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Lakdhanavi Limited, a subsidiary of the LTL Group, achieved significant regional recognition by winning five major honors at the Asian Power Awards and Asian Water Awards 2026, held in Kuala Lumpur, Malaysia. This impressive performance highlights Sri Lanka’s engineering capabilities in power generation, technological innovation, industrial water management, and corporate responsibility on an Asian regional stage.
The core driver of Lakdhanavi’s success was its 300MW Yugadanavi Combined Cycle Power Plant, an essential component of Sri Lanka’s energy infrastructure since its commissioning in 2010. At the Asian Power Awards, Lakdhanavi was named Independent Power Producer of the Year. Yugadanavi secured the Innovative Power Technology of the Year award for developing an engineering solution to heat inlet gas turbine fuel (HFO) based on viscosity—demonstrating how in-house continuous improvement can solve complex operational challenges in legacy infrastructure. The plant also received the ESG Program of the Year award for its environmental, social, and governance initiatives.
Beyond power generation, Yugadanavi demonstrated excellence in sustainable resource management by taking home two accolades at the Asian Water Awards. Its seawater treatment facility earned the Water Technology Excellence Award (Industrial), while its sustainability efforts received the Water Reuse and Recycling Project of the Year award. These recognitions underscore that modern power infrastructure relies heavily on advanced supportive functions like industrial water treatment and recycling.
Overall, the achievements of Lakdhanavi and the LTL Group reflect their end-to-end expertise across the infrastructure ecosystem – spanning design, construction, commissioning, operations, and maintenance – both domestically and in global markets. Ultimately, these awards represent more than a commercial victory; they serve as a point of national pride, celebrating the skill, dedication, and technical competence of Sri Lankan engineers and technical professionals.
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Strong ship repair performance, narrowing shipbuilding losses and lower finance costs drive continued recovery
Colombo Dockyard PLC continued its return to profitability during the second quarter of its 2026/27 financial year, recording its second consecutive profitable quarter and further strengthening the turnaround seen since the beginning of the current financial year.
For the three months ended 30 September 2026, profit attributable to shareholders reached Rs. 164.9 million, compared with a loss of Rs. 563.6 million during the corresponding quarter of the previous year. Earnings per share improved to Rs. 0.42 from a restated loss per share of Rs. 2.44.
The latest performance builds on the profit recorded during the first quarter ended 30 June 2026 and takes profit attributable to shareholders for the first six months of the financial year to Rs. 251.2 million. This compares with a loss of Rs. 1.37 billion during the corresponding six-month period last year.
The improvement reflects continued progress across several areas of the business, led by a strong performance from ship repairing, reduced losses from shipbuilding and a substantial reduction in finance costs following the Rights Issue and subsequent debt restructuring.
Group revenue for the quarter stood at Rs. 7.49 billion, marginally lower than the corresponding period last year. However, improved margins and better cost performance lifted gross profit by 53.4% to Rs. 1.56 billion, with the gross profit margin improving to 20.8% from 13.2%.
Ship repairing remained the strongest contributor to the Group’s performance. During the first six months, ship repair revenue increased by 32.4% to Rs. 8.85 billion, while gross profit from the segment increased to Rs. 3.28 billion from Rs. 1.87 billion in the corresponding period.
The shipbuilding business also showed encouraging progress despite lower revenue during the period. Shipbuilding revenue stood at Rs. 2.81 billion as recently contracted projects remain at early stages of execution. Importantly, the segment’s gross loss narrowed to Rs. 838.4 million from Rs. 1.31 billion a year earlier, following the completion of several legacy loss-making projects and the commencement of new projects secured more recently.
Net finance expenses for the September quarter declined by 40.7% to Rs. 294.5 million. The reduction reflects the impact of the Rights Issue and the restructuring of the company’s debt profile, which has helped ease the financing burden and establish a more sustainable capital structure.
Commenting on the results, Thimira S. Godakumbura, Managing Director/CEO of Colombo Dockyard PLC, said, “The results for the second quarter are another important step in Colombo Dockyard’s recovery. We have now delivered two consecutive profitable quarters, supported by the strong performance of ship repair business, improved margins and a significant reduction in financing costs. The completion of legacy loss-making shipbuilding projects is also allowing us to move forward with a stronger portfolio of newly contracted work. These projects are still at an early stage of execution and therefore have not yet translated into significant shipbuilding revenue, but we believe they provide a stronger foundation for the periods ahead.”
The Group’s balance sheet also reflects the impact of the financial restructuring undertaken over the past year. Current assets stood at approximately Rs. 33.09 billion against current liabilities of Rs. 23.58 billion as at 30 September 2026, placing the Group’s current ratio at approximately 1.4 times.
Cash and cash equivalents increased to Rs. 17.27 billion. A substantial portion of this balance, approximately Rs. 15.46 billion, comprises interest-earning deposits held under lien as security for bank guarantees and other credit facilities supporting the company’s projects.
Debt restructuring has also changed the maturity profile of the Group’s borrowings, with a greater proportion moved from short-term to longer-term facilities. This has helped strengthen the Group’s liquidity position and provide greater financial flexibility for ongoing operations and new projects.
Administrative expenses increased during the period, reflecting the broader inflationary environment and its impact on operating costs. However, improved operational margins and lower financing expenses enabled the Group to maintain its positive earnings trajectory.
With two consecutive profitable quarters now recorded, Colombo Dockyard remains focused on maintaining the momentum of its ship repair operations, improving the performance of shipbuilding projects and strengthening financial discipline as it works towards sustained long-term profitability.
Pan Asia Banking Corporation PLC reported a strong set of results for the first nine months of 2026, recording a Profit After Tax (PAT) of Rs. 3.59 billion, up 19% from the corresponding period last year, underpinned by solid growth in lending, deposits and fee-based income, alongside further improvements in asset quality.
The Bank’s latest performance highlights its continued business momentum, with total assets expanding by 22% to Rs. 374.45 billion, placing it on the verge of the significant Rs. 375 billion milestone. The results reflect strengthening customer relationships, disciplined execution of growth initiatives and prudent balance sheet management in a gradually improving economic environment.
Growth remained broad-based across the Bank’s core operations. Net Interest Income rose 12% to Rs. 10.68 billion, driven by the expansion of the lending portfolio and higher business volumes. Meanwhile, Net Fee and Commission Income increased 17% to Rs. 2.18 billion, supported by stronger trade finance activity, increased card usage and higher transaction volumes across key customer segments.
Operating Profit before Taxes on Financial Services reached Rs. 6.24 billion, an increase of 9%, while Earnings Per Share improved by 19% to Rs. 8.12, reflecting the Bank’s ability to translate business growth into stronger shareholder returns.
The Bank’s balance sheet continued its upward trajectory during the period. Net loans and advances increased by 17% to Rs. 243.45 billion, supported by healthy demand from corporate, SME and retail customers. Customer deposits grew by a robust 19% to Rs. 274.89 billion, demonstrating the confidence placed in the Bank by its growing customer base and further strengthening its funding franchise.
hSenid Business Solutions PLC (hSenidBiz) announced its financial results for the second quarter of FY2027. The quarter reflected continued progress in the quality of the Company’s recurring revenue base and the strength of the underlying operating performance, even as sequential revenue was modestly softer due to the timing of large project invoicing.
Total revenue for the quarter reached LKR 598.6 million, up 16 percent year-on-year. Recurring revenue accounted for 76 percent of total revenue, and Exit Annualised Recurring Revenue stood at USD 5.7 million, also up 16 percent year-on-year and broadly in line with the prior quarter. Sequential revenue was marginally lower, reflecting softer contributions from OnPrem and payroll outsourcing solutions, partly offset by higher tracking-device sales. The Company views the sequential movement as consistent with the normal variability of a multi-product business that is steadily increasing the weight of its higher-quality recurring SaaS revenue.
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