Author: lbostgadmin
Sri Lanka hydro power generation up on cyclonic rains
Nov 02, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has upped hydro power generation and stored more water as cyclonic rains lashed the island, while irrigation tanks in several areas were also filling up, data from state agencies show. Data on the CEB website (www.ceb.lk) shows that daily hydro power generation had risen […]
Sri Lanka Nestle unit profits up 3.9-pct
Nov 02, 2012 (LBO) – Sri Lanka’s Nestle Lanka Plc, a unit of Switzerland Nestle, said profits in the September quarter rose 3.9 percent from a year earlier to 798 million rupees as it took steps rolex replica to counter the effects of a depreciating currency and higher energy costs. The firm reported earnings of […]
Sri Lanka rains seen hurting tea crop
Nov 02, 2012 (LBO) – Heavy rains in Sri Lanka’s tea growing areas are not likely to lead to a sharp recovery in crops that have been reduced by drought, a tea broker said. John Keells brokers also said the rains will relieve the suffering caused by drought which had reduced irrigation water and hydro-power […]
Sri Lanka stocks close 0.69 pct higher
November 02, 2012 (LBO) – Sri Lanka stocks closed up 0.69 percent Friday with several blue chips and banks gaining ground. The Colombo All Share Index closed at 5,532.32 up 37.78 points and the S & P SL 20 Index closed 23.80 points higher at 2997.95 up 0.80 percent. Turnover was a relative high at […]
Sri Lanka forum highlights paperless trade benefits
Nov 01, 2012 (LBO) – Reducing red tape and adopting paperless systems will improve competitiveness of South Asian countries whose intra-regional trade costs are almost 50 percent higher than those of East Asia, a UN trade official said. And getting importers and exporters involved in designing such systems is essential as government initiatives without private […]
Chat Margins
Nov 01, 2012 (LBO) – Profits at Dialog Axiata, Sri Lanka’s largest cellco surged 273 percent to 4.7 billion rupees in the September 2012 quarter from a year earlier, partly due to a tax reversal, interim accounts showed. Dialog has opted for a 2.0 percent tax based on turnover at the end of a tax […]
Tele Biz
Nov 01, 2012 (LBO) – Dialog Television, a direct-to-home pay television service run by the Sri Lanka’s unit of Malaysia’s Axiata group said subscribers rose 50,000 over the past year to top 250,000 by end September 2012. Revenues had grown 29 percent to 2.2 billion rupees for the nine months ending September 2012, and earnings […]
Impeachment
Nov 01, 2012 (LBO) – Sri Lanka has begun a process to impeach chief justice Shirani Bandaranayake with a motion signed by with 117 legislators representing the ruling coalition, information minister Keheliya Rambukwelle said. Rambukwelle said the harmony between the parliament and judiciary had been disturbed with the judiciary overstepping its role, which has prompted […]
Sri Lanka to lease islet for resort for a billion rupees
Nov 01, 2012 (LBO) – Sri Lanka will lease an islet off the Western coast of the island for a 1,070 million rupee upfront payment to a developer to build an integrated tourist resort, information minister Keheliya Rambukwelle said. The cabinet of ministers had approved a proposal by economic development minister Basil Rajapaksa to lease […]
Steady Rate
Nov 01, 2012 (LBO) – Sri Lanka’s Nations Trust Bank’s ‘A(lka)’ rating has been confirmed by Fitch Ratings with a stable outlook, on a stable credit profile and efforts to improve its franchise, the rating agency said. “Continued consolidation of NTB’s franchise alongside sustained improvements to its credit profile may result in a rating upgrade,” […]
Flat Quarter
Nov 01, 2012 (LBO) – Profits at Sri Lanka’s People’s Leasing and Finance group, the country’s largest non-bank lender was 795 million in the September 2012 quarter rupees barely changed from 790 million rupees a year earlier. Leasing and higher purchase rentals outstanding were also flat at 79 billion rupees by end September from 78.9 […]
Sri Lanka stocks close -0.3 pct lower
Nov 01, 2012 (LBO) – Sri Lanka’s stocks fell 0.35 percent Thursday dragged down by financial sector stocks despite gains by index heavy Dialog Axiata, brokers said while the ruling coalition moved to impeach the country’s chief justice. Hatton National Bank fell 7.20 to close at 140.80 rupees, Commercial Bank closed at 102.90 down 2.0 […]