Business and Economics
Cinnamon Bentota Beach to be awarded LEED Platinum

Cinnamon Bentota Beach, a property of Cinnamon Hotels and Resorts one of Sri Lanka’s leading hospitality chains, became the first hotel of its scale in Sri Lanka, under the ‘LEED New Construction Version 3 2009’ rating system, to be LEED Platinum certified by the U.S. Green Building Council.

The LEED (Leadership in Energy and Environmental Design) certification identified Cinnamon Bentota Beach as a showcase example of sustainability that demonstrates the property’s leadership prowess in transforming the building industry.

The United States Green Building Council is an organisation committed to a sustainable, prosperous future through LEED - the leading program for green buildings and communities worldwide. With the recent LEED certification Cinnamon Bentota Beach joins the ranks of other international hotels such as the Element Hotels - the eco-conscious brand of Marriott Hotels & Resorts, Virgin Hotels and Hyatt Hotels & Resorts.

HUTCH partners Spotify, bringing the world’s most popular audio streaming service to Sri Lanka

HUTCH, Sri Lanka’s preferred choice for mobile broadband services has teamed up with Spotify, the world’s most popular audio streaming subscription service, to bring to Sri Lankan mobile subscribers a personalized listening experience.

Spotify will offer in Sri Lankans a stellar listening experience for local and international music of over 70 million tracks.

This Hutch-Spotify partnership will offer Sri Lankans Spotify’s large music catalogue at a monthly subscription rate from as low as Rs. 579 (exclusive of taxes). Both prepaid and post-paid HUTCH customers can subscribe to Spotify Premium, a subscription service that allows users to enjoy uninterrupted music.

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Amăna Bank assets crosses Rs. 100 mn with over Rs. 1 bn operating profit

Amăna Bank crossed the Rs 100 billion mark in total assets as at YE2020, a milestone bearing evidence to its accelerated growth, which comes in a context where the Bank has completed only 9 years in banking operations.

In the face of the Covid-19 pandemic related challenges, the Bank has showcased strong resilience especially during the first 3 quarters of the year and has bounced back strongly in Q4 with a remarkable 51% growth in pre-tax profit recording Rs 372.1 million in comparison to Rs 246.2 million in Q4 2019.Post-tax profit for the same period stood at Rs 213.3 million. In comparison to Q3 2020, the Bank’s pre-tax and post-tax profits grew significantly by 168% and 167% respectively in Q4 2020. As a result of its resurgent Q4 performance, the Bank,for the 12months of 2020, reported Rs 761.4 million as profit before tax and Rs 463.7million as profit after tax. It is noteworthy that the profit after tax of 2020 is higher than the Rs 460.9 million reported in 2019. Maintaining a healthy financing margin of3.7%, the Bank’s Net Financing Income grew 9% YoY to close at Rs 3.45 billion,while achieving Rs 1.13 billion during Q4 alone, demonstrating a growth of 53%against Q4 2019. Despite import control having an adverse impact on trade related fee income, the Bank reported a Net Operating Income of Rs 3.72billion for 2020. Having successfully curtailed operating expenses, as a result of the continued focus on cost containment, the Bank recorded an Operating Profit Before VAT, NBT and DRL of Rs 1.15 billion for2020.

The Bank’s aggregate tax contribution of Rs 691 million accounted for 60%of the Bank’s Operating Profit before all taxes. Chairman of Amăna Bank Asgi Akbarally said, “Despite the turbulent economic environment that we have all come to associate in the year 2020, Amăna Bank was able to record healthy results showcasing strong resilience, thanks to the underlying strengths of our business model, balance sheet and strong capital position. Despite the pandemic our efforts tothe community did not seize.”

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