Corporate News

Malwatte Valley Plantations 1 H profit soars

Malwatte Valley Plantations PLC (MVPP) profits for the first half of the year 2008 is 73% higher than for the corresponding period last year at Rs. 381 Mn PAT.

Most significantly, the first half profit approximately equals the total Annual Profit achieved in 2007. This gives hopes that 2008 will probably be better than the record achieved by MVPP in 2007.

The first half 2008 turn-over increased by 34% over the corresponding period last year with the tea and rubber sectors contributing almost equally. During the year, two MVPP estates, namely St. James Estate, Hali-Ela and Sarnia Estate, Badulla were selected as the overall winner and runner-up for the PEKOE and FBOPF at the Ceylon Speciality Tea of the year 2008 auction in North America organised by the Speciality Tea Institute of America.

John Keels Limited are the selling brokers for these two estates.

These teas also will be auctioned at the Speciality Charity Tea Auction organised by the Sri Lanka Tea Board (Promotion Division) on September 10, at the Auditorium of the Ceylon Chamber of Commerce for the benefit of tsunami affected children in Sri Lanka.

Ceylinco Insurance - General records tremendous growth

Ceylinco Insurance General recorded a tremendous growth during the second quarter, recording a premium of Rs. 5.8 billion in General Insurance. During the same period, Ceylinco Insurance Life recorded a premium income of Rs. 3.9 billion.

The company’s total premium income stood at Rs. 9.7 billion, an increase of Rs. 1,462 million in 2008 compared to the corresponding period in 2007.

Profits grew by 32% during the second quarter under review recording a profit of Rs. 262 million as at end June 2008. During the period, General Insurance premiums increased by Rs. 620 million, with Non-Motor premiums contributing an increase of Rs. 400 million with a growth of 20% and Motor premiums growing by Rs. 220 million.

Chief Executive Director, Ajith Gunawardena, said that the results were achieved under trying circumstances and strained economic conditions. “Ceylinco Insurance is recognised as the company that sets the standards for the entire insurance industry”, he said.

On Aitken Spence Board

Gehan M. Perera was appointed to the Board of Aitken Spence PLC from September 1.

Heading the Travel sector, he counts 30 years in tourism at Aitken Spence. Having joined Aitken Spence Travels in its infancy, he was an integral part of a core team that made it the number one Destination Management Company (DMC) in Sri Lanka with a worldwide network.

Among his achievements are the introduction of automated operational systems, ISO 9001:2001 standard (only DMC in Sri Lanka) and penetration into new international markets.

Perera was also involved in setting up a professional conference organisation (PCO) company, introducing helicopter services and establishing travel operations in the Maldives.

Dialog Telecom :

Dr. Hans - Group COO too

Dr. Hans Wijayasuriya, who is currently the Group Chief Executive of Dialog Telekom PLC, will additionally be appointed as its Group Chief Operating Officer (Group COO) effective September 1.

“TMI is currently strengthening its organisation by bringing in world-class talent at all levels”, said Dato’ Jamaludin Ibrahim, President and Group Chief Executive of TMI. “We are in a unique position as we also have access to talent from within, developed over a decade of operations in the Asian region.

Dr. Wijayasuriya’s appointment as Group COO falls in line with our philosophy of providing opportunities to our internal talent whilst bringing in external talent into the Group.

Group Chief Financial Officer

Dialog Telekom PLC has appointed Vipula Gunatilleka as its new Group Chief Financial Officer (GCFO).

He succeeds Wan Zaidan Wan Mahyudin, who returns to Malaysia to take up a posting at TMI - the principal shareholder of Dialog Telekom PLC. Wan Zaidan held the post of GCFO of Dialog since 2000 and completed his eight-year stay in Sri Lanka on August 15.

Zaidan was closely associated with some of the Company’s landmark achievements, among them Dialog’s historic 2005 debut on the Colombo Stock Exchange with the country’s largest initial public offering, valued at Rs. 8.5 billion. Zaidan was a key member of the Company’s senior management team, playing a leading role in steering Dialog through a period of growth and development.