Author: lbostgadmin
Transport Lease
Feb 03, 2011 (LBO) – Sri Lanka’s SMB Leasing (SMBL) and Lanka Ashok Leyland (LAL) have begun importing luxury tourist coaches amid a boom in tourist arrivals and a shortage of vehicles, a statement said. Leasing facilities have been provided by SMBL to the buyer of the first three imported luxury LAL tourist coaches. The […]
Rating Upgrade
Feb 03, 2011 (LBO) – Fitch Ratings Lanka has upgraded Vallibel Finance’s (VFL) rating to ‘BB-(lka)’ from ‘B+(lka)’ with a stable outlook, a statement said. “The upgrade of VFL’s rating reflects sustained improvements in its credit metrics – in particular its asset quality, profitability and capitalisation,” Fitch said. It also reflects VFL’s increased scale of […]
Red Ink
Feb 03, 2011 (LBO) – Sri Lanka’s The Finance Company, being restructured under regulatory supervision, has managed to reduce losses in the December 2010 quarter but interest costs are still higher than income, a stock exchange filing showed. Net interest income fell 42 percent to 159.3 million rupees, with interest income down 29.6 percent to […]
Sri Lanka shares end up 1.16-pct
Feb 03, 2011 (LBO) – Sri Lankan stocks closed higher Thursday with heavy trading seen in Richard Pieris & Company and interest in plantations and poultry shares, brokers said. The All Share Price Index closed at 7,346.81, up 1.16 percent (84.55 points) while the more liquid Milanka index rose 0.41 percent (29.55 points) to close […]
Sri Lanka media attack threatens freedom: US
Feb 02, 2011 (LBO) – The United States said it was “deeply concerned” about the most recent attack on the media in Sri Lanka and said such violence silences voices, undermines freedom of expression and further undermines democracy. A total of 17 journalists and media employees have been killed in Sri Lanka in the past […]
Sri Lanka needs to regain export share, focus on Asia: IMF economist
Feb 02, 2011 (LBO) – Sri Lanka needs to boost its export sector at least to regain where it was in the share of exports to Gross Domestic Product about 10 years ago, a visiting economist said. “Probably Sri Lanka has the need to boost the export sector at least to regain where it was […]
Sri Lanka fabric maker in Rs626mn December quarter loss
Feb 02, 2011 (LBO) – Sri Lankan fabric maker Hayleys MGT Knitting Mills made a loss of 626 million rupees (5.6 million US dollars) in the December 2010 quarter following provisioning after an audit inquiry into a fraud, a statement said. The company said the discrepancies forced it to make an additional provision of almost […]
Sri Lanka fabric maker rating downgraded
Feb 02, 2011 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills (HMGT) to ‘BBB(lka)’ from ‘BBB+(lka)’ with a negative outlook, a statement said. HMGT’s liquidity was adequate based on unutilised facilities of 8.3 million dollars as at end-September 2010. “The downgrade primarily reflects HMGT’s lower operating margins,” it said. “The company’s inability […]
Sri Lanka offers amnesty to 50,000 army deserters
February 2, 2011 (AFP) – Sri Lanka’s military on Wednesday offered to discharge all its 50,000 deserters without disciplinary action to mark the country’s independence anniversary. Officers and enlisted men who have been absent without leave can report to their regiments and then be released from their duties, military spokesman Major General Ubaya Medawala said. […]
‘s Bharti reports dive in profit, hit by Africa costs
NEW DELHI, February 2, 2011 (AFP) – India’s top mobile phone firm Bharti said on Wednesday quarterly net profit slid 41 percent, hit by costs from its new Africa business and foreign exchange losses, but was upbeat on its future. But Bharti began last month rolling out its ultra-fast third-generation (3G) telecom services which analysts […]
Arson Protest
February 1, 2011 (AFP) – Dozens of Sri Lankan journalists took to the capital’s streets Tuesday to condemn an arson attack on an independent website that was blamed by its editor on the government. Reporters, photographers and employees of privately-run media joined a demonstration in central Colombo a day after the arson attack on the […]
Bank Issue
Feb 02, 2011 (LBO) – The Colombo Stock Exchange has approved a public share offer by Sri Lanka’s Union Bank to raise 375 million rupees by issuing 15 million ordinary shares at 25 rupees each, a statement said. CSE has approved in principal the application for listing on the main board of the bourse. The […]