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State of the Art Service Centre from Trade Promoters
Trade Promoters Limited [TPL], the authorised sole distributor [local agent] for Cummins diesel engines, Onan generating sets and Fleetguard industrial filters, opened a state of the art Parts & Service Centre in Malabe recently.
Built at a cost of Rs 15 million, the newly opened Parts & Service Centre promises to be the last word in both customer service as well as superior technological advancement.
Present at the opening were Mr. Leo Schertz- Service Director Cummins Asia, as well as several customers.
Situated a mere 20 minutes from the heart of the city, the new 11,000 square foot Centre is also in close proximity to the industrial areas of the Biyagama Export Processing Zone & Lanka Industrial Estates Ltd.
Speaking on the occasion, Mr. Rohan Fernando, Jt. Managing Director, said that the Parts Division was fully computerised, with spare parts and Filters required for the smooth operation of all Cummins models in use in Sri Lanka being available ex-stock, while Filters for other major brands of heavy duty diesel engines are also available.
The Service Division, said Mr. Fernando has a fully equipped repair centre with special tooling for engine repair and maintenance, including the complete overhaul of all models of Cummins diesel engines. Mr. Fernando also said that their services include specialised fuel pump and injector calibrating, electrical repairs including the complete rewinding of Alternators, as well as repairs to Container Trucks powered by Cummins diesel engines.
A market leader in this field, TPL has been in operation for the last 22 years. Some of the recent projects awarded to the Company for the supply of multiple generating sets include the Central Bank of Sri Lanka [ extension project ], Ocean Lanka [textile manufacturing ] and Packages Lanka [Pvt.] Ltd. for plastic packing.
The Board of Directors comprise Mr. O. J. Fernando - Chairman, Mr. Anomal De Soyza - Jt. Managing Director, Mr. Rohan Fernando - Jt. Managing Director, Mr. Ranil Fernando - Director.
Even with bomb attacks, Taj records profit of 29.56m
Bomb attacks in Colombo and in Kandy and the North-East war adversely affected Taj Samudra Hotel in the first half of the financial year ended 31st March 1998, Chairman of Taj Lanka Hotels, S. Ramakrishnan said.
"Although there was a growth in the economy in real terms as compared to 1997, the tourist industry suffered several setbacks due to the bomb attacks at the Galadari Hotel and the Temple of the Tooth in Kandy coupled with the North-East war, regional financial crisis and travel adversaries issued by the Foreign Missions adversely affected occupancy levels and the performance of your hotel, especially during the first half of the year", the Chairman told shareholders in his annual report.
He however said that the Company’s performance improved during the year under review, reporting an operating profit of Rs. 29.56 million on a turnover of Rs. 401 million. "These results have been achieved under difficult circumstances, where an air of uncertainty prevailed in the country, consequent to the bombing incidents during the first half of 1998", he said.
The Chairman said that the Taj Samudra Hotel was selected as the host hotel for the heads of state and other delegates that attended the SAARC Summit held in July this year. He told shareholders "The choice exercised by the Government speaks volumes for the confidence placed in our facilities and hospitality standards. The Government provided financial assistance in the form of an interest free loan of Rs. 7 million for the refurbishment of the hotel, in addition to which your Company also spent approximately Rs. 10 million".
"We have not been able to arrive at a consensus with the banks regarding the litigation instituted by them for the recovery of accumulated interest and loan repayments. We are exploring the avenues available to us to reach an amicable solution to this problem in consultation with the banks", Mr. Ramakrishnan said.
The Quarterly Financial Statement for the period ended 30th September 1998 indicates that the hotel recorded a loss of Rs.121.3 million after taxation.-(DB)
Tea: erratic demand in world centres
International Auction Centres contiuned to witness erratic demand, and Colombo was no exception. Liquoring teas in the Ex-Estate catalogue received reasonable demand, and although the Below Best BOPFs sometimes declined Rs. 2,00/5.00, the other offerings were firm, if not slightly dearer. The Low grown market continued to decline, but here again some of the varieties such as Pekoes and Small Leaf Types maintained last levels. There were much fewer unsold teas when compared to last week, as the ragged varieties were well absorbed. The feature of the sale was the improved demand for Dust and Off grades which advanced several Rupees, unexpectedly.
The Russian Rouble is once again depreciating rapidly and analysts are not very confident of any early recovery. This would create further hardships for importers and consumers in Russia, and Sri Lanka’s No. 1 Tea Export Market is not likely to maintain the good performance of the past few years, during the next year. It is still not too late, for all those associated with the Tea Industry to look for avenues that would safeguard our large market share in this lucrative market with out allowing it to easily slip away.
— John Keells
+ Exchange Rates The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of December 15th, 1998 were as follows:
Buying Selling 100 US Dollars Rs. 6672.80 Rs. 6807.60 The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System on December 15, 1998 were as follows:
Saudi Arabia Riyal Rs. 17.96 Bahrain Dinar Rs. 178.80 Kuwait Dinar Rs. 222.12 Qatar Riyal Rs. 18.52 UAE Dirham Rs. 18.36 Oman Riyal Rs. 175.08 Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on December 15, 1998 were as follows:
Buying Selling 100 US Dollars Rs. 6772.20 Rs.6816.40 100 Sterling Pounds Rs. 11414.56 Rs. 11545.52 100 Deutsche Marks Rs. 4079.72 Rs.4150.60 100 French Francs Rs. 1214.57 Rs.1238.39 100 Japanese Yen Rs.57.97 Rs. 59.02 Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended December 11th, 1998 was 15.5 per cent for all banks. The Lowest Prime Rate among banks during this week was 12.0 per cent.Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended November 30th 1998 was 9.2 percent.
* Unit Trust Prices
National Equity Fund
Manager's Selling Price Rs. 7.71 (per unit) Managers Buying Price Rs. 7.24 (per unit) Namal Growth Fund
Manager's Selling Price Rs. 8.92 (per unit) Managers Buying Price Rs. 8.35 (per unit) Namal Income Fund
Manager's Selling Price Rs. 10.54 (per unit) Managers Buying Price Rs. 10.43* (per unit) * After deducting exit fees Ceybank Unit Trust
Manager's Selling Price Rs. 5.79 (per unit) Managers Buying Price Rs. 5.41 (per unit)
Ceybank Century Growth Fund
Manager's Selling Price Rs. 8.12 (per unit) Managers Buying Price Rs. 7.96 (per unit)
Eagle Growth Fund
Manager's Selling Price Rs.8.33 (per unit) Managers Buying Price More than one year 8.01* Less than one year 7.92* Eagle Gift Edged fund
Manager's Selling Price Rs.11.04 (per unit) Managers Buying Price More than one year Rs.11.03 (per unit) Less than one year Rs. 10.92* (per unit)
Eagle Income Fund
Manager's Selling Price Rs.11.04 (per unit) Managers Buying Price More than one year Rs.11.02 (per unit) Less than one year Rs. 10.91*(per unit) * After deducting exit fees applicable for the first year
Pyramid Unit Trust
Manager's Selling Price Rs. 5.65 (per unit) Managers Buying Price Rs. 5.27 (per unit)
* Ex Dividend Price
