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Sri Lanka tractor firm expects brisk sales in the north
July 29, 2011 (LBO) – Sri Lanka’s Brown & Company, which claims market leadership in agricultural tractors, said it expected sales of around 1,000 units in the next six months with 45 percent coming from former war-torn areas. Sri Lanka Insurance chief executive Mohan de Alwis said the firm was looking to expand its insurance […]
Sri Lanka inflation accelerates to 7.5-pct in July
July 29, 2011 (LBO) – Consumer inflation in Sri Lanka’s capital Colombo accelerated to 7.5 percent in July from 7.1 percent in June, with prices rising 0.4 percent during the month, the government’s statistics office said. Non-food items in the basket rose 1.4 percent and food and non-alcoholic beverages fell 0.8 percent. Sri Lanka’s inflation […]
Sri Lanka stocks up 2.28 percent
July 28, 2011 (LBO) – Sri Lankan stocks closed up for the third straight day, boosted by better banking sector earnings and expectations of relaxed broker credit rules despite profit taking on recently listed finance companies, brokers said. Lankem Developments said it had bought a 61.88 stake in Agarapatana Plantations for 1185 million rupees. Swarnamahal […]
Volume Growth
July 28, 2011 (LBO) – Sri Lanka’s Pan Asia Bank net profits for the June 2011 quarter rose 152 percent to 210 million rupees driven by strong loan growth including gold backed loans and leases, the bank said. The bank reported earnings of 71 cents per share for the quarter. Interest income for the quarter […]
VRS Hit
July 28, 2011 (LBO) – Sri Lanka’s Seylan Bank group lost 303. 9 million rupees in the June 2011 quarter against 311 million profits a year earlier hit by a 700 million rupee voluntary retirement charge. The group said it made a loss of 4. 79 rupees per share. Seylan Bank group said interest income […]
Bank Profits
July 28, 2011 (LBO) – Sri Lanka’s Sampath Bank group’s net profits in the June 2011 quarter rose 52 percent to 1. 13 billion rupees from a year earlier partly helped by a provision reversal amid strong loan growth, provisional accounts showed. The group reported 7.26 rupees of earnings per share for the quarter. Interest […]
Sri Lanka develops 5-year tourism strategy
July 28, 2011 (LBO) – Sri Lanka has formally approved a five year strategy to develop the tourism sector including domestic tourism as arrivals go up after a 30-year war, the government’s information office said. The cabinet of ministers had approved the plan submitted by the ministry of economic development, headed by minister Basil Rajapaksa. […]
Sri Lanka tour firm moves to SUVs
July 28, 2011 (LBO) – Sri Lanka’s Walkers Tours, a tour operator of the John Keells Holdings group said it had added a fleet of sports utility vehicles which will allow tourists to explore remote attractions. “[T]he ultimate objective of this scheme is to benchmark our service levels against the best in the region,” JKH […]
Sri Lanka former war-torn areas get cold chain
July 28, 2011 (LBO) – Sri Lanka’s John Keells Holdings backed by the US Agency for International Development will build a ‘cold chain’ to bring fishery and agricultural produce from former war torn regions to the market. Sri Lanka’s Hayleys group and USAID are also involved in a project to grow and export fruits and […]
Ford announces new $1 billion plant in India
NEW DELHI, July 28, 2011 (AFP) – US auto giant Ford said Thursday it would invest $1 billion to build a second vehicle assembly and engine plant in India as it ramps up production to exploit the country’s burgeoning car market. India has become a battleground for global car manufacturers such as Ford, GM and […]