Author: lbostgadmin
Sri Lanka knitwear firm lose Rs171mn
Aug 03, 2011 (LBO) – Sri Lanka’s Hayleys MGT, a knitwear maker, said it lost 171 million rupees in the June 2011 quarter from a year erarlier, as revenues fell 9 percent to 1. 43 billion rupees. Gross profits fell to 111 million rupees in the quarter from 246 million rupees a year earlier and […]
Sri Lanka to revive handloom craft
Aug 03, 2011 (LBO) – Sri Lanka plans to revive its handloom textile industry in the war-torn north-east with a project modelled on the Rwandan Peace Collection where baskets woven by war-widows were sold at Macy’s department stores. “Local handloom producers need to develop and use natural dyes, such as spices, flowers and wood chips. […]
Sri Lanka Insurance to split firm before listing
Aug 03, 2011 (LBO) – State-run Sri Lanka Insurance Corporation will split its general and life businesses as required by the sector regulator, before a public listing, chief executive Mohan de Alwis said. The composite firm earned gross written premiums of 15. 2 billion rupees up from 13.54 billion rupees a year earlier. In 2010 […]
Mobile Banking
Aug 03, 2011 (LBO) – Dubai-based Etisalat’s Sri Lanka unit said it had inked a deal with with OpenArc, a Colombo-based information technology company to provide a mobile banking service. OpenArc Systems Management started in 1991 and deals in banking and finance, securities and stock market and enterprise resource management solutions. OpenArc chief Daya Hettiarachchi […]
Costly Call
NEW DELHI, August 3, 2011 (AFP) – India’s top mobile phone firm Bharti Airtel reported Wednesday a worse-than-expected 28 percent plunge in quarterly profit, hit by costs of its Africa acquisition and investments in 3G. Net profit slid to 12.15 billion rupees ($273.8 million) for the fiscal first quarter to June from a year earlier […]
Sri Lanka tourism training expanded
Aug 03, 2011 (LBO) – State-run Sri Lanka Institute of Tourism & Hotel Management (SLITHM) has increased its intake and is also franchising its courses to private institutions to cater to an expanding industry after the end of a 30-year war, an official said. The hotel school runs a four year hotel management program and […]
Port Forum
Aug 04, 2011 (LBO) – Sri Lanka is to host an annual meeting of the international ports association alongside an air freight and shipping exhibition to promote the island as a logistics hub after the end of a war. “South Asia including Sri Lanka is expected to increase container throughput at a faster speed than […]
Sri Lanka stocks becalmed
Aug 03, 2011 (LBO) – Sri Lanka’s main share index closed slightly weaker Wednesday for the second straight day with mainly retail investors in the market and turnover lower than usual, brokers said. East West Properties made the highest contribution to turnover, Lanka Securities said. “The share displayed high volatility during the day.” The main […]
Sri Lanka Treasuries yields steady
Aug 03, 2011 (LBO) – Sri Lanka Treasuries yields were flat across maturities at Wednesday’s auction, data from the government’s debt office showed. The 3-month yield was at 7.11 percent, the 6-month yield was at 7. 19 percent and the 12-month yield was at 7.25 percent, unchanged from the last two weeks. The debt office, […]
Fuel Test
Aug 02, 2011 (LBO) – Petroleum products imported into Sri Lanka are unloaded and distributed only after they are tested and meet the required standards, a government statement said. “Petrol, diesel, and kerosene are unloaded from the tanker only after carrying out tests and verified by independent surveyors prior to distribution,” Ceylon Petroleum Storage Terminals […]
Sri Lanka consumer durables sales up
Aug 02, 2011 (LBO) – Singer Sri Lanka, a top consumer durables retailer said profits rose 79.9 percent in the June 2011 quarter from a year earlier as sales grew rapidly after the state cut taxes on electrical home appliances. The firm reported earnings per share of 2. 34 rupees for the quarter. Revenues in […]
Sri Lanka accused of war report whitewash
August 2, 2011 (AFP) – Human rights campaigners on Tuesday accused Sri Lanka of whitewashing military abuses in its official report on the island’s decades-long ethnic war, which ended in May 2009. A defence ministry report released on Monday admitted for the first time that civilians may have been killed during the war, though the […]