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Sri Lanka Hayleys Knitting Mills loss narrows
Feb 06, 2012 (LBO) – Sri Lanka’s Hayleys MGT Knitting Mills (HMGT) managed to reduce losses in the December 2011 quarter from a year ago but sales also fell, interim accounts showed. Hayleys MGT Knitting Mills made a loss of 515 million rupees for the nine months ending December 2011, down nine percent from the […]
Sri Lanka hospital chased by two buyers: report
Feb 06, 2012 (LBO) – A hospital built by Golden Key Credit Card Company, a failed Sri Lankan financial firm is being chased by two business groups, but a depositor association wants more money for the asset, a media report said. The report said a satellite earth station valued at 500 million rupees on a […]
Sri Lanka Jetwing in US$6mn hotel in Jaffna: report
Feb 05, 2012 (LBO) – Sri Lanka’s Jetwing hotel group has started building a 700 million rupee (6. 1 million US dollars) hotel in the northern city of Jaffna which was cut off from the rest of the island for many years due to a three decade war. The 76-room, 14-storey hotel will built with […]
2012 rice trade to fall in weaker demand: FAO
BANGKOK, (Asia Pulse) – The international rice trade is forecast to fall by approximately 1 million tonnes, or 5 per cent, this year as improved harvest prospects in several major importing countries may reduce overall demand after achieving a worldwide record of 34.5 million tonnes (milled basis) in 2011, according to the United Nations’ Food […]
Sri Lanka president warns of external fallout
Feb 04, 2012 (LBO) – Sri Lanka’s President Mahinda Rajapaksa warned of possible fallouts from a weak global economy during a speech to mark the island’s independence from British rule. “The economic crises in the world also affect our country,” the English text of President Rajapaksa’s speech delivered in Anuradhapura, an ancient capital of the […]
Sri Lanka has to fix SOE losses reduce currency pressure: IMF
Feb 04, 2012 (LBO) – Sri Lanka has to fix losses in key state enterprises as part of polices to slow credit and arrest the loss of foreign reserves, the International Monetary Fund said. “There was broad agreement that a decisive policy response was needed to put the economy on a sounder footing, especially given […]
Sri Lanka shares end down 0.3-pct
Feb 03, 2012 (LBO) – Sri Lankan shares closed weaker Friday for the fourth straight day in dull trade despite the central bank announcing it was allowing foreign firms to give margin loans for share trading, brokers said. SC Securities said the main contributor to turnover was trading in Commercial Bank which closed at 100.50 […]
Sri Lanka Keells Hotels net up 39-pct in December
Feb 03, 2012 (LBO) – Keells Hotels Plc, the leisure unit of Sri Lanka’s John Keells Holdings group said net profits in the December 2011 quarter rose 39 percent to 285 million rupees from a year earlier. The firm reported earnings of 20 cents per share. For the nine months to December the firm said […]
Sri Lanka tea farmers hurt by Middle East unrest
Feb 03, 2012 (LBO) – Sri Lankan small farmers are suffering because of a downturn in demand for tea from key markets in the Middle East owing to political unrest, an industry official said. Goonetilleke said 2012 had not started off well for the tea growers and factories producing low grown teas whose main market […]
Sri Lanka Textured Jersey December quarter net down 29-pct
Feb 03, 2012 (LBO) – Sri Lanka’s Textured Jersey Lanka, a unit of Brandix, an apparel export group, said net profit fell 29 percent in the December 2011 quarter from a year ago. Net profit in the nine months ending December 31, 2011 fell 11 percent to 409 million rupees from a year ago. Sales […]