Biz Briefs

LOLC records highest profits

The LOLC Group recorded a Rs.10.3b Profit Before Tax (PBT), a 24 percent year on year growth. The Profit After Tax for the year was Rs.8.9b, a 27 percent increase over last year which was Rs.7b.

LOLC Group's performance comes amidst a challenging environment where its core business of financial services faced interest rate volatility, increased taxes on vehicles, lower liquidity in the market and a general credit squeeze. Despite these challenges, financial services remained dominant in profit contribution, with 72 percent of the profits amounting to Rs 7.4b, coming from this sector further reducing the dependency on other sectors in the Group.

The total net receivables of the financial services sector increased to Rs. 80b, a solid growth in the book of advances (portfolio growth) a 38 percent growth compared with the previous year's book of Rs 58b.

Tiger Airways flights between Colombo and Singapore

Tiger Airways, Singapore's leading low-cost carrier, launched the inaugural direct service between Colombo and Singapore.

TR2572 arrived in Colombo at 2205hrs to mark the first regional low-cost flight between Colombo and Singapore. With Tiger Airways' Singapore track record - with a near 100 percent flight completion in 2011, the punctuality rate of over 85 percent, a young fleet of under three years and value offerings, the Airline expects the new service to be well-received by travellers.

"We are focussed on building our network and connectivity in the region.

Egg price increase

The wholesale price of eggs has increased by Rs one, a spokesman for the Poultry Industries' Association said

Diesel price incwreased

Lanka India Oil Corporation has increased the price of diesel by Rs 2.The new price will be Rs 117. The super diesel price is Rs 119 a litre.

AEF in September

The Asia Entrepreneurship Forum (AEF2012) organised by Enterprise Asia will be held from September 19-21 at Grand Hyatt, in Macau SAR, China.

Senior Minister of International Monetory Cooperation, Dr Sarath Amunugama has been invited as a keynote speaker.The AEF will bring 800 award winning high profile entrepreneurs from Hong Kong, South Korea, Vietnam, China, Thailand, Singapore, Malaysia, Brunei, Indonesia, India and Sri Lanka for a weekend of networking and learning.

A group of 14 Sri Lankan Asia Pacific Entrepreneurship Award (APEA) winners will join this Elite group.

Finlays Colombo appoints new Board

Chandra Jayaratne, who served as an independent non executive director of Finlays Colombo PLC from 1995, resigned at the last Board Meeting held on May 22. Chandra's contribution, as a Member of the Board and as the Chairman of the committee, has been acknowledged. We are pleased to appoint Richard Ebell as an independent non executive director, from June 1.

Richard will also chair the Board's audit committee. Richard is a respected finance professional who has served the Hayleys Group as an Executive Director and more recently, Loadstar (Pvt) Limited, as its Chief Financial Officer. We look forward to Richard's participation to the deliberations of the Board” - a spokesman for Finlays Colombo PLC said.

The Board comprises Chairman and Managing Director Kumar Jayasuriya, Romesh Croos Moraes, Joachim Caspersz, Coralie Pietersz, Naresh Ratwatte, Jayampathy Bandaranayake, Nirmala (Tanky) Wickremeratne, Richard Ebell, Ron Mathison and Paul Henson.

Union bridal packages from Softlogic this wedding season

Softlogic's LifeStyles Home Store has put out a ‘Blissful Union Bridal Packages’, titled - Platinum, Gold and Silver. It comes at a 20 percent discount. The LifeStyles Home store is at Dutugemunu street, Kohuwala.

Softlogic Max and Softlogic stores islandwide too have put out a range of bridal offers on combinations of home appliances.

A Bridal Registry is also in operation at three of its key flagship stores.

Cricket Pathway launched

Country Manager of Coca-Cola Sri Lanka Saumindra Battacharya lights the oil lamp to inaugurate the event, while Country Manager Coca-Cola Fareast, Abhishek Jugran, Aravinda De Silva and Public Affairs and Communications Manager for Coca-Cola system in South West Asia, Rohitha Amarapala look on.

MBSL seminar

Merchant Bank of Sri Lanka PLC (MBSL) is organising a seminar on “Easy ways of implementing IFRS and SLFRS for quoted public companies, banks, insurance companies and the SME sector. It will be held at Taj Samudra Hotel on June 15 from 4.00 pm to 6.30 pm.

The guest speaker is PricewaterhouseCoopers, Sujeewa Mudalige.

He will speak on “Are we ready to implement IFRS and SLFRS sectors of importance - Banks, Insurance Companies, Quoted Public Companies and SME Sector and lessons learnt to-date”. The financial statements are written reports that quantitatively and qualitatively describe the financial health of a company.

However, the complexity of implementing the common language – IFRS or SLFRS is an issue that many of us will face in implementing financial reporting standards.