Soy Foods revenue up

The indices at the Colombo Stock Exchange declined with the ASPI coming down by 29 points (-1.1%) to close at 2,372 while the MPI, which tracks the most liquid stocks declined by 40 points (-1.4%) to close at 2,850.

Turnover for the day was Rs 271.5 million, accounted for by transactions in Hayleys (Rs 87.7 million) and Hotels Corporation (Rs 74 million). Hayleys closed at Rs 137.75, while Hotels Corporation closed at Rs 19.50

Soy Foods Lanka (SOY) which released its annual report for the year ended March 2008, showed a 24% decline in bottom-line profits to Rs 19.8 million, while revenue for the group grew at 15% to Rs 511.4 million.

The company cited increased costs of raw materials as result of crop shortages and bio-fuel production for the decline in profitability.

The company which plans to rename itself as “Convenience Foods Lanka” is now diversifying from its traditional soya based foods into jelly crystals and soups. Pursuant to Lanka Orix Leasing’s (LOLC) mandatory offer to the minority shareholders of Commercial Leasing (COML) closing on Friday the 4th of July.

Source: First Guardian Equities

CDB MF in Embilipitiya with special loan scheme

Ceylinco Development Bank (CDB) has been undertaking several microfinance projects in the past. Microfinance is a sector that aims at providing loans to small businesses and the agricultural sector.

It often places specific emphasis on assisting the development of small-scale businesses. CDB through micro finance businesses has helped many agricultural sectors ranging from paddy, maize and banana plantations, to dairy farming in the past.

In 2007, CDB Micro Finance Ltd. (CDBMF) the fully owned subsidiary of CDB was incorporated. The first project to be formally carried out under the CDBMF involves a special loan scheme, directed at micro-businesses and agricultural endeavors in Embilipitiya.

This particularly targets rural areas with CDB branches, including Anuradhapura, Badulla, Kurunegala and Embilipitiya.

After 12 years in the Financial services Industry and with 26-strong branch network spanning across the country, CDB is now set to reach even greater heights in its aim of development, through the CDBMF schemes, a spokesman said.

Lady Smith, capable of variety of tasks

With three heavy gauge stainless steel jars, one for liquidising and whipping, one for dry grinding and grating and one for grinding small quantities of coffee, beans, black pepper, red chillies and chutney etc., three heavy duty stainless steel blades for wet/dry grinding, grating and whipping and a streamlined body of ivory white, the Lady Smith mixer/grinder with its 550 watts motor, is capable of a variety of tasks.

A wide range of dishes like hoppers, dosai and kola kenda can be prepared with the Lady Smith mixer/grinder.

It comes in a 110 watts model also, enabling it to be gifted to people living in countries that use 110 watts, like USA and Canada.

The Lady Smith mixer/grinder is marketed exclusively in Sri Lanka by Elite Radio and Engineering Co. Ltd. of Narahenpita, Colombo 5.

Fonterra enriches Biyagama schools

Fonterra Brands Lanka laid the foundation stone last week for a Rs. 12 million project that will provide a much-needed facelift to two schools in Biyagama. Biyagama Central College and Biyagama Kanishta Vidyalaya are the two schools that will benefit from this project.

“We at Fonterra strongly believe that a healthy nation is what we should strive for. We are pleased to launch a project that will benefit two schools in our neighbourhood and help the students to enjoy better health and nutrition as well as an improved school environment,” Managing Director of Fonterra, Achyut Reddy said. Fonterra plans to help the two schools by enhancing extracurricular activities and encourage healthy living.

The project plans include building an extracurricular centre at the Biyagama Kanishta Vidyalaya, refurbishing the school’s main hall, renovating toilets and laying tiles at the entrance to the school.

The construction of a boundary wall behind the school and several other finishes will provide greater comfort, convenience and safety for the students. At the Biyagama Central College, among the activities planned under the project are rebuilding of toilet facilities including the drainage system and ensuring clean drinking water for the children. Fonterra’s contribution will also help enhance the school band.