Softlogic Holdings records Rs15.2 bln revenue in 1Q, +6.2 pct

LBO - Softlogic Holdings recorded a revenue growth of 6.2% posting Rs15.2 bn in the first quarter this year, from Rs14.3 bn in the same period last year.

“The results were resilient despite tightened monetary policy, contracting purchasing power and inclement weather, all contributing to lackluster demand,” the company said.

The prime contributors to the Group top line were Retail (32.0%), ICT (25.6%), Healthcare Services (19.9%), Financial Services (16.7%) and Automobile (3.0%).

The Leisure sector is expected to improve its contribution and reduce its overall losses in the periods to come with Mövenpick Hotel’s monthly trajectory of occupancy improving as anticipated, the company said.

“Intermittent full occupancy in today’s context in both hotels, Centara Ceysands Resort and Spa and Mövenpick Hotel Colombo augurs positively for the sector.”

Gross Profit improved strongly by 21.2% to Rs. 5.4 billion (Bn) reflecting a GP margin improvement from 31.5% in 1QFY17 to 35.9% in 1QFY18. Group synergies and economies of scale helped profitability.

The Healthcare sector was a key contributor to the Gross Profit growth during the period with increasing demand and bed occupancy in our four hospitals augmenting performance in an unprecedented manner.

Operating profit increased 34.5% to Rs. 1.8 Bn during the first three months of the financial year. An improvement in operating profit margins from 9.6% in the comparative quarter to 12.2% was witnessed in 1QFY18. Group’s continuous focus on cost discipline and efficiency measures led to the improvements in cost margins.

Operational expenses increased 17.5% to Rs.4.0 Bn. Distribution costs declined 21.6% to Rs. 667.8million (Mn ) whilst administrative costs registered an increase of 30.6% to Rs. 3.3 Bn during the quarter particularly due to the new city hotel.

EBITDA for the quarter improved a strong 37.2% to Rs.2.5 Bn from Rs. 1.8 Bn in 1QFY17.

Finance Expenses increased 39.6% to Rs. 1.3 Bn during quarter primarily owing to increasing interest rates. Profit before tax improved 8.8% to Rs. 659.6 Mn pushing the profit after taxation for the first three-months of FY2017/18 to Rs. 429.6 Mn after a tax charge of Rs. 230.0 Mn (Rs. 99.1 Mn in 1QFY17).

Retail sector’s revenue was Rs. 4.8 Bn. Primary contributors to this sector continued to be Softlogic Retail and the Odel group. Branded apparel and accessories business performance continue to support Odel’s growth momentum.

Operating profit increased 63.4% to Rs. 699.4 Mn during 1QFY18 reflecting an OP margin improvement from 9.0% in 1QFY17 to 14.4% in 1QFY18 owing to the Group’s stringent cost controls while expanding. Sector PBT improved strongly to Rs. 290.7 Mn.

Retail sector PAT reported a robust growth to Rs. 222.8 Mn during the quarter.

EB Creasy posts group loss, pays Rs. 36 per share dividend

Modestly capitalized but asset rich with Rs. 2.5 billion retained earnings

EB Creasy and Co. PLC, a modestly capitalized 84-year old company quoted on the Colombo Stock Exchange since 1968, has posted a pre-tax profit of Rs. 393 million in the year ended March 31, 2017, up 18% from a year earlier on a turnover of Rs. 4.1 billion (up 14% from the previous year) but seen a group loss of Rs. 301.6 million, down from a profit of Rs. 452.7 million the previous year.

The company chairman, Mr. A. Rajaratnam, has explained the group loss in the annual report to losses posted in their industrial products and leisure segments. He said that group turnover was Rs. 26.3 billion.

The company’s turnover had been driven by the fast moving consumer goods (FMCG) businesses, he said. But increased market interest costs and investment in working capital had pushed up interest costs 53% Rs. 193.8 million.

"Despite the increase in finance cost, the company reported a profit before tax of Rs. 393 million, and 18% increase over last year’s profit of Rs. 332 million. The profit after tax increased by 45% over the last year to Rs. 383.9 million," he said.

EB Creasy which joined the Ceylon Chamber of Commerce in 1890 is one of its first members. Modestly capitalized at Rs. 25.7 million, the company paid its shareholders a dividend of Rs. 36 per share during the year under review which the chairman said was 20% above the previous year.

Analysts noted that Creasy’s are among the top dividend payers among companies quoted on the CSE.

Controlled by the Colombo Fort Lands Group, with Colombo Fort Land and Building PLC holding 52.98% of the company with some of its associates and subsidiaries owning 15% more, the company has retained earnings of nearly Rs. 2.5 billion in its books. However its net current liabilities stand at over Rs. 1.1 billion.

Other than the Colombo Fort Lands Group, Dr. T. Senthilverl with 16.73% is the largest shareholder.

The illiquid EB Creasy share traded during the year under review at a high of Rs. 1,450 and a low of Rs. 950.10 closing at Rs. 1,447.90.

EB Creasy and Co. is mainly into the manufacture of consumer disposables, marketing of hardware and automotive accessories and solar power lighting systems for rural electrification. Quoted members of the group include Laxapana Batteries PLC, Lankem Ceylon PLC, Muller and Phipps PLC, Sigiriya Village Hotels PLC, Beruwela Resorts PLC, Marawila Resorts PLC and CW Mackie PLC.

There are also about three dozen unquoted subsidiaries in the EB Creasy group.

The directors of the company are: Messrs. A. Rajaratnam, Chairman, SDR Arudpragasam (MD), S. Rajaratnam, RCA Welikala, RN Bopearatchy, PMA Sirimane, AR Rasiah, SNP Palihena, Dr. AM Mubarak, AMdeS Jayaratne, R Seevaratnam and SW Gunawardena.

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Higher rubber prices bite Kelani bottom line

Kelani Tyres PLC has seen a decline in profitability in the year ended March 31, 2017, attributed by it chairman, Mr. Chanaka de Silva to increased raw material prices that pushed down the operational profit of its production Joint Venture (with India’s Ceat) to an after-tax Rs. 1.3 billion from the previous year’s Rs. 1.6 billion.

He has said in the recently released annual report of the company that the year under review had been "very challenging" with over two years of stable and relatively low raw material prices ending in the first quarter of the year under review.

"Our cost of natural rubber increased by approx. 22% during the year in tandem with significant increases in synthetic rubber prices as well," he reported. "In fact, prices of all other raw materials too appreciated during the year under review."

This had resulted in an adverse effect on margins "when our prices were already under pressure from imported tyres flooding the market."

"The intense price competitiveness internationally affected our export sales as well, which fell by around 15% compared to the previous year," he said.

Production for the year at over 15.4 million MT was flat but export earnings had gained slightly to Rs. 2.44 billion from the previous year’s Rs. 2.39 billion.

He said the Joint Venture (JV) hoped to take many strategic decisions to strengthen its market position which would have a positive impact on Kelani. The JV would expand on new sizes and has also been looking at manufacturing truck radials here. There was a distinct possibility of this happening enabling the JV to cater to the total requirement of pneumatic tyres in Sri Lanka.

De Silva said the Ministry of Finance had been supporting them to work towards their prime objective of total import substitution of pneumatic tyres in Sri Lanka with quality products on par with the best tyre brands in the world.

He announced an interim dividend of Rs. 2.50 (net) per share on the performance of the company in the year under review and the subsequent dividend received from the JV. This would involve a Rs.201 million payout.

On June 30, 1999, Kelani transferred its tyre manufacturing assets to a joint venture company, CEAT Kelani Holdings (Private) Ltd. (CKH). Kelani owns 50% of CKH.

Kelani Tyres has a stated capital of Rs. 402 million and total assets of Rs. 4.19 billion. Total liabilities run at Rs. 52.8 million.

Silverstock Ltd. with 43.7% of Kelani is its top shareholder followed by the Ceybank Unit Trust (10%). Ceybank Century Growth Fund, EPF and the Bank of Ceylon are among its top ten shareholders.

The Kelani share traded during the year under review at a high of Rs. 77.40 and a low of Rs. 52.20 closing at Rs. 55. This compared with a trading range of Rs. 89 to Rs. 59 closing at Rs. 64.

The directors of the company are: Messrs. Chanaka de Silva, Rohan. T. Fernando, T. Bevan Perera, Kamantha Amarasekera, Ms. SS Jayatilaka, Eraj Fernando and RP Weerasooria.

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AIA Sri Lanka reports solid 2017 Half Year Results

AIA Insurance Lanka PLC ("AIA Sri Lanka" or the "Company") last week announced the financial results of the Company and its subsidiary for the six months ended June 30, 2017.

The main highlights are stressed by a company news release were:

Consolidated revenue increased 28 per cent from the same period last year to LKR 8,765 million, driven by gross written premium (GWP) growth of 14 per cent to LKR 5,532 million. The growth in GWP was mainly attributed to growth in renewal business.

Conventional life GWP increased 17 per cent from the same period last year, to LKR 5,115 million. Investment income went up 15 per cent from the same period last year, to LKR 2,636 million, benefiting from prudent investments made by the Company and the increase in interest rates.

Consolidated profit after tax amounted to LKR 135 million, an increase of 13 per cent compared with the same period last year. The surplus of the life insurance business is reported annually at the year end and is therefore not included in the half-year profit.

Pankaj Banerjee, Chief Executive Officer of AIA Sri Lanka, said:

"AIA Sri Lanka’s consolidated revenue was boosted by a solid 28 per cent compared with last year. AIA remains committed to growing our business both quantitatively and qualitatively and the execution of our growth strategy has reflected this. We are focused on ensuring that we continuously improve the customer experience. The investments we have made in our agency force through our Premier Agency strategy to equip our Wealth Planners with the best in training and technology have set AIA apart from the competition when it comes to serving our customers’ long-term savings and protection needs."

William Lisle, Chairman of AIA Sri Lanka, said:

"I am very pleased that AIA Sri Lanka had a strong first half in 2017. Our initiatives under Premier Agency Strategy and Bancassurance partnerships are showing excellent results and we are confident that AIA Sri Lanka is well positioned to benefit from the growth momentum of the Sri Lanka life insurance market."

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Taj returns to profit after three consecutive loss-making years

Owning company chairman confident market will absorb increased supply of 5-star room

Tal Lanka Hotels PLC, owners of the Taj Samudra in Colombo, has returned to profit after three consecutive loss-making years in the year ended March 31, 2017, posting a profit of Rs. 103.7 million, up from a loss of Rs. 116.9 million the previous year and losses of Rs.180.8 million and Rs.530 million in the two years prior. 

The owning company however retains accumulated losses of Rs. 1.15 billion in its books but commands ownership of one of Colombo’s top five-star hotels built on a sprawling leasehold site of over 11 acres of land fronted by the Galle Face Green and the Indian Ocean.The hotel which is managed by India’s well-known Taj group attracts a large clientele of up-market travelers from India but, according to a shareholder, has paid no dividends since it was commissioned over 30 years ago.

"I don’t remember any dividend being paid but I can’t be sure," he said. "Sometime ago shareholders were hosted to an annual lunch, a practice that was followed by some other non-dividend paying hotels too. But the Taj, like the others, discontinued the practice and none of them issue vouchers for two free lunches like before."

The owning company’s chairman, Mr. Rakesh Sarna, has said in the recently published annual report for 2016/17 that hotels in Colombo had recorded 64% average occupancy in the year under review though the city average rates had shown a decline.

"The city has witnessed room night supply growth over the past three years in the budget and mid-market segment, a welcome addition to a market previously dominated by five-star and five-star deluxe hotels," he said.

"These hotels have been quickly absorbed in the market given their popularity with the price conscious travelers; however, they have added pressure on the existing five-star hotels, thereby restricting their ability to increase rates."

Sarna complained that the constant depreciation of Sri Lanka rupee has adversely affected the average room rate due to which market wide average room rates depict a decline or only marginal increase in US dollar terms. He noted that the rupee was volatile against the dollar averaging Rs. 149 to the dollar last year and expected this trend to continue over the next five years.

He quoted the Sri Lanka Tourism Development Authority saying the highest guest arrivals were from China followed by India, UK, Germany, France, Russia and Australia.The company’s revenue was up 6% from Rs. 2.66 billion the previous year to Rs. 2.83 billion during the year under review. The gross margin increased by Rs. 73 million from the previous year.

Sarna reported that the company’s finance expenses were down by Rs. 160 million to Rs. 223 million during the year under review primarily due to decrease of loss on foreign exchange.

The owners continue to invest in the hotel and are now in the final stage of installing new guest elevators with more rooms to be renovated next year and work to upgrade the property planned targeting an increased market share.

"Going forward we expect commercial demand to drive business for the branded hotels, given the increased interest in the modernization of the city and the infrastructure development in the country," he said.

"…..though supply pressure may affect market performance in the short term, we believe that the city will continue to remain a vital destination for tourism in the country, and gradually absorb new supply to establish itself as a robust hotel market."

No dividend has been proposed for the year under review with earnings per share at Rs. 0.74 against the previous year’s loss of Rs. 0.84 per share.

Tal Lanka has a stated capital of Rs. 1.4 billion and total assets of over Rs. 5.3 billion against total liabilities of nearly Rs. 3 billion. The company’s share traded during the year at a high of Rs. 31.20 and a low of Rs. 20 closing the year at Rs. 21. This compared to the previous year’s trading range of Rs. 34 to Rs. 20 closing at Rs. 23.40.

Tal Hotels and Resorts Ltd. with 58.14% with IHOCO BV with 24.62% are the major shareholders followed by the EPF with 5.55%.

The directors of the company are Messrs. RK Sarna (Chairman), BK Chaudhary, R. de Mel, RK Chaudhary, Tilak de Zoysa, G. Sunderam, V. Govindasamy, P. Verma, U Narain, S. Singh and C. Subramanian. 
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HNB Assurance posts Rs. 176 M PBT

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) posted a Profit After Tax (PAT) of Rs. 176 million for the second quarter of 2017, reflecting a phenomenal growth of 332% compared to the PAT of Rs. 41 million recorded during the same period of 2016. The impressive performance of the Group reflected in all performance indicators. The Parent Company, HNBAposted a PAT of Rs 100 million marking a growth of 54% while its subsidiary with a PAT of Rs. 76 million recorded a more impressive growth of 414% in PAT.

During the second quarter of 2017, the Group achieved a 22% growth in its Gross Written Premium (GWP), depicting a value of Rs. 3.8 billion as against the GWP of Rs. 3.1 billion recorded during the comparable periodin 2016. The Life Insurance segment contributed a GWP of Rs. 1,919 million and the General Insurance segment contributed a GWP of Rs. 1,901 million to the overall GWP. The Life and General Insurance segments recorded Premium growth rates of 17% and 27% respectively. During the second quarter of 2017, the group recorded an investment income growth of 54% reaching a value of Rs. 771 million against Rs. 500 million recorded during the same period of 2016.

The Total Assets of the Group reached a value of Rs. 16 billion and Investments in Financial Instruments reached a value of Rs. 13 billion. During the same period the Life Insurance Fund and General Insurance Fund grew by 14% and 29% reaching values of Rs. 10 billion and Rs. 2.5 billion respectively.

Sharing her thoughts on the Group’sfinancial performance, Chairperson of HNBA and HNBGI, Rose Cooray stated, “We are indeed delighted to announce the results of another successful quarter. Both Life and General Insurance segments have showcased steady revenue growths. The concerted and well targeted efforts the Group has taken throughout 2017 to grow profitable business has made both HNBA and HNBGI more resilient and competitive Insurance companies in the industry. The Group continues to leverage on its core competencies in stabilizing its market share by delivering a substantial long-term value to our shareholders whilst meeting all our obligations to our valued customers with highest responsibility. These financial results are a testament of the Group’s continuous financial stability and its growth momentum”.

Speaking on the financial performance of the Group, Managing Director/CEO of HNBA and HNBGI, Deepthi Lokuarachchi stated, “Despite many tough challenges in a rapidly changing market, the Group has made significant strides by creating a stronger platform for growth by delivering a steady financial performance. This growth momentum of the Group showcases the strength of our business strategy and we are confident that both our Life and General Insurance companies will reach out as strong players in this industry.”
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Sri Lanka's Ceylinco Insurance June quarter net profit up 75-pct

ECONOMYNEXT - Sri Lanka's Ceylinco Insurance Plc said net profits rose 75 percent in the June 2017 quarter to 894 million rupees from a year earlier.

Ceylinco Insurance reported earnings of 33.84 rupees per share for the quarter, according to interim results filed with the stock exchange. The share last traded at 1,400 rupees.

Net written premiums after re-insurance costs grew 5.0 percent to 6.9 billion rupees, the accounts showed. Non-life premiums grew 11.5 percent and life rose 3.2 percent.

Investment income increased 31 percent from a year earlier to three billion rupees in the quarter.

Claims rose 11 percent to 3.6 billion rupees. Income tax expenses more than doubled to 284 million rupees. Ceylinco Insurance is liable to income tax at the rate of 28%.

The company said in a statement its investment portfolio reached 92.4 billion rupees as at 30th June 2017, up 14 per cent since 31st December 2016.

“We believe this performance is a good illustration of the momentum that has kept the company ahead of the competition for the past 13 years,” Ceylinco Life Managing Director/CEO R. Renganathan said.

“General business sentiment remains somewhat subdued and the insurance market is fiercely competitive.”

Total assets grew to 144.5 billion rupees from 130.8 billion rupees in December 2016.

Sri Lanka's Kotagala Plantation says shortfall in debenture sinking fund

ECONOMYNEXT - Sri Lanka's Kotagala Plantations Plc says a sinking fund to repay a billion rupee debenture has a shortfall as it had not made payments as required.

The sinking fund to repay a billion rupee bond issued in 2014 "has not been made in the manner stipulated" in a trust deed, the firm said in a stock exchange filing, without disclosing the shortfall.

"The company is currently evaluating multiple options available in respect of bridging this deficit, and intends on making good the shortfall during the course of the next three months," the firm said.

The Trustee of the transaction has been informed of the actions being planned, the firm said.

Kotagala said interest payments have been made on the time it expects to make future interest payments and the capital, when it falls due.

In May, Fitch Ratings downgraded the firm's debt from 'B+(lka)' to 'CC(lka)' amid falling tea prices and deteriorating liquidity. An investment in Cambodia may require further debt, Fitch warned.

This year, better tea prices may improve profits and oil palm may help in the long term when they start to bear.

Sri Lanka's Janashakthi Insurance net down in June

ECONOMYEXT - Profits at Sri Lanka's Janashakthi Insurance fell 50 percent to 135 million rupees in the June 2017 quarter from a year earlier amid a one-off 133 million rupee impairment cost, interim accounts showed.

The group reported earnings of 25 cents per share for the quarter. In the six months to June, it reported earnings of 65 cents per share on total profits of 352 million rupees, which were down 44 percent.

Gross written premium was up 7.6 percent to 3.4 billion rupees and net earned premium after re-insurance was 1.3 percent lower at 2.8 billion rupees. In the six months to June, gross written premium was up 10.6 percent.

"..[W]e have been able to maintain the momentum gained during Q1 2017 and register double-digit growth in premiums through the first six months of the year," Managing Director Prakash Schaffter said in a statement.

Its life insurance division was being re-structured to bring better results in the future, the firm said.

In the June quarter, the firm paid 1.78 billion rupees in claims and benefits to customers, up 6.2 percent from a year earlier.

Investment income rose 16.6 percent to 584 million rupees. However, an impairment charge of 133 rupees, reduced profits.

Gross group assets grew from 32 billion rupees to 34 billion rupees in the six months to June. Net assets was at 8.95 billion rupees, marginally down from 9.0 billion rupees in December.

Sri Lanka’s Dankotuwa Porcelain June net profit up sharply

ECONOMYNEXT - Sri Lankan tableware manufacturer Dankotuwa Porcelain said net profit shot up 880 percent to 29 million rupees in the June 2017 quarter from a year ago.

Sales of the group were stagnant at 565 million rupees, according to interim results filed with the stock exchange.

Dankotuwa Porcelain’s quarterly earnings per share were 18 cents compared with two cents the year before. Its share traded at 9.10 rupees on Thursday.

The company, which was hit by a strike in July over a pay dispute, had retired part of its debt, with 500 million rupees from its rights issue and plans to modernise its factory with the balance 222 million rupees.

The group includes Royal Fernwood Porcelain Limited, Lanka Decals (Private) Limited, Fernwood Lanka (Private) limited and Taprobane Capital (Private) Limited.

Sri Lanka's Colombo Dockyard makes Rs37mn loss in June quarter

ECONOMYNEXT – Sri Lanka’s Colombo Dockyard fell back into the red in the June 2017 quarter with a loss of 37 million rupees compared with a profit of 57 million rupees a year ago.

The firm had returned to profit in the March 2017 quarter with earnings of 141 million rupees.

Sales of the firm, a unit of Japan’s Onomichi Dockyard, rose 23 percent to 3.1 billion rupees in the June quarter from a year ago, according to interim results filed with the stock exchange.

Colombo Dockyard reported a loss per share of 51 cents. But, its earnings per share for the six months to June 2017 were 1.46 rupees, with sales up 37 percent to 7.2 billion rupees.

Revenues from ship repair and ship building rose in the half-year, but profits from ship building fell while earnings from ship repair rose. The yard had been hit hard by the prolonged slump in shipping, with clients cancelling new building orders or negotiating pries down.

It had managed to reduce loses to 432 million rupees in 2016 from 708 million rupees the year before.

Sri Lanka's Access short of construction labour

ECONOMYNEXT - Sri Lanka's Access Engineering said it faced shortages of skilled workers, and has started training schemes and had to import labour to complete projects.

"In common with the rest of the industry, the company faced serious challenges due to the scarcity of skilled labor," the firm told shareholders. "Faced with the situation, the company has, at times, resorted to engaging foreign labor in some of its large private sector projects.

"However, the company is addressing this problem by initiating its own training and development program, which is carried out at some of the vocational training centres including Don Bosco Technical Centre Facility in Negombo. Many persons have already been trained and absorbed into the permanent cadre under this programme."

The firm says training and skills development programemes are planned with the National Apprenticeship Board.

In the year to March 2016, the firm had revenue of 20.4 billion rupees, up from 17.6 billion a year earlier. Group employees rose to 3,237 from 2,625.

Sri Lanka's unemployment is falling and aspirational workers are seeking higher salaries and going to the Middle East and East Asian countries like Korea and Japan with stronger currencies. Factories also have vacancies.

Sri Lanka’s Pan Asian expects 25-pct return on hydro power investment

ECONOMYNEXT - Pan Asian Power said it had bought Lower Kotmale Oya Power Two (Pvt) Ltd., a special purpose vehicle company formed to develop two mini-hydro power plants on which it expects a 25 percent internal rate of return.

It said, in a stock exchange filing, that the SPV was formed to develop two cascade projects – the 2.0MW Lower Kotmale Oya II mini-hydro power project and the 1.0MW Medakumbura MHP.

The plants will use the water from Kotmale Oya in Pundaluoya township in the Nuwara Eliya district.

The restructured project is expected to start by mid-2018 after the remaining approvals are acquired, Pan Asian Power said.

The estimated total investment in the two power plants, which will generate 7.53 Giga watt hours a year, is 400 million rupees.

“The company expects the IRR on the investment to exceed 25 percent based on reasonable estimates,” it said.

“Due to convenient accessibility, short length of the structures and minimum environmental impact, management expects the timeline of construction to not exceed 12 months.”

Sri Lanka’s Udapussellawa Plantations back in profit

ECONOMYNEXT - Sri Lanka’s Udapussellawa Plantations returned to profit in the June 2017 quarter with earnings of 103 million rupees compared with a loss of 22 million rupees the year before as tea prices improved.

Sales of the firm, part of James Finlay Plantation Holdings (Lanka) Limited, rose 46 percent to 724 million rupees.

Earnings per share were 5.29 rupees for the quarter. Udapussellawa Plantations shares last traded at 32.40 rupees.

EPS in the six months to June 2017 was 10 rupees, with net profit of 194 million rupees against a loss the previous year, and sales up 40 percent to 1.3 billion rupees.

Sri Lanka’s RIL Property reports full occupancy, expands bakery chain

ECONOMYNEXT – RIL Property Limited (RIL), a developer, owner and operator of commercial office space in the Sri Lankan capital Colombo, said net profit rose 37 percent to 78 million rupees in the June 2017 quarter from a year ago.

Sales rose 14 percent to 248 million rupees in the quarter, according to interim results filed with the stock exchange.

Earnings per share were 13 cents. The share last traded at 7.80 rupees on Friday.

RIL Property Chairman Sunil Wijesinha said Parkland, its 22-floor office complex in the heart of Colombo, reached 100 percent occupancy during the quarter and the firm had begun refurbishing the Readywear building in the same location.

The company was expanding its outlets of Bread Talk, a Singaporean food chain, with two outlets opened in the Maharagama and Mount Lavinia suburbs becoming fully operational during the quarter.