focus shifting in a more favorable direction
Features6 days ago
PAMANKADE -THE TOWN THAT VANISHED !
Business6 days ago
SLT-DIGITAL Services and Surge Global forge strategic partnership to propel growth marketing and develop enterprise software solutions
News6 days ago
No new date yet for AL exam, postponement to have knock on effect
News5 days ago
US delaying visa for Security Oversight Committee head
Business6 days ago
Nirmal Saverimuttu Chief Executive Officer Virgin Voyages
News6 days ago
Expect more Easter Sunday type attacks: minister
News7 days ago
Sajith tells Parliament about ‘undeniable evidence linking Zahran group to Army intelligence’