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Hayleys Group records 41-pct profit growth in Q3
Feb 13, 2020 (LBO) – Sri Lanka’s diversified conglomerate, the Hayleys Group, demonstrated strong resilience in the 3rd quarter of 2019/20 to achieve a 41 percent growth in profit-after-tax. The robust performance during the quarter enabled the Group to offset the subdued performance of the previous quarters, with the Group’s profit-after-tax increasing by 18 percent […]
WFP & S4IG partner to address poor nutrition in Sri Lanka
The United Nations World Food Programme (WFP) and Skills for Inclusive Growth (S4IG), an initiative of the Australian Government, have signed an agreement to work together to promote healthy diets. One of the key features is a collaboration with Supreme Chef, a popular competitive cooking TV show in Sri Lanka. “We are excited to partner […]
Experts suggest blue ocean strategy for Ceylon Tea
Feb 13, 2020 (LBO) – The strategy experts suggest that the Sri Lanka tea industry should consider adopting the blue ocean strategy for it’s profitably and sustainability. The comments were made at a seminar organized by Tea Exporters Association recently under the theme of “Inventing New Horizons for Ceylon Tea” with the objective of finding […]
‘s Basel III sub-debt A+(EXP)
Feb 13, 2020 (LBO) – Fitch Ratings has assigned DFCC Bank’s proposed rupee-denominated Basel III-compliant subordinated debentures an expected National Long-Term Rating of A+(EXP). The notes, which will total up to LKR7 billion and mature in five and seven years, include a non-viability clause and will qualify as regulatory Tier 2 capital for the bank. […]
Ogilvy Digital, now a behavioural change company
Neo@Ogilvy, Sri Lanka’s first and largest full service specialized digital media agency announced today its transformation into ‘Ogilvy Digital’, to better represent the company’s specialization and expertise in digital communication. Moving beyond the scope of a traditional digital media agency, the company’s expansive service offering includes; Digital Creativity and Strategy, Social Media Management, Data-Driven Digital […]
Dipped Products reports Rs. 23.2Bn Group turnover for nine months ending Dec 2019
Feb 13, 2020 (LBO) – Hayleys Group’s subsidiary Dipped Products PLC (DPL), a glove maker, reported 23.2 billion rupees Group turnover for the nine months ending December 2019. The Hand Protection sector contributed Rs 13.4 billion to the Group’s top line, while the Plantation sector recorded a turnover of Rs. 9.9 billion for the period. […]
WHT removal, a progressive step for MSMEs: Colombo Chamber of Commerce
Feb 12, 2020 (LBO) – Removal of withholding tax on salaries, interest, rent, and dividends is a progressive step for Micro, Small and Medium-sized Enterprises (MSMEs) of the country, said the President of Colombo Chamber of Commerce, Saranga Wijeyrathne. Commenting on the decision of the Ministry of Finance to advance the removal of WHT from […]
Uki offers an alternate route from the Northern Province into the tech industry
By Jekhan Aruliah Does Sri Lanka need more university graduates? Sri Lanka has tens of thousands of unemployed graduates. Every now and then the government brings thousands more of them into the Public Service, further bloating an already bloated service. In December 2019 a government minister promised jobs for all 64,000 (his figures) unemployed graduates! […]
Haycarb records PBT of Rs1,578mn for 9 months
The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 17.6 billion and profit before tax of Rs. 1,578 million for the nine months ending 31st December 2019. The profit after tax stood at Rs. 1,275 million. Haycarb PLC Managing Director, Mr. Rajitha Kariyawasan said, “the growth in turnover and profitability is attributable to the […]
Fitch affirms HNB Finance at A(lka); outlook stable
Feb 12, 2020 (LBO) – Fitch Ratings Lanka has affirmed HNB Finance Limited’s (HFL) National Long- Term Rating at ‘A(lka)’ with a stable outlook. The agency has also affirmed the National Long-Term Rating on HFL’s subordinated debentures at ‘BBB+(lka)’. KEY RATING DRIVERS HFL’s rating reflects Fitch’s expectation of support from parent, Hatton National Bank PLC […]