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Gota promises a more “disciplined society” in acceptance speech

Sunday August 11, 2019 1:32 pm

Gotabaya Rajapaksa now the Presidential Candidate for the burgeoning Sri Lanka Podujana Party (SLPP) in his acceptance speech earlier today Aug 11, pledged to create a more disciplined society.

He appeared dismayed at “the way in which people drive on the roads, dispose of garbage, or treat women,” and said he looked forward “to a time when Sri Lanka will once again be the sort of country where women can travel without any fear of harassment at any time of day or night.”

“Every resident of this country has a responsibility to live in peace without disturbing others. Discipline must be encouraged through example by the leadership of the country” he said.

The speech was devoid of a manifesto or details of how he would achieve lofty goals of enabling “our future generations to become productive citizens through giving special attention to their education and to the development of their skills and abilities.”

“We will ensure that the youth will be given more opportunities to pursue tertiary education and technical education. We will improve the necessary infrastructure facilities for this within a short period” he said.

The full text of the speech is as follows:

Venerable Maha Sangha and religious dignitaries from the Christian, Hindu, Islamic and other faiths.5th Executive President of Sri Lanka, HE Mahinda Rajapaksa, Honourable Members of Parliament and other public representatives, Party Leaders.Professionals, War Heroes, Artistes, Media Personnel, Representatives of National Organisations, Trade Unions. Those of you who represent every corner of our motherland. All patriotic Sri Lankans.My friends.

At this historic conference that marks a decisive juncture in our nation’s politics, I am deeply honoured and humbled to accept the nomination made by the 5th President of Sri Lanka, HE Mahinda Rajapaksa for me to represent the common aspiration of many political parties, independent groups and organisations led by the Sri Lanka Podujana Peramuna, as their candidate at the forthcoming Presidential election.

I consider this nomination as a noble mission entrusted to me by people oriented, progressive forces that are destined to create a political revolution in this country.

I thank all who supported the 5th President Mahinda Rajapaksa in making this decision, especially the venerable Maha Sangha and other religious leaders, politicians, national organisations, media personnel, social leaders and activists, and the citizens of this country led by the youth, who spoke on behalf of the country.

I extend my special gratitude to the Sri Lanka Podujana Peramuna for entrusting me with this signal honour.

I love my country. I am proud of my country. I have a vision for the future of my country.

I consider it a tremendous privilege to have been given this opportunity to work towards the peace, wellbeing and prosperity of my country.

I have always discharged every responsibility that been entrusted to me to the best of my ability, and I assure you that I am fully prepared to provide the leadership needed to succeed in this challenge as we go forward.

During my 20 years of active military service, and nearly 10 years of service as a Government official, I successfully discharged all the responsibilities entrusted to me.

I always make every effort to deliver results that go above and beyond expectations.

35 years ago, when I was a young Army officer, General Cyril Ranatunge, the most senior military officer at the time, bestowed on me a commendation in which he described me as “an officer who takes initiative over and above the normal call of duty”.

It is this quality that enabled me to provide the strategic guidance and administrative support to the Armed Forces led by Commander in Chief President Mahinda Rajapaksa, to end 30 years of terrorism in just three and a half years.

It is this quality that enabled me later on, as Secretary to the Ministry of Urban Development, to drive the transformation of Colombo into Asia’s fastest developing city, and to create an environment that attracted significant investments that changed the skyline of city.

I never allowed any external forces to obstruct the fulfilment of my responsibilities to my country.

I never bowed my head to anyone who opposed my country.

I will never allow anyone to infringe upon the sovereignty of Sri Lanka.

What the country requires today is leadership that has a vision for the future, plans to develop the country, and the ability to execute those plans. The public expects disciplined, corruption free, people oriented and patriotic leadership from its President.

I trust that I have proven my ability to provide this leadership through my actions, and the results I have delivered.

If entrusted with the stewardship of this country by the people, my first task will be to ensure complete safety and security throughout the nation.

I have complete confidence that we will once again be able to make Sri Lanka one of the most peaceful, secure and safe countries in the world.

I will accept responsibility for your safety, and the safety of your children and your loved ones. Buddhism teaches us to respect all religions.

People of many ethnicities and religions have lived freely and practiced their faiths freely throughout the history of our country.

We are a nation that has lived together in friendship, with respect for each other’s religious

beliefs and cultural identities. This unity has to be our strength.

I pledge to create a safe and secure environment in which all Sri Lankans, irrespective of their race or religion, will be able to live in peace.

I will never allow extremist terrorism in this country.

The people of the North have aspirations which we understand well, and our government will strive towards solving these issues.

There was tremendous development in our country during the 2005-2014 period under the

Mahinda Chinthana vision. What we must do now is to resume the progress of our country

I look forward to presenting my vision for this progress, taking into account the prevailing global economic trends.

This vision will incorporate the insights gained from our discussions with the general public by the Sri Lanka Podujana Peramuna’s “Gama Samaga Pilisandarak” programme, as well as the studies undertaken by professionals, entrepreneurs and intellectuals of Viyath Maga.

Our goal has to be the creation of a prosperous nation through the development of productive citizens, families that live happily, and a society that is disciplined.

Every citizen has the right to enjoy economic stability, have opportunities to improve their status, and to live with dignity.

I will introduce people centric economic principles to create this environment.

Developing our human resources will be one of the main responsibilities of our government. We need to enable our future generations to become productive citizens through giving

special attention to their education and to the development of their skills and abilities.

We will ensure that the youth will be given more opportunities to pursue tertiary education and technical education. We will improve the necessary infrastructure facilities for this within a short period.

This will help generate more job opportunities and encourage new entrepreneurs who can contribute to the vibrant economy we hope to create.

We will also introduce educational reforms that will foster the innovation and technological aptitudes of our youth.

Our long-term goal should be to be one of the world’s leading nations in innovation.

The acceleration we intend to create in our country’s development will be catalyzed by the technology-based improvements we will introduce to every field.

Our economic principles will support domestic industries whilst encouraging them to explore new market opportunities in the global economy.

Nearly one third of our population is engaged in the agriculture and fisheries sector.

We can use technology as well as the experiences gained from other countries to improve the productivity of these sectors and improve the economic status of those engaged in them.

Another primary responsibility of any government is to create a public service that is efficient and people oriented.

The first step in this regard is to ensure that public servants are freed from political interference.

We will work to ensure that honest public servants who carry out their duties in good faith and take the proper decisions will receive the fullest legal protection.

At the same time, those in government service will be given the local and overseas training required to deliver the highest standard of service to the public.

The services afforded to the public will also be improved by increasing the use of technology in government institutions.

We will introduce new processes including e-Government systems to reduce the dependency on individuals for obtaining public services, thereby reducing the risk of corruption.

Unplanned and haphazard urbanization has been one of the main causes of several social issues. This is a problem that needs to be addressed creatively.

Sri Lanka has a climate that allows people to live in any part of the country. Therefore, we must ensure that development spreads to every part of the nation.

Instead of people needing to come to cities in pursuit of jobs or business opportunities, we must ensure that jobs and business opportunities are taken to the people.

Rapid improvements in the transport services must be introduced, connecting every part of the country through road and rail links.

Through improving essential requirements such as electricity, water, schools and hospitals throughout the country, we can encourage industries and businesses to reach the villages without being confined to cities.

We will work to improve the internet and telecommunication facilities in every part of the country. This will give our youth the opportunity to interact with and even explore business opportunities with the rest of the world from their homes.

A problem affecting many middle-class families is the lack of suitable housing. We will introduce a rapid solution to this issue at a national scale.

Safeguarding the natural environment for our future generations is a responsibility we all share. We will work towards implementing the urban beautification and green city concepts that I introduced in the past throughout the country.

We will take steps to ensure that all the forest reservation areas will be protected, and those that are under threat of deforestation will be restored. We will also implement programmes to ensure the proper utilization of abandoned lands.

Our country has been reputed for millennia for its proud culture, traditions and respectable society.

However, when we look at the way in which people drive on the roads, dispose of garbage, or treat women, some deterioration in these characteristics is evident.

Every resident of this country has a responsibility to live in peace without disturbing others. Discipline must be encouraged through example by the leadership of the country.

I look forward to a time when Sri Lanka will once again be the sort of country where women can travel without any fear of harassment at any time of day or night.

We have always given special attention to injured war heroes, the differently abled, and others who have special needs.

In consideration of their requirements, I will ensure that they are given priority in obtaining services from the state and private sector.

Our values, traditions and culture, patriotic thinking, and national sovereignty are of tremendous importance to us.

We must maintain healthy relationships with all friendly countries. However, we will never betray our independence at the behest of any foreign power.

Through resuming proper diplomatic relationships with other countries, we will ensure that we will interact with other nations on equal terms, and maintain our national sovereignty and our dignity as a nation.

We must work towards achieving our long-term objectives whilst undertaking necessary course corrections swiftly and correcting the mistakes that have been made in the past.

Instead of focusing on personal objectives, we will act to engage likeminded patriotic, creative and intelligent groups to work towards our common objectives.

The forthcoming Presidential election will be a decisive one for the country and its future.

I hope that the people of this country will think of what is best for future generations at this moment, without being confined to divisions of race, religion or political party.

I would also like to make a special request from you on this important day. What we are commencing today is another new journey in our nation’s history.

This is a dignified objective, and I believe we must conduct our election campaign in the same spirit of dignity.

We must behave in the same manner we would now, as we would in governing once we are elected.

As such, we must ensure that the entire election campaign will be a disciplined, law abiding and dignified one.

Being mindful of the environment, we should also be an example to all political parties by completely avoiding the use of polythene and plastics in our election campaign.

We should also use this opportunity to change the prevailing political culture of attacking political opponents, taking personal revenge and misleading the public with lies.

I request you to respond to our opponents’ false allegations with reasoned and logical truths.

Today’s voters are very politically sensitive, and we should foster an honest political culture for them.

We are a young nation.

All of us want to create a country where our future generations can live with freedom, dignity and prosperity.

I believe we have the vision to make this future a reality. I also believe we have in place the plans and the team that we need to deliver this vision.

Just as I have fulfilled every responsibility given to me to the highest standard, I pledge that I am ready to undertake the national duty that this country needs, and that all of you desire, from me.

May the blessings of the Noble Triple Gem be with you.

Climate Change

Sri Lanka’s flash floods in capital point to systemic institutional failure, ignored directives

Monday November 9, 2026 6:00 pm

ECONOMYNEXT – As torrential monsoon downpours transformed Sri Lanka’s commercial capital’s thoroughfares into raging brown rivers on Friday (06) submerging vehicles, paralyzing public transit, and inundating critical facilities like the National Hospital, the crisis was framed by authorities as an act of nature.

But for the millions of residents wading through waist-deep water, the disaster was not merely meteorological. It was man-made, preventable, and a glaring testament to gross institutional negligence.

Vraîe Cally Balthazaar, the Mayor of the island nation’s biggest local governing body Colombo Municipal Council (CMC) posted on her FaceBook (Meta) platform just a week ago before the floods that people in her ward “have had to live with the risk of flooding for years” after the stormwater drain running through the Jawatta Public Cemetery collapsed in 2019.

She said in the post that she promised the residents that the CMC would get the repairs done before the end of September, and she was happy to say that the CMC has “managed to complete the work by September 15.

“And sometimes, something as simple as fixing a drain can make a real difference to an entire neighbourhood,” Balthazaar said.

However, the flash floods saw the same area heavily flooded despite the ‘fixing’ by the CMC.

Just 24 days before the floods, Prime Minister Harini Amarasuriya herself issued a direct, unequivocal order to government officials and municipal authorities to treat the cleaning of Colombo’s canal and drainage systems as an exceptional priority.

She directed to expedite the work and complete it within two weeks to ensure proper rainwater management amid anticipated increases in rainfall.

Prime Minister Amarasuriya issued these directives while addressing the Colombo District Coordinating Committee meeting held on October 13 at the Narahenpita District Secretariat.

During the meeting, officials from divisional secretariat offices, the Agrarian Development Department, and the Provincial Irrigation Department highlighted existing challenges in cleaning drainage and canal systems, noting issues such as a shortage of technical officers and difficulties faced in formulating plans and estimates.

Her instruction came in response to early meteorological indicators pointing toward an intensifying inter-monsoonal rainfall season.

But the floods last week proved that these directives had been ignored, delayed, and left unimplemented by the very bodies sworn to protect the city’s populace.

Recognizing the chronic vulnerability of the commercial capital’s low-lying geography, the Prime Minister instructed relevant stakeholders to systematically clear Colombo’s primary canals, secondary outlets, and subterranean drainage systems.

Crucially, the directive came with a strict deadline: a two-week window to complete the comprehensive clearing of blockages, silt, and solid waste that choke the city’s waterways.

Colombo would not have had last week’s floods, had the Prime Minister’s instruction been heeded and executed.

But the Prime Minister’s instruction designed precisely to preempt the catastrophic urban flooding that has chronically plagued Colombo during heavy weather was ignored.

Yet, when the skies opened up last Friday (06), the two-week deadline had long expired into the ether of bureaucratic inaction.

The canals remained congested with plastic debris, unauthorized construction bottlenecks, and thick layers of silt.

The drainage systems, starved of maintenance, failed instantly.

Neither the central government machinery nor the Colombo Municipal Council (CMC) can wash their hands of accountability.

The ‘Clean Sri Lanka’ programme under the current government has been created to deal with prevention of flooding among many other ambitious goals.

“The responsibility for this damage must be borne by the President even more than the Mayor,” former Urban Development and Megapolis Minister Champika Ranawaka, a strong government critic, said on his YouTube platform.

“He is the head of the disaster management apparatus, and ‘Clean Sri Lanka’ operates under his direct leadership. Because of his actions and their administrative conduct, the entire state machinery has been brought to a standstill.”

Anatomy of Municipal Paralysis

When orders from the higher office like Prime Minister of the state can be casually sidelined by municipal inertia, it exposes a profound fracture in governance, one where public safety is compromised by institutional paralysis.

At the heart of Colombo’s drainage crisis is a systemic failure of local governance and inter-agency coordination.

The Colombo Municipal Council, tasked with the day-to-day stewardship of municipal infrastructure, waste management, and local drainage networks, has long operated in an administrative comfort zone characterized by reactive posturing rather than proactive mitigation.

When the Prime Minister’s directive was issued in mid-October, it should have triggered an immediate emergency mobilization.

Municipal work crews, heavy machinery, and desilting operations ought to have been deployed across every vulnerable ward, from the commercial hubs of Fort and Pettah to densely populated residential quarters like Borella, Wellawatte, and Grandpass.

Instead, citizens witnessed what can only be described as administrative inertia.

Bureaucratic red tape, sluggish procurement of maintenance contracts, and a lack of accountability mechanisms meant that instructions from the Prime Minister trickled down into endless committee meetings rather than field operations.

By treating a critical pre-monsoon cleanup as a routine administrative task rather than an urgent, life-saving imperative, municipal officials displayed a reckless disregard for urban risk management.

The government repeatedly said it has collected ample tax revenue to run the country. But that money could not be used urgently to protect the Colombo city when it was evident what was going to happen as per Prime Minister Amarasuriya’s instructions.

Furthermore, the failure extends beyond mere delayed cleanups to encompass chronic structural enforcement failures.

Over decades, Colombo’s natural hydrological buffers including its wetlands, marshes, and secondary flood retention areas have been systematically degraded or encroached upon by uncoordinated commercial and residential developments.

When drainage systems are clogged with garbage while vital retention pathways are blocked by concrete, even a standard heavy downpour is bound to trigger catastrophe.

Friday’s deluge merely exposed the cumulative cost of this willful administrative blindness.

Economic Toll of Negligence

The consequences of this systemic failure were borne immediately by ordinary citizens and critical public infrastructure.

The inundation of the National Hospital of Sri Lanka, where floodwaters unprecedentedly breached critical service areas, should be considered a national scandal.

That a premier healthcare institution can be crippled within 2 hours of heavy rain, jeopardizing patient care and compromising sterile environments, illustrates the deadly stakes of municipal failure.

Beyond the hospitals, small business owners watched their livelihoods float away, commuters were stranded for hours in gridlocked, submerged buses, and low-income families residing in underserved settlements suffered extensive property damage.

For an urban economy trying to anchor Sri Lanka’s fragile post-crisis recovery, recurring paralyzing floods exact a heavy toll in lost productivity, infrastructure damage, and emergency response costs.

Accountability

The CMC and government have pointed fingers at the illegal structures erected under past governments for the latest disaster. But this government has already been in power for two years.

In the aftermath of the disaster, routine finger-pointing between central agencies and municipal bodies also has begun, with officials attempting to deflect blame onto unprecedented rainfall volumes.

But meteorological data offers no refuge for negligent administrators.

The rainfall, while heavy, was seasonally anticipated; indeed, it was precisely why the Prime Minister issued her October directive.

When a directive issued by the second-in-command of the country is left gathering dust on a municipal desk while citizens face preventable devastation, the social contract breaks down.

The current government and the Colombo Municipal Council cannot hide behind excuses of resource constraints or administrative oversight.

Preventing flash floods requires more than issuing seasonal press releases or convening post-disaster committees after the water has receded.

It demands rigorous enforcement, transparent institutional accountability, and a zero-tolerance approach to administrative lethargy.

If the authorities cannot execute basic drainage maintenance, Colombo will remain structurally vulnerable, hostage to the next raincloud, and failed by the very institutions meant to protect it. (Colombo/November 08/2026)

Bonds & Forex

Sri Lanka rupee closes at 332.53/59 to US dollar spot, bond yields edge up

Monday November 9, 2026 5:05 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 332.53/59 to the US dollar spot on Monday, from 332.55/60 the previous day, while bond yields closed higher, dealers said.

A bond maturing on 15.09.2029 closed at 190/98 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 closed at 11.07/12 percent, up from 11.05/10 percent.

A bond maturing on 01.02.2031 closed at 11.30/40 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 closed at 11.65/70 percent, up from 11.55/65 percent.

A bond maturing on 01.11.2033 closed at 11.95/12.00 percent, up from 11.90/95 percent.

A bond maturing on 15.10.2034 closed at 12.10/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 closed at 12.40/50 percent, up from 12.30/40 percent. (Colombo/Nov9/2026)

Markets

Sri Lanka stocks close up 1.37-pct, banks lead turnover

Monday November 9, 2026 3:29 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Monday, CSE data showed, with the benchmark All Share Price Index moving up 1.37 percent.

The ASPI was up 291.72 points at 21,531.37, while the more liquid S&P SL20 was up 1.67 percent, or 100.96 points, at 6,146.34.

Positive contributors to the ASPI were Commercial Bank of Ceylon (up 2.86 percent at 216.00 rupees), Hatton National Bank (up 1.52 percent at 399.75 rupees), Asiri Hospital Holdings (up 12.86 percent at 31.60 rupees), Tokyo Cement Company (up 5.22 percent at 84.70 rupees), and Access Engineering (up 3.93 percent at 81.90 rupees).

Carson Cumberbatch (down 4.24 percent at 712.00 rupees), Richard Pieris and Company (down 2.43 percent at 28.10 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), Renuka Holdings (down 2.63 percent at 37.00 rupees), and Chevron Lubricants Lanka (down 0.61 percent at 204.25 rupees) were top negative contributors.

Market turnover was 3.33 billion rupees. The S&P/CSE Banks Industry Group led turnover with 667.76 million rupees.

The session saw heavy crossings, according to Raynal Wickremeratne, Head of Research and Strategy at NDB Securities. Significant crossings included Keells (23 million rupees), Distilleries Company (27.7 million rupees), Sunshine Holdings (30.6 million rupees), Commercial Bank (32.4 million rupees), Ceylon Tobacco Company (35.6 million rupees), Hatton National Bank (39.5 million rupees), Prime Lands (40.5 million rupees), and HAS Holdings (41.5 million rupees).

In corporate news, Hayleys Retail Holdings Ltd announced it has partnered with supply chain software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka. (Colombo/Nov09/2026)

Information Technology

Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

Monday November 9, 2026 3:12 pm

ECONOMYNEXT — Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up, the two companies said in a joint statement.

Hayleys Retail, a member of Sri Lanka’s diversified conglomerate Hayleys Group, plans to open several stores in the near future to serve consumers across the country. The agreement marks Blue Yonder’s first retail customer in Sri Lanka.

“Our entry into supermarket retail is about bringing that same commitment to quality and reliability closer to everyday Sri Lankan consumers,” Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC said.

“With Blue Yonder, our teams will have AI-driven insight to deliver a seamless, consistent shopping experience across every store,” he said.

Hayleys, which accounts for approximately 5 percent of Sri Lanka’s export income and operates across 17 business sectors, is entering the large-scale supermarket space by drawing on its group strengths in manufacturing, logistics, and services.

The company selected Blue Yonder to connect its data across merchandising and shelf space, deploy artificial intelligence agents to catch operational issues early, and scale its business into a national network without changing platforms.

The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning capabilities to forecast demand and balance store inventory during seasonal peaks.

“Hayleys Retail is choosing one where AI is the foundation rather than an add-on—connected data and agentic AI built into core merchandising operations, and planning that learns as the business grows,” Antonio Boccalandro, President, APAC at Blue Yonder said.

The retailer plans to use the platform to automate routine store tasks and adjust inventory according to real-time sales and local market trends as its store footprint grows. (Colombo/Nov09/2026)

Stocks & Companies

Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

Monday November 9, 2026 1:16 pm

ECONOMYNEXT – Sri Lanka listed hospitality firm Citrus Leisure said it has extended an agreement to manage consumer-facing and entertainment spaces at the Colombo Lotus Tower, which includes revolving restaurant Blue Orbit, until June next year.

The initial agreement signed between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) is due to expire on December 11.

“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said in a market filing.

Citrus Leisure Plc opened its revolving restaurant at the Lotus Tower in December 2023.

The company signed a 3-year agreement with CLTMC in May 2023 to provide services in the management of (l) the banquet hall 1 on the 25th floor, (2) the banquet hall 2 on the 26th floor, (3) the revolving restaurant on the 27th floor, (4) the 6 suites situated on the 28th floor and the kitchen in the basement floor of the Colombo Lotus Tower.

The 350-meter or 1,150-feet tower, the tallest in South Asia, was built at a cost 104.3 million US dollars with 80 percent of the money borrowed from Exim Bank of China.

Located in the commercial heart of Colombo, the tower has been called a symbolic landmark of Sri Lanka as well as a colossal white elephant and has been mired in controversy for years. (Colombo/Nov9/2026)

Markets

CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

Monday November 9, 2026 11:50 am

ECONOMYNEXT — Sri Lanka conglomerate CIC Holdings recorded a net profit of 1.66 billion rupees for the quarter ended September 30, rising 20.3 percent from 1.38 billion rupees in the same quarter last year, interim accounts showed.

The group posted basic earnings per share of 0.87 rupees for the September quarter, up from 0.73 rupees a year earlier.

Quarterly revenue grew 3.4 percent to 20.89 billion rupees from 20.20 billion rupees, supported by broad-based growth across industrial solutions, livestock, and healthcare segments, which counterbalanced relative demand moderation in agricultural inputs.

Cost of sales rose 5.3 percent to 15.20 billion rupees, outpacing revenue growth and causing gross profit to contract marginally by 1.2 percent to 5.68 billion rupees.

Results from operating activities dropped 7.3 percent to 2.66 billion rupees from 2.87 billion rupees, impacted by higher operating overheads.

Selling expenses expanded 6.8 percent to 2.15 billion rupees, and general and administrative expenses climbed 5.8 percent to 1.07 billion rupees, while other operating income dropped 29.6 percent to 117.40 million rupees.

However, operating profits were cushioned by an impairment reversal on trade receivables of 85.83 million rupees, turning around from an impairment provision of 23.38 million rupees in the corresponding quarter last year.

Net finance costs climbed 35.4 percent to 712.25 million rupees from 526.01 million rupees.

The increase was driven by a 30.8 percent rise in finance expenses to 771.46 million rupees, primarily reflecting higher interest expenses on loans to finance elevated working capital and inventory requirements.

The quarter’s bottom line was strongly bolstered by CIC’s equity-accounted investment in John Keells Holdings PLC (JKH).

Share of profit from equity-accounted investees surged more than fourfold to 590.50 million rupees from 257.87 million rupees, driven by JKH’s strong profit expansion during the period.

The group also recognized a gain on bargain purchase of 55.59 million rupees during the quarter resulting from additional share purchases in JKH where the proportionate net asset value exceeded acquisition cost, compared to no such gain a year earlier.

With associate income gains offsetting operating margin contraction and higher borrowing costs, group pre-tax profit held virtually flat at 2.59 billion rupees, down 0.11 percent.

Income tax expense fell 29.4 percent to 606.24 million rupees from 858.71 million rupees, driving total group profit for the period up 14.1 percent to 1.98 billion rupees.

Total group assets stood at 108.58 billion rupees as of September 30, up from 99.75 billion rupees at the end of March 2026.

Group net asset value per share increased to 25.52 rupees from 22.10 rupees a year earlier.

CIC Holdings’ ordinary voting shares closed at 27.80 rupees at the end of September.(Colombo/Nov09/2026)