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SriLankan Airlines to be given to India’s TATA?

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The heads of the government are discussing the possibility of transferring SriLankan Airlines, which has recorded a net profit of USD 3 million in the financial year 2022-23, to India’s ‘TATA Company’.

TATA, one of India’s largest business groups, already operates several airlines including Air India.

The government said that SriLankan Airlines is at the forefront of loss-making companies in Sri Lanka, and therefore it should be restructured.

Meanwhile, Aviation Voice has reported that SriLankan made a net profit of USD 3 million in the 2022-23 financial year for the first time after Emirates exited from management in 2008.

During a Committee on Public Enterprises (COPE) meeting held recently, the Srilankan Airlines said that it has earned USD 104 million as operating profit. As a result, it has earned a net profit of USD 3 million once the interest expenses of USD 101 million are excluded.

However, the airline recorded a loss of Rs.69 billion mainly due to the exchange losses (exchange loss of Rs.63 billion), but this is said to be a decrease from the loss of Rs.163 billion recorded in the year 2021-22.

During the COPE hearing, SriLankan Airlines Chief Executive Officer Richard Nuttall said that for the 2023-24 financial year, SriLankan Airlines has set a revenue target of over USD 1 billion, with USD 60 million from ground handling and USD 40 million from catering services.

He said the airline saved USD 80 million in 2022 as it was the only state-owned enterprise to cut wages for employees due to the Covid-19 pandemic.

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Mr. Koththu Grand & Big Bite Biryani outlets sued

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The Colombo Chief Magistrate’s Court yesterday (July 16) heard charges against 02 outlets of 02 popular eateries – Mr. Koththu Grand and Big Bite Biryani for violating sanitary regulations in food preparation.

Mr. Koththu Grand outlet located at 1128, Kotte Road, Rajagiriya, is run by Mr. Dinesh Priyakantha, while the Big Bite Biryani outlet at 111, Sri Jayawardenepura Kotte, is operated by Mr. Yoganathan Prasan.

The cases were filed separately by the PHI of the Public Health Department at the Sri Jayawardenepura Kotte Municipal Council – H.A.L.R. Karunarathna.

Mr. Koththu Grand faces 08 counts, while Big Bite Biryani faces 06 and both have been accused of operating in violation of health and safety regulations.

The charges include using unsanitary equipment and improperly sealed plastic trash cans, poor hygiene as well as uncovered light bulbs in food handling areas, which would prevent food contamination during a potential electrical hazard.

The cases will be heard before Colombo Additional Magistrate Pavitra Sanjeewani.

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PMB buys 600,000 kg of Yala harvest paddy

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The Paddy Marketing Board (PMB) has purchased 600,000 kilograms of paddy so far from this year’s Yala season harvest, according to its Chairman – Manjula Pinnalanda.

He noted that the largest quantity has been procured from the Ampara District, with stocks also coming in from the Northern Province and Puttalam District.

Paddy warehouses in the Anuradhapura District and North Western Province have also been opened for storage, he said.

The government had earlier announced a guaranteed price scheme, purchasing Nadu paddy at Rs. 120 per kilogram, Samba at Rs. 125, and Keeri Samba at Rs. 132 per kilogram.

A total of Rs.06 billion has been allocated in the last budget to support this purchase program.

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Labubu firm sees profit jump by 350%

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Pop Mart, the Chinese toy firm behind the hugely popular Labubu dolls, has said its profits are set to soar for the first six months of this year.

The Beijing-based company said in a preliminary statement that it expects profits for the period to jump by 350% as revenues more than tripled.

Pop Mart, which has a stock market value of more than $45bn (£34bn), also said profitability had been boosted by increased recognition of the brand globally and cost controls.

Collectors have been obsessed with the viral Labubu dolls – fictional elf-like creatures with a row of jagged teeth – which have flown off shelves and sparked long queues in shops worldwide.

Pop Mart is best known for selling toys in “blind boxes” – a type of packaging that hides its contents until it is opened. The marketing tactic has faced criticism for encouraging gambling-like behaviour and compulsive buying.

Launched in 2019, Labubu dolls have helped the company become a major retailer, operating more than 2,000 vending machines and stores around the world.

Pop Mart began selling its shares on the Hong Kong Stock Exchange in 2020. The company’s stock market valuation has jumped by almost 600% in the last year.

Sales from outside mainland China contributed to nearly 40% of its total revenue in 2024.

Many shops around the world had to pause sales of Labubu dolls due to overwhelming demand.

Labubu has taken off, especially in the US, thanks to celebrity endorsements by including celebrities like Kim Kardashian and Lisa from K-pop group Blackpink.

Pop Mart’s partnerships with major names such as Coca-Cola and the manga franchise One Piece has also boosted Labubu’s profile around the world.

In June, Lababu sales in the US were up by 5,000% compared to a year earlier, according to estimates from equity research firm M Science.

“I’ve not seen anything like this from other toy companies,” M Science senior analyst Vinci Zhang told the BBC.

The company has huge potential in the US where it operates just under 40 shops compared to around 400 in China, he added.

The buying frenzy has created a booming resale market where the dolls, originally sold at around $10, can fetch up to hundreds of dollars.

In June, a human-sized Labubu sold for $150,000 at an auction in Beijing.

Labubu’s popularity has also fuelled a boom in counterfeits, often referred to as Lafufu dolls.

Chinese authorities seized more than 46,000 fake Labubu toys in June, as they crack down on a growing black market for the dolls.

(BBC News)

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