Corporate news

Union Assurance - impressive results in first nine months

Union Assurance reported impressive results in terms of turnover and profitability for the nine months ending September 2008.

General and life insurance premiums increased by 16% from Rs. 3.6 billion as at September 2007 to Rs. 4.2 billion as at September 2008. Consolidated profit after tax of Rs. 110 million as at September 2008 was 37% higher than the Rs. 80 million recorded in the previous nine-month period.

These profit figures do not include the results of the life business, which is computed following an actuarial valuation at the year end.

Union Assurance entered into partnerships with over 60 companies for “Call and Go” motor insurance policyholders to enjoy exclusive discounts on a range of motor vehicle related accessories and services. The rationale for this initiative was to ensure that customers receive true value for the money they invest in a motor insurance policy. To benefit from these exclusive offers, customers need to present their motor rewards card at the selected outlets.

This is the latest addition to Union’s “Call and Go” insurance product which allows customers involved in an accident to log an entry with the 24-hour call centre and drive away without waiting at the accident site for an assessor to inspect the damage.

Union Assurance has tied up with Commercial Bank enabling customers to collect their motor claims, in cash, over the counter from over 160 Commercial Bank branches islandwide.

Emirates operating revenue up 31%, passenger traffic up 11%

Positive outlook for next six months :

Emirates Airline produced a net profit of Dhs 284 million (US $77 million), for the first six months of its current financial year ending September 30, 2008, down 88 per cent compared to Dhs 2.36 billion ($643 million) net profits for the corresponding period in 2007, showing the impact of the record fuel prices earlier this year.

Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive, Emirates Airline and Group said, “The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut shop or consolidate.

Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business and provide our customers with a quality product and service.

“We’ve made massive investments in our eco-efficient aircraft fleet; in our newly-opened world-class airport terminal dedicated to Emirates operations; in strengthening our global route network and also in the supporting infrastructure for our growing business.

In the first-half of its financial year 2008-09, Emirates continued to post strong business growth, with operating revenues increasing by 31 per cent to Dhs 22.1 billion ($6 billion). Passenger traffic (RPKM) was up 11 per cent, cargo tonnes up 13 per cent, and passenger yield increased by 20 per cent.

DPJH gears to drive corporate world

Marking its ninth year of operations as a successful Sri Lankan business entity, DPJH is launching its new corporate logo, in keeping with the company’s vision for continuous self-evolvement and to reinforce the core values that have made it what it is today.

Since its inception, DPJH has been a premier supplier of process automation and related services to the Sri Lankan market. Over time the company has diversified into six strategic business areas; DPJH Solutions, DPJH Labels, DPJH Time Track, Go Getter, Go Leisure and Flexiv. Each business unit caters to the highest platform in corporate and consumer segments.

The company’s vision forward is built on its core values of drive, determination and diversity. Driven to achieve unparalleled heights in product quality and customer service and determined to stay ahead, DPJH continues to diversify into growth sectors.

Chairman/CEO of DPJH Prasantha Jayamanna said “We have achieved several milestones during a short period of nine years, which are even more significant as they have helped take forward the corporate sector and our nation as a whole”.

Baker Tilly Lanka - a boon to corporates

The need for consultancy services is increasing due to the challenges of the global financial crisis faced by corporates, said Director, Baker Tilly Lanka (Pvt), Dhammika Lokuge.

He was speaking at a ceremony on Tuesday to launch business advisory services in Sri Lanka.

Lokuge said the company provides a range of accountancy and business advisory services to assist enterprises to adhere to the best practices and achieve corporate growth.

The company stays attuned to customer needs and in partnership helps corporates to transform their dreams into reality.

Baker Tilly is an independent member of Baker Tilly International, the world’s eighth largest accounting and consultancy network represented by 138 companies in 104 countries.

The company has over 25,000 employees across the globe.

“Advisory services are essential for SME sector enterprises which are more vulnerable to the global economic challenges. Most small scale businesses are unable to survive due to the escalation of prices of raw materials and the drop in export volume”, he said.

Technical Director, Baker Tilly International, Paul Ginman said the company is committed to provide services by sharing ideas to help companies to meet challenges and respond productively to opportunities.

“Baker Tilly’s aim is to help corporates to achieve their ambitions by complying with international standards. The company provides guidelines for auditing, corporate governance, risk management and taxation.

Minister of Investment Promotion and Export Development Dr. Sarath Amunugama said professional accountancy firms could reach higher standards and compete in international markets.

“Partnering with professional advisory service bodies will bring rich dividends to the corporates and the country”. The SME sector businesses need such services to develop and move into international markets”, he said. LF