Category: Daily Financial Times

Hayleys Mobility Ltd., the mobility arm of Hayleys Fentons Ltd., recently introduced the all-new JAECOO J5 HEV, broadening its range of high-performance hybrid Sports Utility Vehicles (SUVs) to meet the evolving demands of Sri Lanka’s growing New Energy Vehicle (NEV) market.

Designed to meet the needs of modern drivers, the JAECOO J5 HEV combines intelligent hybrid performance, advanced safety features, and premium comfort to deliver a versatile driving experience across both urban environments and longer-distance travel.

Powered by a 1.5L Turbo GDI engine paired with an electric motor and Dedicated Hybrid Transmission (DHT), the JAECOO J5 HEV delivers a combined output of 221 hp and 295 Nm of torque. This enables responsive performance, with 0-100 km/h acceleration achieved in 7.9 seconds, while maintaining smooth performance across varying driving conditions.

Complementing its performance capabilities, the hybrid system delivers fuel efficiency of 18.9 km per litre (5.3 L/100 km) and a combined driving range exceeding 950 km on a full tank, helping drivers reduce fuel stops while supporting lower day-to-day operating costs.

The J5 HEV carries a bold, purposeful exterior, with a wide stance and a sharp LED lighting signature that reinforces its premium character. Inside, the vehicle offers a refined cabin experience characterised by comfort, intuitive technology, and thoughtful design.

With a focus on convenience and modern connectivity, the JAECOO J5 HEV is tailored to meet the evolving needs of today’s drivers and families. Complementing its powertrain is a suite of advanced safety features and intelligent driving technologies, enhancing confidence and control across diverse driving conditions.

Hayleys Fentons Ltd., Managing Director Hasith Prematillake said: ‘The introduction of the JAECOO J5 HEV reflects our continued commitment to bringing innovative, future-oriented mobility solutions to Sri Lanka. As demand grows for vehicles that deliver both performance and efficiency, the JAECOO J5 HEV stands out as a compelling option for customers seeking a smarter and more refined driving experience.’

Hayleys Mobility Ltd., Executive Director Roshani Dharmaratne said: ‘The JAECOO J5 HEV has been carefully positioned to meet the expectations of today’s Sri Lankan driver, offering a well-rounded combination of performance, efficiency, and everyday practicality. Backed by the strength of the after-sales network and service expertise of Hayleys Mobility, customers can be assured of a seamless ownership experience that extends well beyond the point of purchase.’

Hayleys Mobility Chief Executive Officer Rajieve Fernando said: ‘Beyond delivering exceptional hybrid performance and efficiency, the JAECOO J5 HEV reflects our commitment to providing customers with complete peace of mind. Supported by a comprehensive seven-year vehicle warranty and an eight-year battery warranty, the J5 HEV offers a dependable ownership experience backed by one of Sri Lanka’s most trusted corporate institutions.’

Priced at Rs. 19.9 million, the JAECOO J5 HEV is now available for purchase through Hayleys Mobility’s showrooms, including the OMODA and JAECOO flagship store in Colombo.

To commemorate the launch, Hayleys Mobility is extending an exclusive introductory offer, with the first 100 customers eligible to receive a special discount of Rs. 1 million, providing exceptional value for those seeking to experience next-generation hybrid mobility.

Commenting on the Company’s performance, Chairman Nanda Fernando stated: “The year under review marked a defining chapter in the evolution of AFIN. While our financial performance remained robust, the true significance of the year lies in the strength of the foundations we have built to support future growth. We strengthened our balance sheet, diversified our funding base, enhanced governance standards, improved operational resilience, and reinforced our unique position within Sri Lanka’s mobility ecosystem.”

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Assetline Finance PLC (AFIN), a leading licenced finance company and the flagship financial services arm of the David Pieris Group, delivered another year of exceptional financial performance for the year ended 31 March 2026 while achieving several transformative milestones that significantly strengthened its institutional profile, broadened its funding capabilities, and positioned the company for its next phase of sustainable growth.

The year marked a defining chapter in the company’s history, with AFIN transitioning from a private limited company to a Public Limited Company (PLC) following the successful issuance and listing of its inaugural Rs. 5 billion listed debenture on the Colombo Stock Exchange. The debenture issue was fully subscribed on its opening day, reflecting strong investor confidence in the company’s financial strength, governance standards, and long-term growth strategy. This landmark transaction not only diversified the company’s funding base but also enhanced its visibility within Sri Lanka’s capital market and reinforced its commitment to transparency, governance, and value creation.

Reflecting its strong business fundamentals, AFIN recorded a Profit After Tax (PAT) of Rs. 3,084.6 million, an increase of 13.6% over the previous year, while Profit Before Tax (PBT) rose to Rs. 6,387.8 million. Gross Income increased by 34% to Rs. 15,594.9 million, supported by strong lending growth, improved operating efficiency, and favourable market conditions.

Demonstrating one of the strongest growth performances in the Non-Bank Financial Institution (NBFI) sector, the company’s total assets expanded by 71% to Rs. 89,523.4 million while its lease and loan portfolio recorded an impressive 85.1% growth to Rs. 79,195 million. The significant portfolio expansion was achieved while maintaining disciplined credit underwriting and prudent risk management, reflecting the resilience and scalability of AFIN’s business model.

Despite this rapid expansion, the company continued to deliver healthy shareholder returns, recording a Return on Equity (ROE) of 18.2%, while maintaining a Cost-to-Income Ratio of 37.6%, highlighting its continued focus on operational excellence and productivity.

Asset quality remained one of the company’s key strengths throughout the year, with Gross Stage 3 Loans reducing to 2.51% and Net Stage 3 Loans declining further to just 0.98%, reflecting the company’s disciplined credit underwriting, effective portfolio monitoring, and prudent risk management practices, while significantly outperforming industry benchmarks. The company also maintained an Overall Impairment Coverage Ratio of 2.6%, supported by a prudent Stage 3 Impairment Coverage Ratio of 61.6%, reinforcing the resilience of its balance sheet and its ability to absorb potential external shocks while supporting continued portfolio growth.

Beyond its financial performance, the company achieved several strategic milestones that further strengthened its long-term growth platform. AFIN expanded its branch network to 63 locations across Sri Lanka, further enhancing customer accessibility and financial inclusion. The company also obtained ISO 14064-1:2018 Greenhouse Gas Emissions Verification Certification, reaffirming its commitment to sustainable business practices and responsible corporate stewardship. Strategic collaborations with leading automotive brands, including Toyota Lanka and GWM, further strengthened the company’s leadership within Sri Lanka’s Integrated Mobility Ecosystem, while supporting the growing adoption of electric vehicles (EVs) and sustainable mobility solutions.

Commenting on the company’s performance, Chairman Nanda Fernando said: ‘The year under review marked a defining chapter in the evolution of AFIN. While our financial performance remained robust, the true significance of the year lies in the strength of the foundations we have built to support future growth. We strengthened our balance sheet, diversified our funding base, enhanced governance standards, improved operational resilience, and reinforced our unique position within Sri Lanka’s mobility ecosystem.’

Director and Chief Executive Officer Ashan Nissanka said the results reflected the successful execution of the company’s long-term strategy and its disciplined approach to sustainable growth.

‘The year witnessed exceptional growth across every major performance indicator, underscoring the strength of the company’s business model and its ability to convert market opportunities into sustainable value creation. More importantly, this was a transformational year that elevated AFIN into a listed public limited company and strengthened the platform for our next phase of growth,’ he said.

Looking ahead, AFIN remains well positioned to capitalise on Sri Lanka’s improving economic outlook through its differentiated mobility-focused business model, diversified funding platform, disciplined risk management framework, and continued investment in digital transformation, sustainable finance, and customer-centric innovation. The company will continue to expand its presence in mobility financing, including EVs and renewable energy financing, while creating sustainable long-term value for shareholders, customers, and the wider community.

Former State Intelligence Service Director Suresh Sallay has suspended the hunger strike he launched while in the custody of the Criminal Investigation Department (CID), following advice from his legal counsel.

Sallay, who is being held as part of the ongoing investigation into the 2019 Easter terrorist attacks, had begun the fast while under CID detention.

He was subsequently admitted to the Colombo National Hospital, where he has remained for more than two weeks receiving medical treatment.

The former intelligence chief continues to remain in CID custody as investigations into the Easter Sunday attacks proceed.

There are very few professions that ask society to place such extraordinary trust in another human being.

People do not walk into a lawyer’s office on the happiest day of their lives. They arrive carrying

broken marriages, frightened children, criminal allegations, domestic violence, grief, betrayal and uncertainty. They come to us at some of the most vulnerable moments of their lives, placing their future, and often that of their families, in the hands of a complete stranger.

That trust is both a privilege and a profound responsibility.

When we are admitted to the Supreme Court of Sri Lanka, we do not merely receive a practising certificate. We take an oath to uphold the law, discharge our duties faithfully and honestly, and conduct ourselves as officers of Court. The Supreme Court Rules governing the professional conduct and etiquette of Attorneys-at-Law remind us that ours is not simply a business, but a profession founded upon honour, courtesy, integrity and service to the administration of justice.

Perhaps that is why I sometimes wonder what the senior members of our profession would think if they were entering practice today. Would they recognise the profession they once joined? More importantly, would they be proud of what they see?

This is not a criticism of every lawyer. I have had the privilege of working alongside practitioners whose integrity is beyond question. They communicate honestly, prepare diligently, treat clients with dignity and remind us what this profession is capable of being.

Yet, I believe we owe it to ourselves to ask difficult questions.

Somewhere along the way, have we become so focused on winning cases and our own gain that we have forgotten the people behind them?

Professional integrity is not tested only inside a courtroom. It is tested in waiting rooms, consultation rooms and court corridors. It is reflected in how we speak to a frightened client, whether we return a telephone call, whether we explain what happened after a hearing, and whether we remember that behind every file is a person whose life may never be the same again.

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Clients who have already invested their savings, their time and their emotional wellbeing are sometimes left questioning whether decisions are being made with their best interests at heart or whether they have become secondary to a process they no longer understand

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Too often, clients spend hours waiting to meet their own lawyers, only to leave confused, unheard and afraid to ask questions about their own cases. Justice should never begin with humiliation.

Equally concerning is the perception that some legal disputes become unnecessarily prolonged.

Clients who have already invested their savings, their time and their emotional wellbeing are sometimes left questioning whether decisions are being made with their best interests at heart or whether they have become secondary to a process they no longer understand. Regardless of the reason, every lawyer has an ethical duty to ensure that a client’s trust is never compromised by unnecessary delay or by conduct that creates the impression that justice has become negotiable.

For many clients, every postponed hearing means another day’s wages lost, another loan taken to pay legal fees, another day of uncertainty and another night explaining to their children why nothing has changed.

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Victims of crime enter the justice system already carrying trauma. Every interaction with a lawyer, investigator or court official can either restore confidence or deepen the trauma they already bear.Professional competence alone is not enough. The most brilliant legal mind is of little comfort if it lacks empathy

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No area of practice illustrates this more painfully than matters involving children.

Children miss school to attend court, interviews and consultations. They wait in unfamiliar corridors while adults debate their future. They absorb conflict they never created and carry emotional burdens they should never have to bear. Long before a judge delivers a decision, many have already lived through months, or years, of uncertainty.

The same is true for victims of crime. They enter the justice system already carrying trauma. Every interaction with a lawyer, investigator or court official can either restore confidence or deepen the trauma they already bear.

Professional competence alone is not enough. The most brilliant legal mind is of little comfort if it lacks empathy. Clients rarely remember every legal submission made on their behalf. They

remember whether they were treated with dignity, whether someone listened, and whether someone cared enough to explain.

Justice is not only delivered by judgments. It is delivered by the dignity with which we treat those seeking it.

Our profession rightly demands intellectual rigour. We spend years studying statutes and precedents. Perhaps we now need to devote equal attention to something that cannot be measured by examination marks alone – professional integrity.

Ethics is taught as a subject. Integrity is lived as a habit.

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Perhaps the question we should ask ourselves is not whether our profession still commands the respect it once did. Perhaps we should ask whether we continue to earn it. Because at the end of every case file, every affidavit and every judgment, there is a human being who entrusted us with one of the most difficult chapters of their life

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It is choosing honesty over convenience. It is refusing to inflame conflict where reconciliation may still be possible. It is recognising that not every disagreement requires litigation. Above all, it is remembering that our role is not merely to win arguments and gain materialistically, but to serve justice.

Perhaps the question we should ask ourselves is not whether our profession still commands the respect it once did. Perhaps we should ask whether we continue to earn it.

Because at the end of every case file, every affidavit and every judgment, there is a human being who entrusted us with one of the most difficult chapters of their life.

Our legacy will not be measured by the number of cases we won. It will be measured by the number of lives we handle with integrity.

Sri Lanka stepped up efforts to expand its food and beverage exports to Asia through a strong presence at THAIFEX – Anuga Asia 2026, one of region’s largest trade exhibitions for the sector held from 26 to 30 May in Bangkok, Thailand.

The participation was organised by the Sri Lanka Export Development Board (EDB) in collaboration with the Embassy and Permanent Mission of Sri Lanka to the Kingdom of Thailand.

The key objective was to promote Sri Lankan food and beverage products and expanding market opportunities in the Southeast Asian region and beyond.

The Sri Lanka-country pavilion showcased a diverse range of high-quality Sri Lankan food and beverage products presented by Ceylon Food Valley Exports Ltd., Ellawala Horticulture Ltd., Renuka Agri Foods PLC, Savour Route Ltd., and St. Valentine DC Factory. The participating companies engaged with international buyers, distributors, retailers, and industry professionals, creating opportunities to strengthen existing business relationships and establish new commercial partnerships.

In addition, the EDB facilitated a dedicated product display area for 11 export ready Sri Lankan SMEs, enabling them to introduce their products to the international market and gain valuable exposure among global buyers visiting the exhibition. This initiative provided an effective platform for emerging exporters to assess market interest, receive feedback from industry stakeholders, and explore potential business opportunities in overseas markets.

The country pavilion was officially opened by Ambassador of Sri Lanka to Thailand E.A.S. Wijayanthi Edirisinghe, highlighting the importance of strengthening Sri Lanka’s presence in international markets through participation in leading global trade exhibitions.

THAIFEX – Anuga Asia is widely recognised as a premier trade platform for the food and beverage industry, attracting manufacturers, suppliers, buyers, importers, distributors, and industry experts from around the world. The exhibition offers participants valuable insights into emerging consumer trends, innovative products, advancements in food processing technologies, packaging solutions, and evolving market requirements.

The participation at THAIFEX – Anuga Asia 2026 provided an effective platform to strengthen the international presence of Sri Lankan exporters while introducing regional exporters and export-ready companies to global buyers, distributors, and industry stakeholders. The initiative enabled participants to showcase their products, explore new business opportunities, and gain valuable exposure to international market requirements and emerging industry trends.

The participation forms part of its continued efforts to promote Sri Lankan value added food and beverage exports, support export market diversification, and facilitate the integration of SMEs and emerging exporters into global value chains.

The Cabinet of Ministers on Monday approved entering into the necessary agreements to secure a $ 450 million disaster recovery package from India, comprising a $ 350 million line of credit and a $ 100 million grant, to support Sri Lanka’s post-Cyclone Ditwah reconstruction efforts.

The Government has estimated reconstruction needs at $ 3.5 billion, including $ 2.1 billion in physical damage and $ 1.4 billion in economic losses caused by Cyclone Ditwah, which struck Sri Lanka in November 2025. India had extended immediate disaster relief under ‘Operation Sarga Bandhu’ following the disaster, while the broader assistance package was agreed during the Indian External Affairs Minister’s visit to Sri Lanka on 22 December 2025.

Under the approved package, the $ 350 million line of credit comprises a $ 250 million long-term facility and a $ 100 million short-term facility, alongside the $ 100 million grant. The funding will support reconstruction and development in infrastructure, connectivity, health, education, housing, water supply, and disaster management.

The proposal to this effect was submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning and Economic Development Minister.

The Tea Exporters Association (TEA) has urged President Anura Kumara Dissanayake to extend targeted support to tea smallholder farmers to restore productivity and reverse a structural decline in export volumes, warning that output constraints are limiting foreign exchange earnings despite existing processing capacity.

At a meeting with the President on 26 June, TEA Chairman Huzefa Akbarally noted that while exporters are capable of handling around 400 million kg of tea annually, actual export volumes remain constrained due to declining production.

Tea output has fallen from 340 million kg in 2013 to 261 million kg in 2025, while export revenue has remained broadly stagnant at around US$ 1.5 billion annually, largely due to lower volumes.

The TEA highlighted that tea smallholders-numbering over 480,000 and accounting for about 75% of national production-remain the backbone of the industry. However, productivity has declined to around 150 kg of green leaf per acre per month, compared to a potential yield of about 600 kg per acre per month, following successive Government-induced shocks, including the glyphosate ban and broader agrochemical restrictions.

The association stressed the need for urgent infilling programmes to restore plantation density and improve yields, noting that many smallholders operate with fewer than 3,000 plants per acre against an optimal 5,000.

It proposed financial assistance through loans or grants from the Government, international financial institutions and local banks to support replanting efforts. The one-time cost of infilling is estimated at around Rs. 200 per plant.

According to TEA estimates, improved productivity could lift smallholder incomes to over Rs. 450 per plant annually after two years, while also generating more than Rs. 850 per plant in foreign exchange earnings for the country over a 30-year cycle, based on current prices.

The association said the President expressed support for the initiative and underscored the importance of boosting export revenue from tea and other agricultural sectors as part of broader economic recovery efforts. The Government, it added, is committed to extending necessary assistance to enhance production and export performance.

Treasury Secretary Dr. Harshana Suriyapperuma, Export Development Board Chairman and other officials also attended the meeting.

The Cabinet of Ministers has approved Rs. 6 billion to implement the 2026 Yala season paddy purchasing program, with paddy to be procured at the same guaranteed prices offered during the previous Maha season.

Announcing the decision at the weekly post-Cabinet media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the allocation was approved following a proposal by Agriculture, Livestock, Lands and Irrigation Minister K.D. Lalkantha.

In a separate decision, the Cabinet also approved the procurement of 10,000 tons of prilled urea and 10,000 tons of granular urea through the State Fertilizer Company under the international competitive procurement process to meet fertilizer requirements for the 2026/27 Maha season.

The Government estimates that around 800,000 hectares will be cultivated with paddy and other field crops during the upcoming Maha season. Based on recommendations of the Department of Agriculture, around 169,635 tons of urea will be required for these crops, in addition to fertilizer needed for plantation crops, vegetables, fruit crops and the production of mixed fertilizers.

The 55th William Gopallawa Shield rugby encounter between Vidyartha College and Ananda College will take centre stage at the Nittawela Rugby Stadium on 4 July.

Kick-off is scheduled for 4 p.m.

Recognised as Sri Lanka’s second-oldest inter-school rugby fixture, the William Gopallawa Shield has produced many memorable battles since its inception in 1968 and remains one of the most prestigious annual school rugby encounters.

Ananda College enter the contest on the back of a solid 2026 Dialog Schools Rugby League campaign and will look to capitalise on their experience under skipper Deneth Chamuditha and Head Coach Anura Walpola.

Hosts Vidyartha College, led by Sadew Dilshara and coached by Anurudha Wilwara, will be brimming with confidence after securing promotion to the 2027 Dialog Schools Rugby League Division 1A. They will be determined to reclaim the shield in front of their home supporters.

Of the previous 54 encounters, Vidyartha have won 28, Ananda 24, while two matches ended in draws.(SJ)

The Sri Lanka Tennis Association (SLTA) on Tuesday launched the Sri Lanka Tennis Premier League (SLTPL) at The Studio, Cinnamon Life City of Dreams, unveiling a landmark franchise-based sporting property designed to redefine the future of tennis in Sri Lanka through professional league management, corporate partnerships and technology-driven tournament operations.

The launch event was attended by key stakeholders, including SLTA President Iqbal Bin Issak, Vice President Rukmal Cooray, SLTPL Director Roshan Silva, and Steering Committee members Aasiri Iddamalgoda, Sanjay Wijemanne and Arjun Fernando.

The event also attracted potential franchise owners, prospective sponsors and strategic partners, reflecting strong early interest in the League’s commercial and sporting potential.

Set to be held from 27 to 30 August 2026, the inaugural edition of the SLTPL will feature eight franchise teams, bringing together Sri Lanka’s leading tennis talent across multiple age categories in an innovative team-based competition.

The League has been conceived as a long-term platform that extends beyond competition, with the objective of creating sustainable commercial value for the sport while providing players, franchises, sponsors and fans with an enhanced tennis experience.

A significant milestone at the launch was the announcement of the League’s founding commercial partners, who have committed to supporting the SLTPL from its inaugural season.

CL Synergy was announced as the Title Sponsor, Wilson as the Powered By Partner, Cinnamon Life as the Hospitality Partner, and DIMO as the Exclusive Luxury Automobile Partner.

League officials presented commemorative tokens of appreciation to each partner in recognition of their confidence in supporting the League during its formative stages and contributing to the establishment of a new era for Sri Lankan tennis.

Another defining feature of the launch was the unveiling of the League’s integrated digital ecosystem, developed specifically to manage every aspect of the tournament.

The official website, [www.sltpl.lk](http://www.sltpl.lk), together with the SLTPL Digital Platform, provides a comprehensive technology infrastructure encompassing player registration, player management, franchise auctions, tournament scheduling, live scoring, results management, player rankings, statistical reporting and performance analytics.

Designed as a fully integrated operational platform, the system enables efficient administration while significantly enhancing transparency, accessibility and the overall experience for players, franchises, officials, sponsors, the media and fans.

The launch generated keen interest from the media, with strong coverage anticipated across both traditional and digital platforms. The initiative has also received enthusiastic support from the wider tennis community, including players, coaches and administrators, who view the League as a significant step forward for the sport in Sri Lanka.

Speaking at the launch, League officials highlighted that the SLTPL represents more than a tournament; it is a strategic investment in the future of Sri Lankan tennis. By introducing a professionally managed franchise model, the League seeks to create new commercial opportunities, strengthen player pathways, encourage greater private sector participation and elevate the overall standard of the sport.

The League is expected to serve as a catalyst for increased investment in tennis infrastructure, player development and high-performance competition, while creating a sustainable ecosystem capable of supporting the sport’s long-term growth.

With strong institutional leadership from the Sri Lanka Tennis Association, the support of leading corporate partners and the deployment of modern digital infrastructure, the Sri Lanka Tennis Premier League aims to establish itself as one of Sri Lanka’s premier sporting properties and a benchmark for the professional management of sport in the country.

As preparations continue for the inaugural tournament in August, the League is expected to announce further strategic partnerships, franchise developments and player-related milestones in the lead-up to the opening serve.