Category: Daily Financial Times

Headline inflation measured by the Colombo Consumer Price Index (CCPI accelerated to 7.3% in July, breaching the upper limit of the Central Bank’s 5% ±2 percentage point inflation target range, as non-food price pressures outweighed a moderation in food inflation.

The Department of Census and Statistics (DCS) yesterday said the year-on-year Colombo Consumer Price Index (CCPI) inflation rate increased to 7.3% in July from 6.8% in June, while the index rose to 208.2 from 207.7.

This is also a three year high after inflation eased from 12% in June 2023 to 6.3% in July 2023.

Food inflation eased to 6.3% in July from 6.8% in the previous month. However, non-food inflation accelerated to 7.8% from 7.4%, contributing to the increase in headline inflation.

On a monthly basis, the CCPI increased by 0.2%, with food prices contributing 0.01 percentage points and non-food prices 0.23 percentage points to the increase.

Core inflation, which excludes the volatile food, energy and transport categories, stood at 4.4% year-on-year in July, while core prices increased 0.8% from the previous month.

Among the major expenditure categories, transport recorded year-on-year inflation of 17.2%, education 7.2%, non-food items 7.8% and housing, water, electricity, gas and other fuels 5.4%. Recreation and culture remained in deflation at negative 2.1%.

Last month, Central Bank Governor Dr. Nandalal Weerasinghe said the Monetary Board expected inflation to move towards the upper end of its 5% target range following administered price adjustments, particularly fuel prices, and responded by raising policy interest rates by 100 basis points in May.

He said inflation could increase over the following months as the impact of those one-off price adjustments filtered through the economy, but stressed that the effects were expected to be temporary and that inflation was projected to return to the 5% target once those pressures dissipated.

Dr. Weerasinghe also said the earlier policy tightening was beginning to moderate domestic demand, import growth and credit expansion, which would help contain underlying inflationary pressures.

Sri Lanka’s landscapes, communities and culinary traditions take centre stage in a new five-part destination-led series by Heritance Hotels and Resorts.

Heritance Hotels and Resorts has launched ‘A Week Worth Tasting’, a new limited culinary and cultural series created in collaboration with Sri Lankan-born chef Savindri Perera, known widely as Sav.

Developed as a destination-led culinary journey, ‘A Week Worth Tasting’ explores Sri Lanka through the lens of food, people and place. Moving across three distinct regions, Kandalama, Kandapola and the southern coast, the limited series follows Sav as she discovers the ingredients, traditions, communities and landscapes that shape the island’s extraordinary culinary identity.

Facilitated by Heritance Hotels and Resorts, the project brings together the natural and cultural richness surrounding Heritance Kandalama, Heritance Tea Factory and Heritance Ayurveda. Each property becomes a gateway into its region, connecting Sav with local farms, fishermen, tea communities, village kitchens, markets, ayurvedic traditions and Heritance chefs who transform these learnings into memorable dining experiences.

Sav brings a powerful and deeply personal perspective to the series. A Sri Lankan-born chef based in Adelaide, she rose to prominence as a MasterChef Australia Top 3 finalist. Known for championing Sri Lankan cuisine on an international platform, Sav’s cooking is shaped by memory, heritage and a passion for bringing the bold, layered flavours of Sri Lanka to wider audiences.

In ‘A Week Worth Tasting’, her journey is not simply about tasting food, but understanding where it begins. The series moves from the forest, lake and rock of Kandalama to the mist-covered tea country of Kandapola and the calm southern coastline, uncovering how geography, climate, culture and community influence what appears on the plate.

The first adventure begins through Heritance Kandalama, where Geoffrey Bawa’s design ethos, local farms, lake communities, village cooking, firewood techniques and distinctive dining experiences reveal the deep connection between land and cuisine.

The journey then continues through Heritance Tea Factory, where the misty highlands shape every flavour. Here, tea becomes more than a crop; it becomes history, livelihood and inspiration, woven through the people, produce and culinary experiences of Kandapola.

The final chapter commences through Heritance Ayurveda, where food is explored through balance, nutrition and ancient Ayurvedic wisdom. Along the southern coast, the series discovers a gentler side of cuisine, shaped by healing, mindfulness and the rhythm of the sea.

While Sri Lanka has long been celebrated for its natural beauty and hospitality, ‘A Week Worth Tasting’ places the country’s regional culinary landscapes at the heart of the story. It offers an intimate look at the people behind the ingredients, the traditions passed through generations and the way Heritance Hotels and Resorts brings these stories into refined, meaningful guest experiences.

Audiences are invited to follow the journey, ‘A Week Worth Tasting’ a celebration of Sri Lanka’s produce, heritage, communities and cuisine, seen through Sav’s eyes and brought to life and facilitated by Heritance Hotels and Resorts.

The program will be aired on the YouTube channel of Heritance Hotels and Resorts. The web page has more information about the short series named ‘A Week Worth Tasting’ https://www.heritancehotels.com/a-week-worth-tasting/?ep1

It is with great pride and pleasure that the Ceylon Institute of Builders (CIOB) announces the World Construction Symposium (WCS) 2026, organized in collaboration with the University of Moratuwa, together with the prestigious Sri Lankan Sustainability Awards (SSA) 2026.

The World Construction Symposium (WCS) 2026 will bring together internationally renowned researchers, academics, construction professionals, policymakers, industry leaders, innovators, and students to exchange knowledge, present cutting-edge research, and explore practical solutions for the future of the global construction industry. The symposium will focus on sustainability, digital transformation, resilient infrastructure, smart construction technologies, artificial intelligence, green building practices, and innovation in the built environment. Held in partnership with the University of Moratuwa, this symposium reflects our shared commitment to advancing research, education, professional excellence, and international collaboration while supporting the sustainable development of Sri Lanka’s construction sector.

The Sri Lankan Sustainability Awards (SSA) 2026 will recognize and celebrate outstanding achievements, innovation, leadership, and excellence across the construction industry. These prestigious awards honour individuals, organizations, projects, and emerging professionals whose dedication and contributions have significantly advanced the built environment and the construction profession.

Together, the World Construction Symposium and the SSA provide a unique platform to inspire innovation, encourage collaboration between academia and industry, recognize excellence, and promote the highest professional standards. These events reinforce CIOB’s commitment to developing a resilient, sustainable, and globally competitive construction industry.

On behalf of the Ceylon Institute of Builders, I warmly invite engineers, architects, quantity surveyors, project managers, builders, contractors, academics, researchers, students, government institutions, private sector organizations, and international partners to participate in these landmark events. Your engagement will contribute to meaningful dialogue, valuable partnerships, and the continued advancement of our profession.

I extend my sincere appreciation to the University of Moratuwa, our organizing committees, sponsors, speakers, authors, partners, judges, volunteers, and all stakeholders whose dedication and support will make WCS 2026 and the SSA 2026 a resounding success.

Together, let us celebrate excellence, embrace innovation, and build a sustainable future for Sri Lanka and the global construction community.

Colombo Dockyard PLC yesterday said it has recorded a financial turnaround for the three months ended 30 June 2026, returning to quarterly profitability following an extended period of losses.

The achievement comes as Colombo Dockyard prepares to mark its 52nd anniversary today, providing a significant milestone in the company’s ongoing transformation and renewed strategic direction following its collaboration with parent company Mazagon Dock Shipbuilders Ltd.

The group recorded a Profit After Tax of Rs. 80.2 million for the quarter, reversing the Rs. 813.4 million loss reported during the corresponding period of 2025. Profit attributable to the owners of the company amounted to Rs. 86.3 million, while earnings per share improved to 22 cents from a restated loss per share of Rs. 3.51 during the corresponding period of the previous year.

Despite Group revenue declining by 6.8% to Rs. 5.84 billion during the quarter, improved cost efficiencies supported a substantial increase in profitability.

Cost of sales declined by 21.8% to Rs. 4.63 billion, enabling gross profit to increase by 250.7% to Rs. 1.21 billion. The Group’s gross profit margin consequently improved to approximately 20.7%, compared with 5.5% during the corresponding period of the previous year.

Net finance expenses also declined by 63.8% to Rs. 188.2 million, compared with Rs. 520 million in the corresponding quarter, reflecting the benefits of the company’s strengthened financial position and reduced financing burden.

Ship repairing emerged as the principal contributor to the improved performance. Revenue from the segment increased by 48.4% to Rs. 3.95 billion, from Rs. 2.66 billion in the corresponding quarter. The segment result at gross profit level more than doubled to Rs. 1.46 billion, compared with Rs. 727 million previously.

While the shipbuilding segment continued to face challenging market and project conditions, its loss at gross profit level narrowed considerably to Rs. 378.8 million, from Rs. 899.6 million in the corresponding period. This improvement helped reduce the impact of the decline in shipbuilding revenue during the quarter.

Managing Director/CEO Thimira S. Godakumbura said: ‘Returning to quarterly profitability as we mark 52 years of operations represents an important milestone for Colombo Dockyard. The result reflects the commitment of our employees, the strengthening of our ship repair operations, disciplined cost management and the reduction of our financing burden. It also demonstrates the early progress being made through our strategic collaboration with Mazagon Dock Shipbuilders Limited.’

‘While we recognise that further work remains, particularly in strengthening our shipbuilding portfolio and improving working capital efficiency, this performance provides greater confidence in the direction of the company. Our focus will remain on building a more resilient, competitive and financially sustainable Colombo Dockyard.’

The company also strengthened its balance sheet during the period. Total Group equity stood at Rs. 15.59 billion as at 30 June 2026, compared with Rs. 4.07 billion a year ago, while stated capital increased to Rs. 13.65 billion. Total assets amounted to Rs. 42.58 billion, with cash and cash equivalents reaching Rs. 8.48 billion.

Mazagon Dock Shipbuilders Ltd., presently holds a 51% shareholding in Colombo Dockyard. The company has also aligned its financial year with its parent company, with the current reporting year commencing on 1 April 2026. Accordingly, the results for the three months ended 30 June represent the first quarter under the revised reporting cycle.

‘As Colombo Dockyard marks 52 years, the company will continue to prioritise operational excellence, stronger project execution, financial discipline and greater collaboration with Mazagon Dock Shipbuilders Limited. These priorities are expected to support Colombo Dockyard’s long-term competitiveness and reinforce its contribution to Sri Lanka’s maritime and heavy engineering sectors,’ the company said.

It was a privilege to be part of the 14th World Construction Symposium (WCS) and Sri Lankan Sustainability Awards (SSA) held recently at Hilton Colombo. The symposium once again demonstrated the importance of bringing together academia, industry, policymakers, and professionals to address the pressing challenges facing the built environment.

The discussions on sustainable construction practices, innovation, resilience, and responsible leadership were both timely and insightful. My sincere congratulations to all the Sri Lankan Sustainability Awards recipients for their outstanding commitment to advancing a greener and more sustainable future.

As I have often emphasized, the built environment must now move beyond sustainability towards a regenerative future. A regenerative built environment is not simply about reducing environmental impacts; it is about restoring ecosystems, strengthening resilience, improving resource efficiency, and creating lasting social, economic, and environmental value for future generations.

Achieving this transformation requires innovation in planning, design, construction, and asset management, supported by low-carbon technologies, sustainable materials, digital solutions, and effective governance. Equally important is the collective commitment of governments, industry, academia, and professional institutions to work collaboratively, strengthen professional competencies, and uphold ethical leadership.

The World Construction Symposium continues to provide an invaluable platform for knowledge exchange, collaboration, and evidence-based dialogue. Through initiatives such as WCS and the Sri Lankan Sustainability Awards, we are encouraging the adoption of policies and practices that will shape a more sustainable, inclusive, resilient, and regenerative construction industry.

Together, we can transform today’s challenges into opportunities and build environments that not only sustain life but actively regenerate our communities and our planet.

BRC were poised to take the crucial first innings points on the opening day of their Under23 Inter-Club 2-day semi-final match against Moors SC at the CCC grounds yesterday.

Former Isipathana College left-arm spinner Sithuka Gunawardana spun out Moors SC for 191 with figures of 5/75 for BRC. Moors SC lost their first four wickets for 76 despite opener Omesh Mendis scoring a quickfire half-century (51 off 35 balls, 8 fours, 2 sixes).

Ruveen Fonseka (32) and Vishara Fernando (67 off 75 balls, 6 fours, 2 sixes) mounted a rescue operation adding 82 for the fifth wicket but BRC bowlers broke through again to capture the remaining five wickets for the addition of only 17 runs. Vigneshwaran Akash, the former Jaffna Hartley College leg-spinner helped himself to three wickets conceding 43 runs.

By stumps BRC had replied with 145-4 and required a further 47 runs with six wickets in hand to overtake Moors SC’s total. Opener Isuru Fernando gave them a good start with 80 off 122 balls (13 fours) sharing a second wicket stand of 86 with Kusal Wijetunga (32).

The second semi-final at Surrey grounds, Maggona was halted by rain after 59 overs with Bloomfield put into bat first by Kurunegala YCC ending the day at 243-6. Opener Mineth Premaratne followed his knock of 143 against Negombo CC five days ago by scoring another brilliant ton – 114 off 141 balls (16 fours) which has so far been the most dominant performance of the innings. Premaratne and Dineth Pahasara (33) added 80 for the third wicket. Both matches will be continued on its second day today.

Correction:

It was inadvertently mentioned yesterday that Bloomfield will play Moors SC and BRC will meet Kurunegala YCC in the semi-finals. The error is regretted.

People’s Bank recently held the special screening of ‘A Gallery in the Bank – Priceless Treasures of People’s Bank’, a documentary that showcases the unique and culturally significant artworks displayed at the lobbies of the bank’s old and new Head Office buildings in Colombo 02.

The screening was held at People’s Tower, the bank’s new Head Office in Colombo 02.

The documentary explores 12 rare and remarkable works of art from the People’s Bank collection, uncovering the stories behind each masterpiece, their historical significance, artistic value, and the enduring legacy they represent. Through this production, the bank has taken a step towards documenting and preserving a valuable part of Sri Lanka’s artistic heritage.

Created by some of Sri Lanka’s most celebrated artists, including George Keyt, Pushpananda Weerasinghe, Senaka Senanayake, Wimal de Silva, Jayantha Premachandra, Nadine David, Yasantha Boange, B. Wimalaratne, Richard Gabriel, Upasiri and Ismeth Raheem, these extraordinary artworks reflect the richness and diversity of Sri Lanka’s cultural identity.

These masterpieces form an irreplaceable part of the nation’s artistic legacy, standing as silent witnesses to an important era in Sri Lanka’s history.

The documentary aims to preserve these invaluable creations for future generations while introducing this hidden treasure within People’s Bank to a wider audience. It celebrates the vision and creativity of the artists while highlighting People’s Bank’s commitment to safeguarding and promoting the country’s cultural heritage.

The documentary was presented and researched by Angeline Ondaatjie, while Sulochana Peiris served as the Director. Their contribution has brought together the historical, artistic and cultural narratives behind these exceptional creations, creating a valuable record of the Bank’s unique art collection.

A special highlight of the event was the presentation of tokens of appreciation to the four living artists featured in the documentary – Ismeth Raheem, Nadine David, Senaka Senanayake and B. Wimalaratne – in recognition of their outstanding contribution to Sri Lankan art and culture.

Among these distinguished artists, B. Wimalaratne holds a special place in the People’s Bank collection, as he is the only artist featured in the documentary who also served as an employee of People’s Bank.

The event was attended by People’s Bank Chairman Prof. Narada Fernando, Chief Executive Officer/General Manager Clive Fonseka, members of the Board of Directors, Corporate and Executive Management, distinguished guests, artists and art enthusiasts.

Through initiatives such as ‘A Gallery in the Bank’, People’s Bank continues to preserve, celebrate and share the nation’s cultural treasures, reaffirming its role not only as a leading financial institution but also as an organisation committed to supporting Sri Lanka’s rich heritage.

‘A Gallery in the Bank – Priceless Treasures of People’s Bank’ is now available on the official People’s Bank Facebook page and YouTube channel.

It gives me great pleasure to extend my warmest greetings to all participants, award recipients, partners, sponsors, researchers, academics, industry professionals, and distinguished guests who contributed to the remarkable success of the 14th World Construction Symposium (WCS 2026) and the Sri Lankan Sustainability Awards (SSA) 2026.

The year 2026 marked another significant milestone for the Ceylon Institute of Builders (CIOB) as we successfully hosted two flagship initiatives that continue to elevate Sri Lanka’s construction industry and sustainability agenda. The 14th World Construction Symposium, jointly organized with the Building Economics and Management Research Unit (BEMRU), Department of Building Economics, University of Moratuwa, brought together researchers, academics, policymakers, and industry professionals from around the world under the theme ‘Towards a Regenerative Built Environment: From Foresight to Action.’ The symposium served as an international platform for sharing research, innovation, and practical solutions to address the future challenges of the built environment.

Complementing the symposium, the Sri Lankan Sustainability Awards (SSA) 2026 celebrated organizations and individuals who have demonstrated outstanding commitment to sustainability, innovation, responsible leadership, and environmental stewardship. Through this national recognition programme, we have acknowledged exemplary achievements across a diverse range of industries, inspiring organizations to integrate Environmental, Social, and Governance (ESG) principles into their strategies and operations.

The success of SSA 2026 reflects the growing commitment of Sri Lankan organizations to sustainable development and responsible business practices. It is truly encouraging to witness the enthusiasm with which organizations have embraced sustainability as a strategic priority, contributing to economic growth while safeguarding our environment and creating positive social impact.

On behalf of the Ceylon Institute of Builders, I extend my sincere appreciation to our distinguished Jury Panel, led by Prof. Dr. H. Lilaknath Obeyesekera, for their professionalism, expertise, and unwavering commitment to maintaining a transparent, independent, and credible evaluation process. Their dedication has ensured that every recognition presented at SSA 2026 truly reflects excellence.

I also wish to express our heartfelt gratitude to the Government Ministries that endorsed this initiative, our valued sponsors, partners, media organizations, academic institutions, industry stakeholders, and every organization that submitted nominations and participated in both WCS 2026 and SSA 2026. Your confidence and support have been instrumental in making these events a resounding success.

I would also like to place on record our appreciation to Mr. Sagara Gunawardana, Chairman and Managing Director of Saga Group, whose extensive research, creativity, and dedication led to the conceptual development of the Sri Lankan Sustainability Awards (SSA). Following discussions with the leadership of the Ceylon Institute of Builders, this vision evolved into a nationally recognized platform that today celebrates sustainability excellence across multiple sectors of Sri Lanka.

As we celebrate the achievements of 2026, we also look forward to expanding both the World Construction Symposium and the Sri Lankan Sustainability Awards in the years ahead. We remain committed to strengthening international collaboration, promoting research and innovation, recognizing sustainability leadership, and advancing the construction industry’s contribution toward a more resilient and sustainable future.

Together, let us continue to build not only stronger infrastructure but also a stronger, greener, and more sustainable Sri Lanka.

President Anura Kumara Dissanayake has appointed Chief of Staff of the Sri Lanka Army Major General Nilantha Premaratne as the 26th Commander of the Sri Lanka Army, with the promotion to Lieutenant General with effect from today.

The letter of appointment was presented to Lieutenant General Premaratne by Secretary to the President Dr. Nandika Sanath Kumanayake at the Presidential Secretariat yesterday.

The appointment follows the retirement of incumbent Army Commander General Lasantha Rodrigo. Lieutenant General Premaratne joined the Sri Lanka Army as an Officer Cadet in 1990 and was commissioned as a Second Lieutenant in 1992 after completing basic military training at the Sri Lanka Military Academy, Diyatalawa.

He was subsequently posted to the Sri Lanka Artillery Regiment and has completed a 36-year military career, during which he held senior command and staff positions.

Lieutenant General Premaratne holds a Master’s degree in Defence Studies from the Naval Postgraduate School in California, United States, and a Master of Defence Studies degree from the University of Kelaniya.

He has also completed professional and specialist military training programs in Sri Lanka and overseas.

In recognition of his service during the humanitarian operation, Lieutenant General Premaratne has been awarded the Rana Sura Padakkama (RSP) on two occasions. He has also received the Uttama Seva Padakkama (USP) for distinguished service to the Sri Lanka Army.

The Colombo Port has handled 4,444,034 Twenty-foot Equivalent Units (TEUs) during the first six months of 2026, representing an 11.9% increase compared to 3,972,053 TEUs handled during the corresponding period in 2025.

Transshipment continued to be the Port’s main business, accounting for 84.7% of total container throughput. Transshipment volumes increased by 12.6% over the corresponding period of the previous year, while domestic container volumes recorded a healthy growth of 8.3%.

Among the Port’s container terminals, Colombo International Container Terminals (CICT) handled 1,642,647 TEUs, accounting for 37% of the Colombo Port’s total container throughput during the six-month period.

The Port also recorded positive growth in vessel arrivals. During the first half of 2026, a total of 2,066 vessels called at the Port, compared to 2,016 vessels during the corresponding period in 2025, representing an overall increase of 2.5%.

Container vessel arrivals increased from 1,782 in 2025 to 1,797 in 2026, reflecting a 0.8% growth. Break-bulk vessel arrivals recorded a remarkable 55.6% increase, while liquid bulk vessel arrivals rose by 5.3%. Vessel calls for value-added maritime services-including bunkering, ship repairs, and chandelling-increased from 86 to 107, representing a significant 24.4% growth.

The Colombo Port continues to strengthen its position as one of the world’s leading container ports and is steadily progressing towards becoming one of the top 15 busiest container ports globally. This progress is being driven by several strategic initiatives, including expanding terminal capacity through new developments, investing in state-of-the-art ship-to-shore cranes and yard equipment, accelerating the digitalisation of port operations, reducing vessel turnaround and waiting times, strengthening customs coordination, enhancing international marketing efforts, and expanding logistics and maritime services beyond traditional cargo handling.

Sri Lanka Ports Authority Chairman Dr. Parakrama Dissanayake said that the sustained growth reflects the confidence that global shipping lines and customers continue to place in the Port of Colombo.

‘As we expand capacity and modernise our operations, our focus remains on delivering world-class port services with greater efficiency, reliability, and sustainability. Growth must be sustainable. We aim not only to increase throughput but also to enhance productivity, connectivity, profitability, and customer satisfaction,’ he added.