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Teejay adapts to ‘new normal’, posts net profit of Rs. 631 million in Q2

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As the world continues to focus on flattening the curve in the COVID-19 pandemic, Teejay Lanka PLC has adapted to the “new normal” to post an improved performance in the three months ending 30th September 2020.

Sri Lanka’s only multinational textile producer has converted the first quarter’s net loss of Rs 31.5 million to net profit of Rs 631.3 million for the second quarter of the current financial year and reported profit before tax of Rs 782.3 million for the three months reviewed.

Revenue grew by 86% over the three months to Rs 8.8 billion from Rs 4.7 billion as at 30th June 2020, the Company reported in a filing with the Colombo Stock Exchange (CSE).

The extreme adversity of the first quarter of the year has, however, taken some of the starch out of the Group’s six-month figures, with revenue down 22% to Rs 13.5 billion, gross profit down 42% to Rs 1.3 billion, and pre and post-tax profit down 48% and 52% respectively over the corresponding six months of 2019-20 to Rs 796.3 million and Rs 599.8 million for the six months ending 30th September 2020.

Nevertheless, Teejay Chairman Bill Lam has said the Group remains “cautiously optimistic” as the situation in Sri Lanka continues to evolve, and that with the Group’s presence felt throughout the region, Teejay is poised on the cusp of realising its target of becoming a US$ 300 million company in the foreseeable future.

“With the help of the Operational Excellence initiatives launched, the Group continues to focus on cost-control mechanisms,” Lam said. “These initiatives have resulted in managing non-operational and non-strategic costs while re-evaluation of the cost base has given rise to elimination of non-essential costs making Teejay leaner. However, the Group has invested substantially on added health and safety related measures to protect our employees from the pandemic.”

During these times of intense competition resulting from price swings and high demand for low cost products, the Group is positioned to capitalise on the opportunity created by customers focussing on supply chain strategising to mitigate reliance on a single country, and equipped with a strong order book is prepared to face any challenge, Lam added.

Teejay Lanka CEO Pubudu De Silva disclosed that Teejay’s operations in India are gathering momentum and had increased their loading capacity during the second quarter. The Group has also taken deliberate steps to unfreeze the restrictions on capital expenditure to continue with the modernisation of the plants, he said.

“This 180-degree turnaround in performance would not have been possible if not for the commitment and ingenuity of Team Teejay, which should receive all the credit for the second quarter’s performance,” De Silva said.



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Next Meats, Purveyor of the World’s First Plant-based Yakiniku Meats, Is Now in Singapore

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The Tokyo-based startup makes its debut in the alt-protein hotspot of Singapore Next Meats has collaborated with Aburi-EN to deliver two new meal sets Made with soybean proteins, the Kalbi contains no chemical additives or animal ingredients

SINGAPORE –

 Media OutReach – 14 April 2021 – Next Meats, a purveyor of the world’s first plant-based yakiniku meats, is making its debut in the alternative protein hotspot, Singapore! The Japanese alternative meat company has collaborated this time with popular Japanese restaurant Aburi-EN, which will offer two types of set meals using the NEXT Kalbi (boneless short rib) for the very first time. Made largely from soy proteins, the NEXT Kalbi contains double the amount of protein and half the fats than that of regular meat and even more, it does not contain any chemical additives or cholesterol due to its lack of animal ingredients. Now, Singaporeans can enjoy yakiniku without the guilt! 

The two new menus available at Aburi-EN are the Kalbi Don Set (S$13.80) and the Stamina Teishoku (S$15.80) — which are available for a limited time only. Next Meats has specifically chosen to work with Aburi-EN as they are a Japanese grilled-meat specialist. The two menus are the culmination of many months of research and development, and they will also be Aburi-EN’s first-ever plant-based dishes.

For the Kalbi Don Set, Next Meat’s Kalbi is grilled and served atop a bowl of fragrant Japanese steamed rice. Equally indulgent, the Stamina Teishoku features the Kalbi stir-fried with cabbage along with egg imported from Okinawa. The meat is then served with fragrant Japanese steamed rice, salad, pickles and miso soup. For both dishes, the meats are glazed with a special homemade sauce that packs an irresistible umami punch.   

 Both the Kalbi Don Set and Stamina Teishoku will be available at all Aburi-EN stores from April to July 2021.

 An advocate of sustainable food production and better food security

 The NEXT Kalbi is one of Next Meats’ innovative offerings, which includes other plant-based delicacies such as the NEXT burger and NEXT gyudon (beef bowl). The company champions the importance of saving the planet and humanity through reducing the emission of greenhouse gases (which is produced from meat consumption and animal agriculture) and utilizing biotechnology to combat protein deficiency.

 Through extensive research and development, Next Meats has culminated the knowhow on using molecular binding to mould vegetable proteins from powder. Buoyed by state-of-the-art, proprietary technologies, the company has successfully created vegan substitutes that replicate the texture of real meat.

 

 

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Lanka Hospitals tops healthcare sector in LMD’s Most Awarded Entities

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Lanka hospitals, the internationally accredited multiple award-winning healthcare provider, topped the healthcare sector in the Most Awarded list compiled by LMD magazine for 2019/20.

Designed to rank the most awarded entities in Sri Lanka, LMD conducted the research, the first of its kind in Sri Lanka, involving 204 corporate entities, based on the cumulative tally of awards received from 52 awarding bodies between January 2019 to September 2020.

With a total of five awards, securing the overall rank of 67, Lanka Hospitals came first in the healthcare sector.

Deepthi Lokuarachchi, Group CEO, Lanka Hospitals, said three factors contributed towards Lanka Hospitals’ award winning process; profound commitment to quality, service standard in healthcare and the accreditation of Joint Commission International (JCI).

“Our stringent standards for quality have earned accolades and accreditations from numerous national and international agencies. Lanka Hospitals has been in the forefront of healthcare providers since 2009 and, particularly, between 2019 and 2020, we were able to win seven national and international awards including one for environmental management systems”, he said.

As a result of superior facilities, customer care and quality of service Lanka Hospitals offers, a growth was experienced in terms of medical tourists during the Covid-19 pandemic even though the inbound international population was restricted. JCI, a US-based accreditation agency, rates healthcare services based on several criteria related to medical as well as non medical services”, he noted.

In terms of corporate responsibility, Lanka Hospitals focuses on skills development, medical care and donations. Every year, Lanka Hospitals’ nursing school enrolls batches from outside the Western province and upon the successful completion of the course they are offered employment, he added.

 

 

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Sino Lanka Power Gen to install 2MW solar power at Taprobane Seafood Dankotuwa plant

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Sino Lanka Power Gen announced its partnership with Taprobane Seafood to supply and install a one-megawatt solar photovoltaic (PV) system at their plant in Dankotuwa. This is the first of a two-phased project with the second megawatt to be installed in two years. The collaboration will result in a 19,000 tonne reduction in Taprobane’s carbon footprint over 20 years, a company news release said.

“Combating climate change has become critical and we are delighted to team up with Taprobane Seafood to be a part of their solar expansion strategy,” said Dhiren Kundanmal, Director of Sino Lanka Power Gen. “We are honoured that Taprobane Seafood, being a conscientious brand aiming to reduce its carbon footprint, is looking towards us as a working partner in this area. Our approach is fivefold i.e., improve yields and plant performance, reduce downtime, holistic monitoring, skill transfer, and finally minimising their liability and risk.”

Commenting on the partnership, Taprobane’s Managing Director Timothy O’Reilly said Taprobane Seafood has always been at the forefront of ethical labour practices, sustainable development, and earth friendly practices. “Shifting to solar energy is an important step in our sustainability journey and we believe Sino Lanka is the right partner for us given their expertise in the renewable energy industry,” he said.

Established in 2010, the Taprobane Seafood Group is Sri Lanka’s leading seafood company with over 1,500 direct employees in 11 processing facilities throughout the north-western and northern province. With high quality standards, social responsibility, and sustainability values, Taprobane’s vision is to be the global leader in sustainable and socially responsible seafood.

Sino Lanka Power Gen provides state-of-the-art equipment, capable of withstanding harsh tropical environments, utilising the latest technology from Canadian Solar and SunPower, alongside Tier 1 purpose-built inverters. The company adopts the latest industry trends -namely IoT, big data, and AI- to ensure their systems perform optimally for well over 20 years.

Sino Lanka Power Gen’s vision is to support the government’s initiatives on the “Soorya Bala Sangramaya” policy statement that sets a target of meeting 70% of the country’s total electricity demand from renewable energy sources by 2030.

Sino Lanka Power Gen is a joint venture between the Sino Lanka Group – an Asian enterprise with investments in real estate, hospitality, chemicals, healthcare, financial services, and rooftop solar, among others-, and the Atman Group, an investment holding company with investments in renewable energy, hospitality, real estate, and agriculture.

Sino Lanka Power Gen provides reliable and modern renewable and sustainable sources of energy for businesses, with a dedicated engineering and operations team that counts over 25 years of collective experience in implementing rooftop solar projects across Sri Lanka.

 

 

 

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