Author: lbostgadmin
CDB profit before tax surpasses Rs 2.7bn, now among top 5 NBFIs
Citizens Development Business Finance PLC (CDB) reinforced its dominance as a disruptor in the financial intermediary business in Sri Lanka with its exceptional financial results for FY 2018/19, posting profit before taxes of LKR 2.7 Bn, an increase of 34% as per the interim group financial results released to the CSE. Within its relatively short […]
All terror suspects should be investigated irrespective of their positions: Ceylon Chamber
Jun 03, 2019 (LBO) – Ceylon Chamber of Commerce has sent a missive to the Ministry of Defence urging the Ministry to take necessary measures to prevent disruptive and unlawful occurrences that will disturb the peace of the communities. Sending a letter to the Defence Secretary S Kottegoda, the Chamber expects that they can have […]
Opinion: How Facebook fights false news
By Ankhi Das, Head of Public Policy – South Asia, Facebook Facebook was built to connect people and give them the power to build community. Around the world, we’ve seen Facebook used to bridge language, cultural and socioeconomic barriers, and give small business owners new economic opportunities. But we also know that connecting people can […]
Italian Embassy relaxes travel advisory for Sri Lanka
May 31, 2019 (LBO) – The Italian Embassy in Sri Lanka announced that it has updated its travel advisory for all Italian nationals travelling to Sri Lanka. Lowering the level of security previously advising against travel to Sri Lanka, the new update advises Italian nationals intending to travel to Sri Lanka during this period to […]
Central Bank suspends business activities of NatWealth Securities Limited
May 31, 2019 (LBO) – Central Bank having considered the continuous failure to comply with directions applicable to primary dealers has decided to suspend NatWealth Securities Limited (NWSL) from carrying on the business and activities of a Primary Dealer for a period of six months. The Central Bank, however, said it will take necessary measures […]
Competition cuts Asian Hotels (AHPL) annual profit in half
May 31, 2019 (LBO) – Profits at Sri Lanka’s leading city hotel operator, Asian Hotels and Properties (AHPL), were down more than 50% for the year ended March 31, 2019. For the year, profits came in at Rs1.83/share as opposed to Rs3.81 a year earlier. Shares currently trade at a price just above Rs30/share. AHPL […]
BOI signs agreement with foreign investor for USD 4.5mn luxury resort “Plantation Koggala”
May 31, 2019 (LBO) – Sri Lanka’s Board of Investment has signed an agreement with Sundara (Pvt) Ltd on a luxury resort project valued at over USD 4.5 million (approximately LKR 792 mn). The project known as The Plantation Luxury Villas in Koggala is considered a strong vote of confidence in Sri Lanka’s tourism sector […]
SriLankan Airlines to resume services to Karachi
SriLankan Airlines is to resume services to Pakistan’s commercial capital Karachi on 1st June 2019. Sri Lanka’s National Carrier will operate five weekly flights on Tuesday, Thursday, Friday, Saturday and Sunday, with flights arriving in Karachi at 15:10 hours and departing Karachi at 16:10 hours. Some of the international flights into Pakistan were suspended following […]
Vidullanka commissions its first ever biomass based power project
May 31, 2019 (LBO) – Vidullanka in its latest announcement to the CSE, disclosed the commissioning of the development of the 3.3MW Dehiattakandiya Dendro power plant to the national grid through its joint venture company, Vidul Biomass (Pvt) Ltd. The project is a 1.45 billion rupees investment jointly undertaken by Vidullanka and OC Energy Lanka […]
Sunshine Holdings PAT down 36.5-pct; top-line growth 6.9-pct in FY18/19
Divestiture of Tea plantation business in May 2019 Consolidated revenue of Rs. 22.6 billion, an increase of 6.9% YoY PAT amounted to Rs. 1.1 billion, down 36.5% YoY Healthcare revenue up 14.1% YoY to Rs. 9.3 billion Consumer revenue continues its growth, up 8.9% YoY to Rs. 5.9 billion Diversified Sri Lankan conglomerate Sunshine Holdings […]
Samsung redefines SMART TV with the launch of Unbox Magic Series
Samsung Sri Lanka today announced its latest Smart TVs with industry first unique benefits such as Personal Computer, Music System , Live Cast and Two Way Sharing. The new TV line up along with these never-seen-before benefits will redefine the term ‘Smart’ in Smart TVs and take your home entertainment experience to a whole new level. […]
How tourism service providers can avail financial relief package
May 31, 2019 (LBO) – Ministry of Tourism and Ministry of Finance has decided to offer the following financial reliefs for tourism service providers. 01. A relief period for capital loans and interest till 31st March 2020. 02. Reduction of VAT component up to 5 percent for a period of one year from 21st May […]