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Bitter Pill
Upcoming laws to buyout dud loans of financial institutions, has wide ranging powers including prison terms for directors who fail to comply and powers to the asset management company to takeover a firm if its debts fall below 75 percent of its assets.However, critics say the draft piece of legislation is riddled with holes, and […]
Magic Touch
Rising IT superstar, Millennium IT is heading for a US$ 5 mn net profit this year, after clinching top clients for its innovative line of products.The firm is hoping to make its Nasdaq debut by 2006, but is also keen to list on the Bombay Stock Exchange.rn rnMillennium Information Technologies (MIT) designs and develops capital […]
True Profits
Rising profits from ground handling and an accounting policy change helped SriLankan Airlines buck the international trend to report a Rs. 2.1 bn (US $ 21mn) group profit for the financial year ending March 2003, but its air transport operations are still in the red.rnrnrnrnrnrn2003rnrnrnrnrn Withoutrnthe profits of its catering subsidiary, the airline on its […]
On Target
NDB Banks post tax profits surged 46 percent for the first six months of 2003 and said it was on target to merge with National Development Bank (NDB) by the end of this year.rnrnrnrnrnrnFinancial Highlights for the six months ending June 30rnrnrnrnrn The long-awaited mergerrnwith its parent NDB is now awaiting a firm nod from […]
Big Brothers Help
MERC Bank is hoping to expand its loan book by leveraging on DFCC Banks balance sheet.DFCC Bank, which acquired a 90 percent slice in the trouble MERC Bank for Rs.600 mn, says they can recoup their investment within the next 18 months.rn rnldblquote We are looking at MERC increasing its loan book by about three […]
Index Link
The treasury of Sri Lankas first development bank snapped up bulk of a two index linked commercial paper issues this week, betting that the stock market would not move up in the next three months.The two Rs. 50 mn issues by LOLC and Mercantile Leasing closed Tuesday, when the All Share Price Index (ASPI) of […]
Making It Work
rnrnrnrnrnrnNew Page 1rnrnrnrnrn Sources said Bank of Ceylon,rnNSB, Commercial Bank and John Keells Holdings are keen to invest.rn The government is currentlyrnlooking at disposing its entire stake in Peoples Bank as a single unit, asrnagainst the earlier decision of splitting it into three units.rn However, Peoples Banksrnheavy Non-Performing Loans (NPL) portfolio would be transferred into […]
Safe Bet
Nations Trust Bank has secured a SL A- national rating from Fitch Ratings Lanka for its long-term unsecured senior debt.SL A- long-term rating denotes a low expectation of credit risk.The capacity for timely payment of financial commitments is considered strong. rn rnThis capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic […]
Skyward Mobility
SriLankan Airlines tied mobile usage to its frequent flyer rewards programme endash Skywards, tying up with local mobile operator Dialog GSM. The partnership will offer Skywards members reduced rentals and free services along with other special privileges in using the mobile network including frequent flyer miles calculated on the total spend.rn rnSriLankan officials say the […]
Revenue Options
The Accounting Watchdog plans to charge a cess from firms it audits accounts, beginning next year.rnrnrnrnrnrnNew Page 1rnrnrnrnrn Plansrnare also underway to direct auditors to ensure firms doing over Rs. 5 mn sales arnyear, file their accounts with the regulator.rn ThernSri Lanka Accounting & Auditing Standards Monitoring Board (SLAAMB) Act,rnsays the watchdog can run on […]