Financial News | Sundayobserver.lk

Nestle the world's largest infant nutrition, health and wellness company launched NESLAC Excella 1+ last week in Colombo.

Health and Wellness Manager, Nestle Lanka PLC, Nadeesha Chandrasekara and Assistant Vice President, Ambient Dairy, Ruwan Welikala at the launch.

NESLAC Excella 1+, the first and only product in the country to offer the double benefit of both DHA and PREBIO 1, for children between the ages of one to three was developed by the Nestle Research Centre (NRC), Lausanne, Switzerland.

Docosahexaenoic Acid (DHA) an Omega 3 essential fatty acid is an important element in human nutrition to aid in the function of the brain from infancy. DHA derived from fish oil is used in this growing up milk formula.

A significant amount of DHA currently used in milk production stems from plant extracts. DHA is the key building block for brain cells and contributes to brain development.

Prebiotics have been added to food and growing up milks because these are fibrous entities that promote the intestinal growth of certain bacteria beneficial to health. Scientists in the NRC developed PREBIO 1, a prebiotic blend of the soluble fibres Fructooligosaccharides (FOS) and Inulin. Scientists conduct regular studies to review the beneficial effects of PREBIO 1 on gut microbiota, gut function and gut defences and inflammation.

The company's turnover is US$ 8.5 BN and it Employs over 280,000 in 443 factories in more than 140 countries.

The company has the largest research and development team in the nutrition sector and invests US $ 2.5 B on research and development. The research centre is centralised in Switzerland and has 300 scientists with PHDs.

"In the years between one and three of a child the weight increases by 50 percent, gains 10cm in height per year and the brain size doubles. During this age a child needs a specific amount of nutritions such as Protein 200 percent, Calcium 300 percent, Iron 250 percent, vitamin C 400 percent, vitamin D 250 percent. This specially formulated product will provide 30 needed nutritions such as Protein, Zinc, Folic acid for optimal growth, DHA, Taurine and Iron for brain development, Calcium, Phosphurus, Magnesium, Vitamin D for bone growth and Zinc, Selenium, Vitamin A,C,E to enhance immunity," said the Assistant Vice President, Ambient Dairy, Ruwan Welikala.

Dipped Products posts Rs. 486m PAT in 1Q

The two segments - Hand Protection and Plantations in the first quarter of 2011/12 generated noteworthy growth for Dipped Products PLC, (DPL) the Hayleys Group's globally significant rubber glove manufacturing business.

Turnover increased by a solid 43 percent to Rs 4.7 billion, with the Hand Protection segment contributing Rs 3.4 billion following top line growth of 33 percent, and Plantations, which achieved revenue growth of 62 percent in the sector's first quarter, chipping in with Rs 1.5 billion.

The DPL Group comprising manufacturing subsidiaries in Sri Lanka and Thailand, a marketing company in Italy, plantations companies - Kelani Valley Plantations PLC (KVPL) and Hayleys Plantation Services (owners of Talawakele Tea Estates PLC), reported consolidated profit before tax of Rs 586 million and profit after tax of Rs 486 million in the first quarter.

DPL's local manufacturing operations turned in a substantially improved performance, increasing turnover to Rs 2 billion on a volume growth of 8 percent, and converting a pre-tax loss of Rs 39 million in the corresponding quarter of the previous year to a profit of Rs 205 million before tax.

Dipped Products Thailand, the Group's medical glove manufacturing operation, increased FOB turnover to Rs 603 million but posted a nominal loss due to poor margins. Sales of ICOGUANTI S.p.A., DPL's Italian marketing company rose 7 percent to Rs 968 million.

DPL Managing Director Dr. Mahesha Ranasoma said rubber prices in the quarter reviewed had played a pivotal role, levelling off somewhat to ease pressure on cost of production in the Hand Protection segment, but remaining strong enough to generate adequate margins for KVPL. "Our continued emphasis on lean manufacturing also helped keep cost elements in control," he said. The Plantation sector's substantially increased commitments for worker wages along with increased gratuity provisions following the new collective agreement that came into force on April 1 would bring margins under heavy pressure, he said.

Intel supports Mini Infotel in Kegalle

From left, Indika De Zoysa (Country Business Manager Intel Sri Lanka), David Dominic (Past President, FITIS Hardware Chapter), Minister of Telecommunication and IT Ranjith Siyambalapitiya, Secretary Ministry of Telecommunication and IT Nimal Atukorala, Suren Rajanathan(Vice President Sri Lanka 3M) and Derrick Ferdinandus (3M Assistant Sales Manager-Telecom) at the exhibition.

Working with the Sri Lankan government on education initiatives, Intel played a significant role in the recent Mini Infotel held in Kegalle. Considered to be the largest regional ICT exhibition to be held in 2011, its objective was to showcase breakthrough ICT trends that will enable the nation to be a knowledge hub and on par with the rest of the world.

"We have always played a significant part in the Mini Infotel as we believe that our contribution will take this nation one step forward to fulfilling a national need," said Country Business Manager Intel Sri Lanka Indika de Zoysa.

LOLC Group's annual report wins Gold

Chairperson LOLC Group Rohini Nanayakkara accepting the Gold Award from, Governor Central Bank Ajith Nivard Cabral. Also in the picture is Chief Financial Officer LOLC Group Sanjeevani Kotakadeniya, Chairman Smart Media Pvt Ltd. Dr. Vijith Kannangara and Chief Creative Officer Smart Media Pvt Ltd. Ananda Jagoda.

The LOLC Group's annual report for 2010/11 titled "The First Full Year Since Peace Broke... A Conglomerate in the Making" won the Gold award in the Conglomerates and Holding Companies category at the League of American Communications Professionals Vision Awards 2010. In addition, the LOLC annual report was ranked 47th in the top 50 annual reports in the Asia Pacific Region. The Group's Islamic Financial Services Unit, Al-Falaah's annual report titled "Spreading the wings of Islamic Finance" was awarded the bronze award in the Diversified Financial Services category.

Flemingo to operate duty free services at BIA

A player in duty free, Travel Retail, Flemingo Group came to an agreement with the Bandaranaike International Airport to operate duty free services in Sri Lanka as the second operator alongside the existing duty free shop chain.

Marketing Manager, Flemingo Liners, Nandhini Srinivasan, Deputy General Manager, Mathan Kumar, Flemingo Duty Free Shop Pvt Ltd, Vice President Business Development,Vivek S.Bhat, Flemingo Duty Free Shop Pvt Ltd, CEO, P.K.Thimmayya.

There will be shops in the arrival and the departure lounges covering 6,000sq ft. The shops will have liquor, tobacco and perfumes all branded products.

Flemingo Group, with its phenomenal growth over the past few years is fast becoming a serious contender in the duty free industry. CEO Flemingo Duty Free Shop (Pvt) Ltd. P.K.Thimayya, said that Flemingo plans to expand aggressively by offering the market the very best products and services in the industry.

Flemingo Liners is the largest venture from Flemingo Duty Free Shop Pvt Ltd. Flemingo Liners offer a dynamic and modern approach to travel and destination management. It is a Ferry, passenger and cargo service company promoted by Flemingo Duty Free Shop Pvt Ltd. They have chartered Scotia Prince to run this service between Tuticorin and Colombo.

Flemingo has pioneered and changed the travel and retail policies, and brand perception in India operating across multiple formats such as airports, seaports, border shops, defense shops and UN commissary shops.

Flemingo was established in 1997 in the Middle East shifted to Africa and then to India. It is one of the largest duty free retail players in emerging markets with over 140 outlets. It is the largest duty free retailer in India with a total of 26 shops and in Africa and Middle East with 26 stores.

Flemingo recently entered Eastern Europe and acquired duty free operations in Poland, Romania, Russia and Turkey. The company also has an inflight duty free store in all the airlines in Turkey. It also made an entry to the Russian market with duty free stores in four international airports and in France at the Montpellier Airport.

Nokia launches dual SIM plus phones

Nokia launched the dual SIM Nokia C2-00 and the Nokia X1-01 in Sri Lanka recently.

The models offer the most convenient and intuitive experience available for switching between SIM cards - without compromising on features and fun.

These two devices have been labelled Dual SIM plus because of the unique features that sets them apart from the competition.

Dimo trades five units

The construction machinery division of Diesel and Motor Engineering PLC (DIMO) traded five units of Komatsu Motor Grader GD511A-1 machines, world-class construction and mining equipment to Maga Neguma Road Construction Equipment Co (Pvt) Ltd recently. Maga Neguma, a company engaged in road development and construction, will use the machinery for the development of highways and roads especially in the Northern and Eastern areas of Sri Lanka.

The Komatsu GD511A-1 is world famous due to its proven reliability and high performance. Backed by the excellent after-sales services provided by DIMO the heavy vehicle has become a favoured choice with many leading construction companies in Sri Lanka such as Maga Neguma.

Abans launches LG Optimus Pad V900

Abans launched the LG Optimus Pad V900, the world's first Dual-Core Tablet with 5MP 3D camera for video recording and a 2MP front camera in Sri Lanka last week. The President of LG Electronics Southeast Asia region and Managing Director of LG Electronics Singapore James Park, said that LG is positive on growth potential in the Sri Lankan market.

Designed for Both Work and Play, LG's 8.9-inch Tablet features Android 3.0 (Honeycomb), Dual Core CPU with diverse multimedia and productivity features and is convenient to hold with one hand. It is powered by Google's Android 3.0 platform and the NVIDIA Tegra 2 mobile processor.

Access Solar launches website

Access Solar Private Ltd launched its web site recently, marking its presence on the World Wide Web with a highly informative website - www.accesssolar.lk Head, Business Unit, Access Solar Angelo de Silva said that this was a much needed business tool, not only to showcase the capabilities of the company but also to create awareness among the public on the advantages of adopting solar as an energy source. The user-friendly website gives the browser highly informative data with a FAQ page, useful links to other websites and for the environment conscious, the ability to calculate one's carbon footprint.

THASL elects office bearers for 2011/2012

The Hoteliers' Association of Sri Lanka (THASL) elected the following office bearers for 2011/2012 recently.

Standing from left, Angeline Ondaatjie, Ranil De Silva, Himaj Jayasinghe, Ruwan Samarasinghe, Rohit Khosla, Susith Jayawickrema, Denesh Silva, Sugath Rajapakse, Amaranath Mahawaduge, Sudath Karunanayake (Chief Executive Officer).

Seated from left, Ushendrini Amerasinghe (Secretary). Asoka Hettigoda (Vice President - General Interest), M. Shanthikumar (Vice President - City Hotels), Anura Lokuhetty (President), J. Kehelpannala (Vice President - Resort Hotels), Siri Goonewardena (Vice President - Small Hotels), Srilal Miththapala (Past President). Absent Shibani Thambiayah, Deva Peter, Amal Goonetilleke.

Rohantha awarded CIM Fellowship

CIM President Dr. Rohan Fernando awards the fellowship to Rohantha

The Chartered Institute of Marketing (UK) awarded 'Fellowship Status' for outstanding performance in the fields of marketing, sales and leadership to Rohantha Athukorala who serves as the head of national portfolio development Sri Lanka and the Maldives, UNOPS.

NDB Bank wins Asia's Best Brand Award

NDB Bank was presented the award for excellence in branding and marketing at the CMO Asia Awards held in Singapore recently. Executive Director, CMO Council Donovan Neale-May and Senior VP, Canon India Ltd. Dr. Alok Bharadwaj presenting the award to Assistant Vice President/Head of Marketing NDB Bank Indunil Liyanage.

Com Bank's Bangladesh operations upgraded to AAA

The Bangladesh operations of Commercial Bank PLC have been upgraded to AAA for long-term credit and reaffirmed as ST-1 for short-term credit by Credit Rating Information and Services Ltd (CRISL). This upgrade follows the AA + ratings received by the Bank's Bangladesh operations for the past three consecutive years from CRISL.

Banks in the triple A category are adjudged to be of best quality, offer highest safety and have highest credit quality. Risk factors are negligible and risk free, nearest to risk-free Government bonds and securities. Changing economic circumstances are unlikely to have any serious impact on this category of banks.

The ratings are based on financial performance of Commercial Bank up to December 31, 2010 and other qualitative and quantitative information relevant to the date of rating, June 28, 2011. This includes the bank's continuous maintenance of strong fundamentals in the area of capital adequacy, asset quality, financial and operating efficiency and risk management.

DIMO delivers vehicles to Ministry of Defence

Deputy CEO – DIMO Gahanath Pandithage presents the vehicles to Director General – Engineering Rear Admiral Mahesh Goonesekera, Captain Vijitha Meddegoda, GM – TATA Commercial Vehicles Vijitha Bandara and Manager – Institutional Sales Lasantha Jayawardena are also in the picture.

Diesel and Motor Engineering PLC (DIMO), which acquired the order for over nine hundred TATA commercial vehicles from, the Ministry of Defence under the Indian line of credit for vehicles, delivered the first batch of one hundred and forty vehicles recently. The vehicles are to be used in the Sri Lanka Army, Navy, Air Force and Police as well as the Special Task Force and Coast Guard.

Haycarb records Rs. 162m PBT in 1Q

Strong global demand for activated carbon has generated robust revenue growth for Haycarb PLC in the three months ending June 30, but escalating raw material prices impacted its margins.

The Company recorded a profit before tax of Rs. 162 million, a reduction of 22 percent from the same quarter last year. Profit after tax for the first quarter was Rs 137 million.

Top line growth was attributed to the increase in the sales prices to manage the escalating raw material costs, and to a greater emphasis on higher value products in Haycarb's product mix out of manufacturing plants that operated at maximum capacity.

LS Electric Systems unveils 'Metasol'

LS Electric Systems (Pvt) Ltd launched 'Metasol' recently in Sri Lanka while the worldwide launch was in June.

'Metasol', a premium brand, was developed through the LS Industrial System's "World's No. 1 Product Project," which has increased the company's reputation internationally.

The product is the new concept for low voltage energy, contactors, overload relay, MCCB and ACB. It is an environmentally friendly product complying with the ROHS International Environment Standard.

Elephant House introduces 'Fun Pack'

Elephant House Ice Cream has introduced its latest range of ice cream in 'The Elephant House Fun Pack'. The pack provides consumers the opportunity to experience five exciting flavours through six different products. "If you find yourself thinking about what ice cream to get, and would rather not choose between favourite flavours, then Elephant House Fun Pack is your answer," said Head of Frozen Confectionery, Elephant House Ice Cream Neil Samarasinghe.

The unveiling of the ice cream pack was endorsed by Angelo Mathews, Elephant House Ice Cream's brand ambassador.

Suzuki SX4 sets new record for Pikes Peak

America's Mountain course record holder Nobuhiro "Monster" Tajima behind the wheel of a Suzuki SX4 shattered the elusive 10 minutes barrier at the 2011 Pikes Peak International Hill Climb, when he ascended Pikes Peak in a record 9:51.278. The "10 minute barrier" had never before been breeched by anyone in the long history of the Pikes Peak Hill Climb. The 2007 record (10:01.408) set by 'Monster' Tajima was the closest anyone had ever got to the 10 minute mark.

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Nestle launches NESLAC Excella 1+