Corporate
Shaw Wallace records Rs 3.113 b turnover
by Ananda KANNANGARA
The Shaw Wallace Marketing Ltd. on Wednesday said the company
recorded a remarkable Rs. 3.113 billion turnover during 2008/2009 due to
its new product launches and existing brands.
Referring to the company's Annual Report for the year ended 31st
March 2009, Chairman Shaw Wallace Marketing Ltd, S.R. Vamadevan told the
Sunday Observer that the company had achieved an 18 percent increase
compared to the turnover recorded in the previous year and a net profit
of Rs. 143.237 million was recorded during this period.
He also said, the company achieved this significant progress due to
the excellent team work displayed by the company's sales and marketing
force. He further said during the fourth quarter of the current
financial year, the company launched Ranposha breakfast cereal 80 grams
pack in both flavours, Roza sweetened creamer and Super-Max shaving
products.Shaw Wallace Marketing, Chief Executive/ Director M.N.
Gunasekera said due to the North- East conflict in the country, its
adverse impact was highly felt and the distribution of sales were badly
affected during this period.
He further said due to this volatile security situation, the demand
for certain consumer products was depressed, however the re-distribution
network of the company was strengthened both in depth and breadth and
the results are immediate. He also said sales items such as Captain
canned fish, Sun-Gold instant orange drink mix and Ajinomoto flavour
enhancer are the flagship brands that performed well during the year and
remain as the market leader in their product segments.
He said in addition, the company's automotive products such as Delphi
Lockheed brake fluid, Grip vehicle tubes and Dunlop motorcycle tyres
have continued to perform well during the year.
The company has entered into an agreement with Samson Rubber
Industries (Pvt) Ltd to manufacture Pioneer brand three-wheeler tyres to
the local market and to foreign markets, such as India.
The sales turnover and profitability achieved in the trading business
during the current financial year, have been very encouraging and the
company is now geared to reach higher levels of excellence in the coming
years, by enhancing the market share of all its brands in the consumer
and atomotive dvisions.
Fitch Rates Sri Lanka's upcoming benchmark Bond Issue 'B+'
Fitch Ratings on October 14, assigned Sri Lanka's upcoming USD-denominated
international bond issue, which matures in 2015, a 'B+' rating.
The rating is in line with Sri Lanka's Long-term foreign currency
Issuer Default Rating of 'B+', which has a Stable Outlook.
Fitch revised the Outlook on Sri Lanka's ratings to Stable from
Negative on 9 October 2009 based on positive changes to sovereign credit
fundamentals following the end of the 26-year civil war, the approval of
a USD2.6bn IMF agreement and the return of private sector capital
inflows.
In the agency's view, there is a real opportunity for economic
renewal as part of the post-war transformation of Sri Lanka. A more
settled political and security environment should allow policymakers to
focus more on economic issues, including construction and development in
areas directly affected by the war - a process that has already begun.
In addition, the labour force will effectively expand to include
these same areas, and costs such as transport and insurance should
decline. Tourism receipts have already started to increase sharply year
on year, and private investment inflows are supplementing government
borrowing initiatives.
The IMF programme calls for the fiscal deficit to fall to 7% of GDP
in 2009 from 7.7% of GDP in 2008, and by a further 1pp of GDP in both
2010 and 2011. Fitch considers these targets to be ambitious, but they
are of less importance to the sovereign ratings than the emergence of a
sustainable medium-term fiscal framework with a credible strategy for
raising government revenue.
A more robust revenue performance would provide greater fiscal
flexibility in addressing post-war spending needs, and should eventually
allow for a reduction in government debt/GDP ratios, which are
relatively high versus similarly-rated sovereigns.
Head of International HSBC Asia Pacific:
Paul Leech, to arrive in Lanka
Paul Leech, Head of International, HSBC Asia Pacific will arrive in
Colombo on Monday, October 19, for an official visit.
During his two day stay he will meet with Ajith Nivard Cabraal, the
Governor, Central Bank of Sri Lanka, key customers and staff, and visit
several branches within HSBC's local network.
He will also make a special visit to the HSBC Maldives branch on 21
October, before leaving for London. He is currently Head of
International, at HSBC's Asia Pacific Headquarters in Hong Kong, a
member of the regional Executive Committee and is directly responsible
for 10 markets within Asia-Pacific. He is the Chairman of HSBC Bank
(Mauritius) Limited, Chairman of HSBC Bank (Vietnam) Limited, Director
of HSBC Global Asset Management (Hong Kong) Limited and Supervisor of
HSBC Bank (China) Company Limited.
Business for Peace Alliance new director board
Business for Peace Alliance new director board for year 2009/2010 are
Wimali Rathnayake, H.D. Wijayanandana (Past Chairman), M.I.M. Pathaulla
(Vice Chairman), Suresh de Mel (Chairman), K.C. Suwarneraj (Vice
Chairman), Shirly Jayawardhane, I.R.A. Chandrasena, Kamala Uyanage,
Kelum Jayasena, Hemantha Wickramasinghe, M.M. Hanifa, Chumly Gunaseela,
Sarath Kahapolaarachchi, A.R. Indrasena, M.H.M. Naleem, Cyril Wijesiri,
Lukshman Walpitagamage, Manique Mendis (Secretary
General/CEO).Absent: Daya D.K. Gamage, H.D.D. Gunasekara, Dr. M.
Kadiragamanadan, K.Thiruchelwam, Bandula Gunawardhane, K. Poornachandran,
R. Jayasekaram.
Seminar on 'Influencing the Future - Future Scanning Masterclass'
A seminar on 'Influencing the Future - Future Scanning Masterclass'
will be held on October 27 from 8.30 a.m. to 4.30 p.m. at the Hotel
Cinnamon Grand, Colombo 3.
It is organised by Amplios Consultants Pte Ltd. Singapore in
Association with the Institute of Certified Management Accountants of
Sri Lanka (CMA Sri Lanka). |
