Author: lbostgadmin
Sri Lanka Mercantile Investments rating confirmed by RAM
Aug 14, 2009 (LBO) – RAM Ratings Lanka has confirmed the ‘A’ rating of Mercantile Investments Limited (MIL), a registered finance company in Sri Lanka. with a ‘negative’ outlook. “The negative outlook is premised on the Company’s rising delinquencies, which have been impinging on its financial performance,” RAM ratings said in a statement. “Nonetheless, the […]
Fuel Loss
Aug 14, 2009 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, said it lost 856.7 million rupees in the June 2009 quarter, down from a profit of 1.0 billion rupees a year earlier, as it was squeezed between high taxes and government mandated prices.The import price of diesel and also kerosene is higher […]
Sri Lanka Allianz unit June net up 219-pct
Aug 14, 2009 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, said net profit for the June 2009 quarter shot up 218.6 percent to 58.6 million rupees from a year ago. Allianz has expanded its branch network to the provinces and now has a presence in Kurunegala, Galle and Negombo. The […]
Sri Lanka July tourism arrivals up 28-pct
Aug 14, 2009 (LBO) – Foreign visitors to Sri Lanka increased 28 percent in July from a year earlier, with Western Europe and South Asia generating markets showing steep increases, the island’s tourism promotion office said. A 30-year internal conflict ended in May with the leadership of Tamil Tiger separatists being wiped out by the […]
Strong Showing
Aug 14, 2009 (LBO) – Sri Lanka’s NDB Bank group profits grew 45.7 percent to 529.7 million rupees in the June 2009 quarter from a year earlier, on revenues that grew 22.5 percent to 3.79 billion rupees, the company said.Deposits grew 24 percent to 38.5 billion rupees from 31.0 billion in December. NDB group gross […]
Shipping Talks
Aug 14, 2009 (LBO) – Sri Lankan shippers said they hope a meeting of Asian shippers in Colombo would strengthen efforts to combat anti-competitive practices of shipping lines and called for government reforms to prevent unfair trade.Randolph Perera, chairman of the Sri Lanka Shippers’ Council (SLSC), said the Asian Shippers’ Council will campaign for eliminating […]
Sri Lankan shares down 1.12-pct during week
Aug 14, 2009 (LBO) – Sri Lanka stocks closed weaker Friday, as a record loss by index heavy Dialog Telekom pulled the market down, while the rupee spiked in late trading, brokers and dealers said.The benchmark Colombo All Share Price Index (ASPI) closed down 0.38 percent to end at 2,501.19 (9.62 points), while the Milanka […]
Sri Lanka, Maldives trade shifting to services: envoy
Aug 13, 2009 (LBO) – The Maldives is introducing laws to attract foreign investors such as those from Sri Lanka with whom the archipelago’s trade is growing and shifting towards services, the Maldivian envoy to Colombo said. High commissioner Ali Hassen Didi said the two countries have had close trade links for decades and shared […]
Stiff Competition
Aug 13, 2009 (LBO) – Sri Lanka’s Hutchison Telecom International unit lost subscribers in the June 2009 quarter, but the firm is continuing network expansion that will see 65 percent population coverage by the end of the year, the company said. Hutchison said subscriber dropped to 536,000 by end June from 772,000 in March. In […]
Write Down
Aug 13, 2009 (LBO) – Dialog Telekom, a unit of Malaysia’s Axiata and the island’s top celco said it lost 7.6 billion rupees in the June 2009 quarter on a 6.0 billion rupee one-off write-down of older network equipment. Dialog Broadbband, a fixed and broadband unit had shown revenues of 556 million rupees.Group revenues fell […]
Migrant Impact
Aug 13, 2009 (LBO) – Migrants are left out of current stimulus packages and HIV/AIDS programmes are under threat, according to a new United Nations study.The paper, released at the ninth International Congress on AIDS in Asia and Pacific in Bali this week, said the adverse impact of the financial crisis on health and migration […]
Bank Numbers
Aug 13, 2009 (LBO) – Sri Lanka’s Commercial Bank said group profits rose 2.7 percent to 1,122.1 million rupees in the June 2009 quarter from a year earlier, while revenues rose 2.0 percent to 11.0 billion. Interest income fell 1.3 percent to 8.96 billion, interest expenses rose 1.8 percent to 6.12 billion rupees, causing interest […]