BIZ-Briefs

Singer Sri Lanka net profit doubles in first nine months of 2011

Singer Sri Lanka CEO Asoka Pieris said that the group’s revenue rose to Rs. 15.47 b at the end of the first nine months.

The revenue represents a growth of 37 percent over the corresponding period of the previous year.

The increase in sales volume, together with higher margins and lower interest costs, contributed to the group’s pre-tax profits growing by 84 percent to Rs. 1,434 m, while profit after tax surged by 101 percent to reach Rs. 875 m in the first nine months.

Unit sales of televisions increased by 64 percent over the same period of the preceding year, while sales of refrigerators, washing machines, and audio equipment improved by 34 percent, 35 percent, and 112 percent. Other product lines that showed outstanding growth included computers 65 percent air-conditioners 116 percent, DVD players 98 percent, small kitchen appliances 67 percent and fans 77 percent.

MBSL Bank partners SBI

Considering the growth in the Sri Lankan economy the Merchant Bank of Sri Lanka (MBSL Bank) with the aim of playing a key role in assisting and strengthening in economic development, is ready to act as a source to generate funds for the many development projects that are being initiated all over the country. MBSL recently signed an MoU with the State Bank of India (SBI), who will be involved in attracting relevant investors for these endeavours.

Director MBSL P.G. Rupasinghe said preliminary discussions with the Merchant Banking Arm of the SBI, was to renew their strategic alliance with SBI to sustain long-term competitive advantage in the fast-changing business world.

SLI’s Chairman’s club members rewarded

Chairman’s Club top achieving Sales advisors were awarded gold sovereigns, and foreign tour packages at the recently held Sri Lanka Insurance’s Chairman’s Club Award ceremony.

The awards night saw 173 Insurance advisors awarded for achieving a set commission income target within a year. While the highest achievers were awarded gold and foreign tour packages, all other achievers were presented with appreciation plaques and certificates.

Chairman, SLI, Gamini S. Senarath said that he appreciates the efforts and the achievements of the members of the Chairman’s Club and look forward for even higher achievements in the coming year.

New LMPA President

Channa Jayatilleke has been elected President of Lanka Microfinance Practitioners’ Association. He was educated at St. Benedict’s College, Colombo and is an Associate member of the Chartered Institute of Management Accountants (UK), Chartered Management Institute (UK), Association of Financial Accountants (UK), Certified Public Accountants (Australia) and Certified Management Accountants (Sri Lanka).

Jayatilleke is the Director/CEO of Silvereen Micro Credit Co Ltd and Silvreen Real Estate Co. He counts more than 24 years of experience in the field of Financial Strategies, Treasury, and Marketing in Sri Lanka and overseas.

Union Assurance – Life sales team given Samsung Galaxy Tabs

Union Assurance PLC CEO Dirk Pereira (4th from right) handing over the first Galaxy Tabs to life sales team accompanied by AGM – Planning and Sales Force Administration – J. M. Niyaz (6th from right).

Union Assurance has provided “Samsung Galaxy Tabs” to the sales team to provide a professional customer service, The first set of Galaxy tabs were handed over to recipients at a ceremony held recently.

LIOC becomes fuel redemption partner of HSBC Rewards

HSBC has forged an alliance with Lanka IOC PLC, to offer the Banks’ credit card holders more benefits and convenience.

The agreement was signed recently between Chief Executive Officer, HSBC Sri Lanka and Maldives Nick A. Nicolaou, and Managing Director, LIOC K.R. Suresh Kumar.

Lanka IOC becomes the 33rd merchant to partner HSBC Rewards, whereby HSBC credit card holders will, for the first time, be able to redeem their Rewards points instantly at 18 selected Lanka IOC fuel stations initially and subsequently enjoy this benefit at over 155 Lanka IOC fuel stations islandwide. As an additional benefit, HSBC credit cardholders could double their Rewards points when they purchase fuel using HSBC credit cards at any of these fuel stations from November 2011 to April 2012.

Dulux adds colour

The global colour week conceived by AkzoNobel was all about discovering, about colour, how we use it and how we can add colour to people’s lives. AkzoNobel believes that adding colour to the dull and dreary spaces around us can add a bit of optimism and can even change moods putting smiles on people’s faces and thus making Sri Lanka and the world a colourful place.

Here Managing director of AkzoNobel Paints Lanka Gerald De Saram sharing thoughts about the Lets Colour Week

Sisil World Panadura re-opened

The Sisil World showroom at Panadura was re-opened after refurbishment by Singer SL PLC. Finance Director of Singer Sri Lanka Priyath Salgado does the first sale after the opening.

ODEL rewards Wattala shoppers with gift vouchers

Five lucky shoppers who attended the opening of ODEL’s 16th store in Wattala were rewarded with gift vouchers.

Andrea Fernando, Anusha Christeen Kannangara, P. Praveen Pulaniyappan, Ramesh Nanthini and Claudette Antenette Sahayam, were selected and presented with gift vouchers by ODEL’s Wattala Store Manager, Asela Habarakada in a draw conducted by the company,

Here winners of the gift vouchers with ODEL Wattala Manager, Asela Habarakada.

SAPPTA workshop at Ratnapura

The Spices and Allied Products Producers and Traders Association (SAPPTA) affiliated to the Ceylon Chamber of Commerce conducted a one-day workshop in Ratnapura for smallholders and planters of the Regional Plantation Companies (RPCs) of Cinnamon, Pepper and Cloves at the District Co-operative Rural Bank Union Conference Hall recently. This was the second workshop organised by SAPPTA in collaboration with the Department of Export Agriculture on cinnamon, pepper and cloves in and around Ratnapura district.

Alumex, strategic sponsor of SLIA

The Sri Lanka Institute of Architects (SLIA) appointed Alumex, as the Institutes’s strategic sponsor for 2011/12. a Memorandum of Understanding was signed between SLIA and Alumex at a ceremony. The agreement was signed by Archt President of the SLIA Ranjan Nadesapillai and Director/General Manager of Alumex Pramuk Dediwela.

SLIA enters into strategic partnerships with companies of repute-based in Sri Lanka, manufacturing building materials of high standards and quality acceptable to international guidelines.

LOFC opens Rajagiriya branch

Lanka ORIX Finance PLC (LOFC) opened a branch at Cotta Road, Rajagiriya last week. Here Deputy Chairman, LOLC Ishara Nanayakkara and Group Managing Director/CEO, LOLC Kapila Jayawardena at the opening. The branch will offer a range of financial solutions such as leasing, savings and deposits, foreign currency accounts and hire purchase.

Sancharaka Udawa 2012 Meet Mart

The number of participants for the Sancharaka Udawa 2012 Meet Mart which will be held on January 31 2012 will double said an official of Sri Lanka Tourism speaking at the launch of the event on Tuesday.

He said that Meet Mart will provide an opportunity to small and medium scale service providers to showcase their products and services to the international market.

Sancharaka Udawa is organised for the second consecutive year by the Sri Lanka Association of Inbound Tour Operators (SLAITO).

SLAITO President Nilmin Nanayakkara said Meet Mart is an ideal opportunity to showcase Sri Lanka’s tourism potential to international travellers who are keen to visit the country.

“Product and service providers in the provinces will have more scope at the Mart to display their products and attract travellers”, Nanayakkara said.

TOS commence services

The Overseas Services Ceylon (Pvt) Ltd, (TOS) commenced service with its vision to be the leading provider of a respectable service to the people.

The Overseas Services Ceylon (Pvt) Ltd (TOS) serves Sri Lankan expatriates and foreign expatriates in settlement of their requirements needed from Sri Lanka under one roof. The Company renders its service to all citizens residing in Sri Lanka and the international community as well. Another focusing objective of the TOS is to introduce new investment opportunities to the business community, find export markets for local producers, assist overseas businessmen to find suitable local business partners, organising media publicity on promotion of tourism, business investments, trade and a vast number of other areas projected in the interest of national development.

BoC Leasing goes online

The leasing business of Bank of Ceylon went online with implementation of ‘SkyLease’ leasing software solution provided by OpenArc. ‘SkyLease’ a next generation software product of OpenArc, which is Internet browser based, database independent software solution comes as a sub module of OpenArc “SkyBank” core banking and finance software solution that is being developed by OpenArc.

The software solution developed by OpenArc uses Open Technology and Java development platform and runs on the Internet web browser, Android smart phones and other mobile devices.

It is a platform and database independent software solution which makes it unique, the Founder Chairman/CEO of OpenArc, Daya Hettiarachchi said.

HNB opens customer centres in Atchchuveli and Kodikamam

Hatton National Bank (HNB) PLC opened the 225th and 226th customer centres in Atchchuveli and Kodikamam recently.

The Bank has 18 customer centres in the Jaffna peninsula. The chief guest was Managing Director/CEO of Hatton National Bank Rajendra Theagarajah, Deputy General Manager - Human Resources and Administration T.R.P.M. Paiva and a large number of senior bank officials, government officials, local businessmen and customers were present.

Theagarajah said, “HNB has demonstrated its commitment to the people of the Northern Province since the 1970’s with its main customer centre at Hospital Road, Jaffna.

Wise training course

The Employers’ Federation of Ceylon (EFC) and the ILO will conduct a training course on “Work improvement in small businesses (WISE)” from November 21-22 in Colombo. It will be conducted by occupational health and safety specialist of the ILO Dr. Ton That Khai.

NITF and SLEI sign agreement

National Insurance Trust Fund (NITF) and Sri Lanka Engineering Institute (SLEI) signed an agreement to insure all the members of Lanka Engineering Institute (over 10,000). NITF Chairman Senaka Abeygunasekara and IESL Chairman Prof A.K.W. Jayawardane signed the agreement.

Dessert Corner a treat for dessert lovers

Dessert Corner, Ratmalana, is a three-year-old home grown concept, nurtured in the kitchen of a young, energetic and enterprising housewife.

From very small beginnings, dessert making and cake baking have grown to great heights during the past three years.

Nadeeka Fernando, the founder/proprietor, always loved cake and dessert making, from a very young age. She volunteered to make birthday cakes, anniversary cakes or desserts for any special occasion for friends, relations and neighbours.

Nadeeka, a mother of two children, together with her husband, Nirosh, explained the secret behind the success of their venture.

Goldstar Transport Lanka geared to provide container transport

Goldstar Lanka (Pvt) Ltd, a joint venture between Goldstar Transport Ltd , one of the leading transport conglomerates in the UK, is all set to becoming a leading supplier in the provision of container transport and logistics services Sri Lanka.