Business
Nawaloka Hospitals PLC records exemplary performance amidst tough economic backdrop
Recording a year of commanding financial performance in a challenging economic backdrop, Nawaloka Hospitals PLC, a pioneering force in the private healthcare sector, posted a revenue of Rs. 8.5 billion for the fiscal year 2019/20. While performance in the first quarter of the year was severely hindered due the devastating Easter attacks, progress during the final quarter was impacted by the developing global health crisis.
Profit after tax (PAT) for the year in review was at Rs. 15.9 million, a noteworthy increase in comparison to a net loss of Rs. 587.1 million the previous year, a commendable performance amidst turbulent times. While assets grew 9% to Rs. 17,704 million, the Group recorded a substantial improvement in gross profit margin to 56% from 51% in 2018/19.
Nawaloka Hospital’s remarkable improvement in performance is largely credited to cost-saving measures that were aggressively driven across the organization, expansion of the laboratory network under the strong Nawaloka brand and growth from regional hospitals located in Negombo and Gampaha.
“As we continue to rebound from the adverse impacts brought about by two black swan incidents—the Easter attacks and the developing global health crisis, we are proud that the Group has remained resilient and recorded a commendable growth during an extremely challenging year. Our robust cost management initiatives and process re-engineering efforts backed by digital technologies have helped Nawaloka Hospitals outdo last year’s results and drive strong performance in 2020 while strengthening our position as a premier healthcare specialist in the country.” Nawaloka Hospitals Deputy Chairman Harshith Dharmadasa stated.
As the group celebrates its 35 year legacy at the pinnacle of the Sri Lankan healthcare sector, under the visionary leadership of Dr. Jayantha Dharmadasa, its highly-skilled medical talent and world class infrastructure has enabled it to deliver clinical outcomes that compare with the best institutions in the world at an affordable cost.
The state-of-the-art Nawaloka Specialty Centre, which absorbed a massive capital expenditure of Rs. 6.8 billion during the past two years, has proven to be an opportune investment during this period of contagion. The massive 400,000 square feet centre with a mega multi-storey carpark boasts a strategic combination of advanced medical technology and expert medical care.
Each medical specialty is allocated a designated channel module within the center, offering patients privacy, adequate space to practice social distancing and screening from infection by interacting with patients from other specialties. Pharmacy and laboratory facilities located on each floor restrict mobility within the hospital, further limiting the possibility of cross infection. This well thought out building plan has proven beneficial and a competitive advantage during the COVID-19 pandemic, guaranteeing patient safety in a secure environment.
Further affirming their commitment to quality healthcare and safety standards, Nawaloka Hospitals was recently awarded the Joint Commission International’s (JCI) gold seal of approval for its continued compliance to internationally-recognised healthcare standards. The Nawaloka chain of healthcare facilities continues to adhere to the stringent health guidelines imposed by the Ministry of Health, epidemiology unit and the World Health Organization.
“COVID-19 is reshaping industries including healthcare in ways that are likely to be permanent. Therefore, we will continue to adapt to create shared value for our entire spectrum of stakeholders by continuing to focus on our primary purpose of delivering advanced and sustainable patient-centric healthcare, responsibly in a secure environment. I believe the coming year will lay bare the significant potential in our investments in infrastructure, human resources and processes. Our commitment towards better healthcare in the country continues to grow from strength to strength, enriching the lives of our people as we explore ways to improve our product offering and streamline our services to cater to the evolving needs of our patients,” Dharmadasa continued to state.
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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.
The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.
Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.
SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce
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by Sanath Nanayakkare
Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.
“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.
“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.
“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.
“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.
The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.
The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’
Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.
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By Hiran H.Senewiratne
CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.
The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said.
It is said the banking sector dominated turnover with a contribution of considerable parcel trades in Sampath Bank, Commercial Bank and HNB.
Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.
Further, Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.
Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions.
During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.
Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.
