Hayleys PLC, one of Sri Lanka’s leading conglomerates, in a filing to the Colombo Stock Exchange, reported sustained performance in 1Q of 2014/15.
Dialog Axiata PLC announced, Friday 08th August 2014, its consolidated financial results for the six months ended 30th June 2014. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”) post-consolidation with subsidiaries Dialog Broadband Networks (Pvt) Ltd (“DBN”), and Dialog Television (Pvt) Ltd (“DTV”).
Nestlé Lanka PLC, Sri Lanka’s leading Nutrition, Health and Wellness Company, recorded a revenue growth of 7.1% (YoY) for Q2 2014, posting a total revenue of Rs. 8.1 billion in the second quarter of the year.
Sparklink Travels headed by Nihal Perera, a Former Director Sri Lanka Tourism, A Pioneer and Legend in the Travel Industry ably supported by sons Praki Perera & Navein Perera and a Team of Dedicated Staff, has Achieved a further “Milestone” in reaching 35 Years in the Travel, Tourism and Hospitality Industry in Sri Lanka and Internationally.
The General Assembly of the Young Chartered Accountants Forum (YCAF) of the Institute of Chartered Accountants of Sri Lanka was held recently at CA Sri Lanka Members Lounge.
The Marawila Branch of the Commercial Bank of Ceylon recently organised a seminar in Marawila for nearly 500 students preparing for the Year 5 scholarship examination from eight schools in the area.
Mr Hasrath Munasinghe Deputy General Manager – Marketing of Commercial Bank, the largest private bank and most valuable private sector brand in Sri Lanka, was recognised as ‘Marketing Professional of the Year’ at the Chief Marketing Officer (CMO) Asia Global Brand Excellence Awards 2014 in Singapore in recognition of his contribution to the disciplines of brand building and marketing in Sri Lanka.
Counting 20 years of hands-on experience in Marketing, Sales and Communications, HasrathMunasinghe has helped build many iconic brands in Sri Lanka in broadcast media, personal care and mobile telecommunications and has won multiple Gold Awards for his efforts from the Sri Lanka Institute of Marketing (SLIM).
He was adjudged one of the ‘Ten Outstanding Young Persons’ (TOYP) in Sri Lanka in 2013, receiving the most prestigious individual award for young achievers in the country. ‘Echelon’magazine’s twice named him in its ‘Top 40 under 40’ list of the top 40 executives under 40 years of age in Sri Lanka, in 2013 and 2014.In 2010, he received the Achievers and Leaders International Award from the Sri Lanka-India-South Africa-Singapore Partnership Summit.
The holder of eight professional and academic qualifications including two Masters Degrees from the Universities of Moratuwa (MSc in IT) and the University of Southern Queensland, Australia (MBA), and a Post Graduate Diploma in Marketing from the Chartered Institute of Marketing (CIM)UK, Hasrath has the distinction of being the youngest Sri Lankan to achieve both FCIM-UK and FSLIM status.
He currently serves as a board member of the Chartered Institute of Marketing (CIM) Sri Lanka region and in several committees of other institutes.
Photo caption:
Hasrath Munasinghe (centre) receives the Marketing Personality of the Year award at the 2014 CMO Asia Brand Excellence Awards.
First quarter fiscal 2015 revenue of $112.3 million increased 1% sequentially and 24% year-over-year. First quarter fiscal 2015 operating income increased 26% year-over-year to $11.2 million. First quarter fiscal 2015 diluted EPS was $0.31, compared to diluted EPS of $0.29 in the year ago period.
Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, today reported consolidated financial results for the first quarter fiscal year 2015, ended June 30, 2014.
First Quarter Fiscal 2015 Consolidated Financial Results
Revenue for the first quarter of fiscal 2015 was $112.3 million, an increase of 1% sequentially and 24% year-over-year in reported currency. On a constant currency basis,(1) first quarter revenue increased 1% sequentially and 22% year-over-year.
Virtusa reported income from operations of $11.2 million for the first quarter of fiscal 2015, compared to $12.5 million for the fourth quarter of fiscal 2014, and $8.9 million for the first quarter of fiscal 2014.
Net income for the first quarter of fiscal 2015 was $9.0 million, or $0.31 per diluted share, compared to $10.0 million, or $0.35 per diluted share, for the fourth quarter of fiscal 2014, and compared to $7.5 million, or $0.29 per diluted share, for the first quarter of fiscal 2014.
The Company ended the first quarter of fiscal 2015 with $194.8 million of cash, cash equivalents, and short-term and long-term investments.(2) Cash used for operations for the first quarter of fiscal 2015 was $2.5 million.
Kris Canekeratne, Virtusa's Chairman and CEO, stated, "This was another strong quarter driven by our differentiated value proposition which enables our clients to expand their addressable market through digital channels and improves their BAU operation through industry leading transformational solutions. We continue to deepen our relationships across our blue chip client base, diversifying geographically and growing our non-Top 10 clients at a faster rate, further strengthening our growth platform."
Ranjan Kalia, Chief Financial Officer, said, “We are pleased with our first quarter results, and we are positioned well for strong sequential growth throughout the fiscal year.” Mr. Kalia added, “During the quarter, we made investments in sales and marketing, business development, and billable head count in order to position ourselves to capture the large market opportunity we see for our differentiated solutions.”
Financial Outlook
Virtusa management provided the following current financial guidance:
Second quarter fiscal year 2015 revenue is expected to be in the range of $116.0 to $118.0 million, with diluted EPS of $0.33 to $0.35.
Fiscal year 2015 revenue is expected to be in the range of $474.0 to $486.0 million, with diluted EPS of $1.46 to $1.58.
The Company’s second quarter and full fiscal year 2015 diluted EPS estimates assume an average share count of approximately 29.3 million and 29.4 million respectively, (assuming no further exercises of stock-based awards) and assume a stock price of $31.80, which was derived from the average closing price of the Company’s stock over the five trading days ended on August 4, 2014. Deviations from this stock price may cause actual EPS to vary based on share dilution from Virtusa’s stock options and stock appreciation rights.
Kris Canekeratne, Chairman and CEO, Virtusa
SriLankan Airlines (SLA), the nation’s award winning national airline, has successfully deployed Oracle iProcurement to streamline employee ordering while enforcing a companywide approved purchasing policy in order to slash procurement cost.
Micromax, India’s largest mobile handset company and among the top global handset manufactures, recently felicitated local dealers and distributors at a gala event in Colombo.
