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Chevron to donate US$35,000 to Sri Lanka Red Cross Society (SLRCS) for well-cleaning programme in flood-affected districts

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Chevron Lubricants Lanka PLC (CLLP) announced today its intention to donate US$35,000 to the Sri Lanka Red Cross Society (SLRCS) as flood relief, specifically towards the cleaning of 1,500 wells in the Colombo and Matara districts, considering the devastation caused by floods during the first week of June 2024.

The project aims to directly benefit 1,500 families (approximately 7,500 individuals) in the flood-affected districts. Priority will be given to the most vulnerable populations, including children, the elderly, and individuals with compromised health conditions in Colombo and Matara districts.

The main objective of the well-cleaning programme, after the floods in Sri Lanka, is to restore access to safe and clean drinking water for flood-affected communities, thereby preventing waterborne diseases and promoting public health.

“We are deeply saddened by the loss of lives and livelihoods caused by the floods in Sri Lanka. As a responsible corporate citizen, we are committed to supporting the relief and recovery efforts of the SLRCS, which is doing a commendable job in providing humanitarian assistance to the affected people,” said Bertram Paul, Managing Director and CEO of CLLP.

“We are grateful to Chevron for their generous donation and partnership in this well-cleaning programme. This will enable us to reach out to more families who are in urgent need of clean water and sanitation facilities. We hope that this initiative will help them to rebuild their lives and restore their dignity,” said K. Balakrishnan, President of Sri Lanka Red Cross Society.

The well-cleaning programme is expected to commence in July 2024 and be completed by September 2024. The SLRCS will mobilize its trained volunteers and staff to carry out the well-cleaning activities, in coordination with the relevant government authorities and local communities. The programme will also include awareness-raising sessions on hygiene and sanitation practices, as well as the distribution of hygiene kits and water purification tablets to the beneficiaries.

Chevron has been operating in Sri Lanka since 1992 and is the market leader in lubricants. CLLP is a subsidiary of Chevron Corporation, one of the world’s leading integrated energy companies. Chevron is committed to social responsibility and supports various community development projects in the areas of health, education, environment, and economic empowerment.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and

develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

With a membership of 100,000 volunteers, the Sri Lanka Red Cross Society is the largest humanitarian organization in the country, working tirelessly to provide assistance and support to those affected by crises and disasters. For more information about the Sri Lanka Red Cross Society and their ongoing humanitarian efforts, please visit www.redcross.lk.

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Nations Trust Bank records PAT of LKR 15.6Bn in 1H 2026 following strategic acquisition

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Nations Trust Bank PLC (NTB) reported a strong performance in the first six months ended 30th June 2026, recording a Profit After Tax (PAT) of LKR 15.6Bn.  Following a PAT of LKR 4.6Bn reported in Q1, the Bank’s performance accelerated significantly in the second quarter with operations commencing 1st May 2026, with the successful acquisition of HSBC Sri Lanka’s retail banking business, with an overall asset growth of 26% and a one-off tax credit attributing to the acquisition.

With the successful acquisition and integration of HSBC Sri Lanka’s retail banking portfolio in May 2026, the Bank consolidated it’s position as the market leader in credit cards and premium retail banking services.  A continued focus on service excellence, digital transformation, and disciplined risk management contributed to NTB’s strong first-half performance.

NTB’s performance is supported by healthy asset growth, stable Net Interest Margins (NIMs) at 5.58%, and disciplined risk management resulting in a Net Stage 3 Ratio of 1.05%. Return on Equity (ROE) increased to 31.33%, reflecting the Bank’s enhanced scale and earnings momentum following the acquisition.

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Milco records Rs.1.49 Billion profit in 2025

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State‑owned dairy company Milco (Pvt) Ltd achieved a historic financial turnaround last year, recording its highest‑ever net profit of Rs.1.49 billion by late 2025, according to Agriculture and Livestock Deputy Minister Namal Karunaratne.

Deputy Minister Karunaratne told Parliament last week that the recovery enabled the company to halt privatization plans, clear debts, and extend unprecedented financial benefits. 

On December 31, 2025, Milco disbursed a performance bonus of Rs.75,000 each to all 1,228 employees. In addition, Rs.180 million in profit‑sharing incentives was distributed among 22,000 dairy farmers, marking the first such payout in 21 years.

He further said that Milco had previously accumulated Rs.3.5 billion in bank loans and Rs.1.7 billion in outstanding payments owed to milk‑supplying farmers, but all debts have now been settled.

He further announced that the long‑delayed Badalgama milk factory project will recommence, with capacity to process up to 200,000 liters of milk daily. 

Plans are also underway to upgrade the National Livestock Development Board’s farm in Nikaweratiya, with an additional Rs.1 billion budget allocated to supply high‑yield dairy heifers and male stock to local farmers.

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Unable to pay debts, Hela Apparel files for winding up

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Hela Apparel Holdings PLC has announced that it has filed an application before the Commercial High Court seeking a court-ordered winding up of the company after its Board concluded that it is unable to pay its debts due to continuing liquidity constraints.

In a filing to the Colombo Stock Exchange, the company said its Board reviewed the financial position of the group, including its realisable assets, liabilities, liquidity levels, indebtedness, expected cash flows and creditor obligations before determining that Hela Apparel Holdings PLC and its subsidiaries, Hela Clothing (Private) Limited and Foundation Garments (Private) Limited, were unable to continue their businesses.

The Board resolved on August 4 to seek a court-ordered winding up under the Companies Act No. 7 of 2007, with applications filed before the Commercial High Court on August 5. The two subsidiaries have also submitted separate winding-up applications.

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