Business

Tea exports in first seven months of 2021 amounts to Rs.23 billion

Published

4 years ago

2021/09/23

By Steve A. Morrell

The Tea Exporters Association ( TEA), indicated in their market report last week that tea exports to end July 2021 amounted to Rs. 23. 02 billion. However, the report further indicates that it showed a decrease of Rs. 1.03 billion compared with the corresponding period in 2020 which was Rs. 24.33 billion.

Forbes and Walker Tea Brokers, (FW) and John Keels Tea (JKH) report as well confirmed these findings and further said Iraq emerged the no 1 importer of Ceylon Tea.

Additionally, Turkey, Russia, and the UAE were recorded in the top category of countries importing Ceylon Tea. China, Iran, Azerbaijan, and Libya were listed in this list. Saudi Arabia and Chile were also in the major buyer list, but recorded statistics were that these latter countries reduced their buying. Reasons for this were not known at the time of writing.

Meanwhile, reduced exports to the US was reported due to the Covid pandemic still affecting the country.

Tea consumption is expected to be dominant in Asian Countries particularly India and China, consuming some 55 percent of global demand. Of importance was also the weak market outlook from European countries following economic downturn. In this instance however, the TEA report said tea consumption in these countries would not be affected. Sources also informed us that after water, tea was the most consumed beverage worldwide.

Expectations were that Sri Lankan tea production was likely to recover in 2021, however production recorded in 2010 and 2015 would not be achieved, ( Production at that time exceeded 300 million kilos)

In Consequence to the fertilizer debacle, reports from planting areas were that production is gravely affected. Clearly, yellowing of foliage resulted in reduced bulk crop . Repercussions were that before the year was out crop shortage would reach alarming levels. Such results were also applicable to the tea smallholder sector. Tea Factory Owners Association, was not available for comment in this regard.

The FW report further said tea exports also included tea bags, instant tea, green tea, tea packets and sundry value added teas. green tea, instant tea, and bulk tea exports were in the plus variance category. Tea bags showed decline in production.

However, the FW report further said offerings show that 6.2 million kilos would be auctioned next week.

Last week’s auctioned quantity was 6.3 million kilos.

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Business

Dr RAD Jeewantha named most innovative dentist of the year

Published

13 hours ago

2025/04/27

Thilina Walpola

Dr Jeewantha receiving the award

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.

Business

IIHS Foundation in Biological Studies offers fast-track route to global health careers

Published

13 hours ago

2025/04/27

Thilina Walpola

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.

Business

Seylan Bank Reports Strong Growth in Q1 2025 Financials

Published

13 hours ago

2025/04/27

Thilina Walpola

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.