KVPL posts strong turnover and profit growth in first half ’08
Higher tea production coupled with better prices for tea and rubber have generated strong revenue and profit growth in the six months ending June 30, 2008, for Kelani Valley Plantations PLC (KVPL), the company said.

Part of the Hayleys Group’s, KVPL reported that turnover grew 34 per cent to Rs 1.7 billion. Profit after tax was up 71 per cent over the first half of the previous year to Rs 226 million. The major contributor to revenue growth was tea, with a 22 per cent improvement in production and a 17 per cent increase in average prices, the company said. The increase in production was particularly visible because production in the corresponding halfof 2007 was affected by the work disruptions of November and December 2006 due to trade union action.

DPL profits up
Dipped Products PLC (DPL) has reported equitable revenue and profit growth at Group level in the first quarter of 2008-09 in the face of tough local and global business conditions that adversely impacted its manufacturing operations, the company said.

The Hayleys Group’s rubber glove manufacturing company which also has a significant interest in plantations, achieved a turnover of Rs 2.9 billion for the three months ending June 30, 2008, an increase of 15 per cent over the first quarter of the previous year. Turnover from Hand Protection grew 11 per cent to Rs 2,265 million, while Plantations grew 41 per cent to Rs 852 million in the quarter under review before adjusting for inter-segmental sales, according to a company statement.

Group profit before tax, at Rs 183 million reflected a growth of 11 per cent. Post tax profit grew by nearly 13 per cent to Rs 153 million.

CIMA elects a new Global President
The Chartered Institute of Management Accountants (CIMA) elected a new President, Deputy President, and Vice President at its Annual General Meeting (AGM), held at the Café Royal, London, last month.
Glynn Lowth, FCMA, was elected President at the 89th CIMA AGM.

He has been a member of the Institute’s Council for over 18 years and has chaired and served on several of the Institute’s committees, including Education and Training, International, and Disciplinary, CIMA Sri Lanka said in a press release.

The other Honorary Officers elected at CIMA’s AGM were Sri Lankan-born Aubrey Joachim, FCMA, who was elected Deputy President and George Glass, FCMA, who was elected Vice President. Joachim is based in Australia.

New appointments
The BCIS Toastmasters Club held its 3rd Installation ceremony on July 18 at the Bandaranaike Centre for International Studies (BCIS) Auditorium.

Mahinda Karunakara was installed as the President of BCIS TM Club for the year 2008-2009. Other office bearers are -- Nuwan Gamage – Vice president (Education), Ranjith Koanwinne – Vice President (Membership), Christopher Wijekulasuriya – Vice President (Public Relations), Thusitha Wickramakaluthota – Secretary; Sanath Wickramasinghe – Treasurer and Samantha Dikkumburage – Sergeant at Arms.

SLT profit sharply up by 168 %
Sri Lanka Telecom said this week its post tax profit for the quarter ending June 2008 more than doubled to Rs 1.5 billion against Rs 560 million in the same period last year.

The company, in which a 40 percent stake is owned by Malaysia’s Maxis Telecom, said revenues rose to Rs 11.7 billion from Rs 9.7 billion in the previous corresponding period. The company said a Voluntary Retirement Scheme (VRS) announced in May 2008 is estimated to cost Rs 370 million based on the number of those who have applied. The accounts were provisional and unaudited.

It said investments in Sky Network Private Ltd and SLT Publications Private Ltd amounted to Rs 109 million.

Mobitel too gets into registration process
Sri Lanka Telecom Mobitel has also announced its Registration / Re-Registration scheme of its subscribers in response to a directive by the Telecommunication Regulatory Commission of Sri Lanka (TRCSL), that all mobile phone subscribers be registered with their respective network and prove ownership.

The company said that all Mobitel subscribers can register or re-register at any of the 65 Mobitel Centres by producing the SIM or SIMs in their possession along with their National Identity Card (NIC), valid Passport or Driving License (DL). Each Centre is staffed with trained personnel and equipped with the facility to take a digital photograph of the subscriber which will then be sent to a central database via MMS.

The statement said that subscribers, who do not wish to be photographed this way, can bring in their own photograph which will be verified and scanned at the centre and then sent to the database. It said children who do not possess a valid proof of identity but, wish to obtain a Mobitel connection or have been using one, can accompany their parents or guardians to the centre and register/re-register SIM under their (parents’ or guardians’) name.

Once the Registration/Re-registration process has been successfully completed, subscribers will be notified via SMS.