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Resilience in diversity makes SLT profits rise

The group has been able to achieve a 31 per cent growth in Net Profit after Taxation (NPAT), of Rs. 7,367 million when compared to Rs.5,640 million of the previous year. Apart from the TDC refund, this growth was the result of remarkable achievements of SLT's fully owned subsidiary Mobitel and expansion of data and IP related services of SLT.

In achieving the results the group has allocated Rs.2,193 million for the government revenue by way of Corporate Taxation apart from the indirect taxes and levies.

The NPAT of SLT has grown by 23 per cent to Rs. 6,601 million in comparison to Rs. 5,388 million of the previous year, showing resilience to the difficult conditions that prevailed in the market and economy.

Mrs. Leisha De Silva Chandrasena, the Chairperson of SLT and of its subsidiaries is of the view that the diversification strategies and customer centric business operations have paid off and resulted in achieving impressive results in a turbulent and chaotic environment. She hopes that the group will continue to traverse the same path towards progress and growth, while concentrating more on cost base strategies.

Summarised results Rs. million Group Company 2008, 2007 Growth 2008, 2007 Growth Revenue 47,044, 43,234 9% 36,113 37,068 (3%) Operating cost (25,095) (20,748) 21% (18,635) (17,231) 8% Depreciation (10,763) (10,416) 3% (8,346) (8,978) (7%) ITL expenditure (2,987) (2,851) 5% (2,736) (2,727) - TDC refund 2,183 - - 2,183 - - VRS cost (390) (43) 807% (390) (43) 807 per cent Other income/ (charges) 419 169 148% 228 166 37% Dividend received - - - 349 - - Net Interest cost (851) (946) (10%) 6 (124) - Taxation (2,193) (2,759) (21%) (2,171) (2,743) 21% Net profit after tax 7,367 5,640 31 per cent 6,601 5,388 23% Revenue During the year under review the group has achieved 9 per cent increase of revenue that amounts to Rs. 47,044 million when compared to Rs. 43,234 million of the previous year. This growth was generated by the subsidiaries and data and IP related services of SLT.

Group Revenue Composition Rs. million Revenue Components 2007 2008 Growth Wired Line revenue 16,856 15,107 (10%) CDMA revenue 5,973 5,133 (14%) International revenue 9,114 8,649 (5%) Broadband, data and other operating revenue 4,180 5,725 37% Mobitel 7,002 12,065 72% Other subsidiaries 109 365 232% Total group revenue 43,234 47,044 9%.

Seylan Bank releases draft accounts for 2008

Seylan Bank has published its draft accounts for the year 2008 which had seen unfavourable market and economic conditions and high interest rates scenario with unpredictable variability. Bank has however recorded a higher net interest income of 7.215 Bln compared to that in the previous year of LKR 6.784 Bln while the bank has achieved a growth on gross non interest income comprising the Foreign Exchange Income and other income of 28.5%. The bank has achieved LKR 3.056 Bln under this category of income compared to the previous year of LKR 2.473 Bln. Consequent to recent adverse market perception since December 2008, the Bank under its new directorate has decided to clean up and strengthen its Balance Sheet position by constantly evaluating its total investment portfolio including loans and advances and other investments giving weightage to its realisability, market risk, interest rate risk and any other associated risks.

Based on the exercise carried out so far, bank has made provisions for falling value in marketable investments and its loan portfolio to fall in line with International Accounting Standards even exceeding the guidelines stipulated by Central Bank. This has resulted in the after tax profit of LKR 37.9 Mln for the year ended 2008 as reflected in the bank's unaudited accounts. When contacted Eastman Narangoda, the newly appointed Chairman of Seylan Bank, who previously held the position of General Manager/Chief Executive of AAA rated National Savings Bank, has confirmed that Seylan Bank under the direction and guidance of the current 'Professional Board' of Directors is undergoing a radical transformation.

Appointed Deputy Chairmen of Ceylinco Insurance

Gunawardena and R. Renganathan

Ceylinco Insurance PLC announced the appointment of Messrs Rajkumar Renganathan and Ajith Gunawardena, Chief Executive Directors of the company's Life and General insurance divisions, as joint Deputy Chairmen of the country's largest insurance company with immediate effect.

The two senior Directors have headed operations of the Life and General insurance divisions since the inception of Ceylinco Insurance in 1988 and will continue to lead the management teams in their capacity of executive directors, the company said.

In a brief joint statement that followed their appointment, Messrs Renganathan and Gunawardena said: "Ceylinco Insurance remains the stable and financially sound institution that attained market leadership five years ago. The company is regulated by the Insurance Board of Sri Lanka and all investments conform to Board's guidelines."

Anushka Lovell Group GM -

Sales and Marketing Confifi Hotels

Anushka Lovell

Confifi Group announced the appointment of Anushka Lovell as Group General Manager - Sales & Marketing. Lovell is responsible for developing and implementing the commercial goals of the Group, directing activities across sales, marketing communications, revenue management and reservations.

She re-joins the Confifi Group with extensive experience in the hospitality industry, which spans 19 years. She previously held senior managerial positions with the Galle Face Hotel Group, Marriot International, Hyatt Hotels and Resorts in the Middle East. Prior to these, she was with Oberoi Hotels for approximately eight years.

The Confifi Group Hotels today manages three beautiful beach resorts in Beruwela, each with its own beautiful beach front. The 5-star Eden Resort & Spa is the company flagship while the 4-star Riverina Hotel is a favourite among families. Club Palm Garden continues to be a hit with guests who prefer a holiday with animation and loads of entertainment. Each resort is different from the other but they all exude a common theme and that is the true sense of warm traditional Sri Lankan hospitality that await guests at a glorious sun-kissed beach front.