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  • Pre-budget representations made to finance ministry
    Big photo-product importers allege large-scale smuggling
    Four of the biggest dealers in photographic material in the country have made representations to the finance ministry submitting an analysis of customs data in support of their contention that there is large scale smuggling of photographic films into the country.

    These companies have over the past several months been urging this point of view. They argue that the only "durable solution'' to the problem is to make colour film rolls non-dutiable. They say this would reduce the present add-on to cif (cost, insurance, freight) from 50% to 25% "making it unattractive for large scale smuggling of films to take place.'' (full story)

  • Lanka Tiles returns to profitability
    Lanka Tiles Ltd., the Lanka Walltile subsidiary, has reported what its chairman called a "very satisfactory'' year ended March 31, 1998, with the group returning to profitability from the previous loss making year with both exports and local sales contributing substantially to the turnaround.

    The chairman, Mr. B. Mahadeva, said that despite an unfavourable external business environment during the year under review for the ceramic tile industry, Lanka Tiles and its two wholly owned subsidiaries, Ceredec (Pvt) Ltd. and Lanka Tiles Trading (Pvt) Ltd. had done very well. The group had posted an after-tax profit of Rs. 41.9 million against a loss of Rs. 4 million a year earlier. (full story)

  • Though profits shrink Central Industries upbeat for future
    Despite achieving what its chairman called a "significant increase in turnover'' during the year ended March 31, 1998, Central Industries Ltd. saw its bottom line shrinking to Rs. 2.5 million from the previous year's Rs. 11.4 million enabling the declaring of only a 5% dividend against 15% a year earlier.

    The company's chairman, Mr. C. Wijenaike, has explained that the operating profit before interest and finance charges was down to Rs. 19 million from the previous year's Rs. 27 million due to several reasons. World market prices for PVC resin, the basic raw material used by the company to produce a range of piping, had escalated. (full story)

  • Globalisation or transnationalisation
  • Pros and cons of ad ban on fags and booze
    The scales will be evenly balanced when two senior executives from the tobacco and beer industries take on officials from organisations opposed to drinking and smoking at a seminar organised by the Sri Lanka Institute of Marketing (SLIM) on Wednesday.

    The subject is: "Ban on advertising alcohol and tobacco - is it really necessary?''. Gottfried Thoma, Managing Diector/CEO of Ceylon tobacco and Suresh Shah, Director/CEO of the Ceylon Brewery will represent the affected industries. (full story)

  • Parquet's travails continue
    Parquet (Ceylon) Ltd. continues to be in trouble with both export and local turnover shrinking and accumulated losses that stood at Rs. 60.3 at the end of the last financial year mounting by a further Rs. 5.7 million at the end of the first quarter of the current financial year. (full story)
  • Lanka Bell offers 14-day connections
    "After only one year in operation, Lanka Bell is now on an aggressive roll out programme offering a telephone connection in just 2 weeks - if not we give you a second line free", said Mr. Sunil Lakshmanasinghe - GM Sales & Marketing of Lanka Bell. (full story)
  • Supermarkets provide most business
    Cargills buying up Safemart in multimillion rupee deal
    Cargills (Ceylon) Ltd., the owners of the 153-year old department store and the leader of the supermarket industry in the country today plans to acquire the Safemart chain comprising three outlets at Rajagiriya, Boralesgamuwa and Moratuwa, company sources said.

    They declined to reveal the purchase consideration but knowledgeable business sources placed a price of around Rs. 30 million on the deal. (full story)

  • Serendib halves first quarter losses
    Serendib Hotels Ltd., the owners of Serendib Hotel in Bentota, has seen the first quarter loss this year half that incurred during the comparative period in 1997 on a turnover that was up 72% from a year earlier, a provisional statement to shareholders reveals.

    The three months between April and June covered by these results falls within the low season for tourist arrivals, industry sources said. (full story)

  • DFCC Bank helps commerce students to know the real world
    The DFCC Bank is supporting an initiative by Prof. G.L. Pieris to give 'A' level commerce students an opportunity of familiarising themselves with the practical aspects of the business world so that they would be better equipped for the job market.

    A DFCC spokesman said that they were supporting the Commerce Students Foundation to organise 50 seminars in the provinces to help this concept take wing. It was launched last week at Rajasinghe MMV in Hanwella. (full story)

  • Economic Commentary
  • CFT doubles first quarter profit
    Ceylon and Foreign Trades Ltd., an old established export company now deriving much of its revenue from warehouse rental, has seen an increase in turnover and profitability during the first quarter of this year according to provisional results now with shareholders.

    Turnover at Rs. 13.2 million during the quarter under review was up from Rs. 11.8 million a year earlier while the pre-tax profit of Rs. 0.5 million was up from Rs. 0.3 million in the first quarter of last year. There was no tax liability. (full story)

  • US environmental Trade Mission due
    The United States-Asia Environmental Partnership (US-AEP) is organizing a trade mission to Sri Lanka and the Philippines for US providers of environmental technologies to meet with potential business partners in Asia. Representatives of these US companies will also meet with government agencies and local authorities responsible for establishing and enforcing environmental regulations, a official news release said. (full story)
  • Early success for Leicestershire trade missions
    Two members of the Leicestershire Chamber of Commerce mission visiting Sri Lanka last week have scored an early success, the British High Commission said in a news release.

    "Debbie Addision Senior Verifier from Qualifications for Industry (QFI) and Margaret Tempest, Training Executive for Martin Emprex International, both based in Britain, have been working with Martin Emprex (Ceylon) Limited to put an official stamp on the local company's efforts to achieve training excellence in the garment industry. (full story)

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