Category: Companies
eChannelling launches its digital services at District Hospitals in Sri Lanka
Aug 21, 2018 (LBO) – A Fully-owned subsidiary of Sri Lanka Telecom, e-Channelling PLC recently launched its service at Ampara General Hospital marking it as the first district Hospital in Sri Lanka to have the service. The company said the facility will be launched islandwide in the future as a national endeavor to revolutionize the healthcare […]
Office space demand and long term optimism for apartments to drive real-estate market
Aug 21, 2018 (LBO) – It is clear that Sri Lanka has enjoyed a sustained growth in the supply of high-end luxury apartments.By 2016 and when calculated the number of developments that have been approved or are currently under construction, then the number of units will top 14,000 by 2020, the 2018 Research Intelligence Unit […]
Orient Finance (BFN) reports a loss of Rs21mn for the quarter, deposits at Rs11.6bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Orient Finance (BFN) reported a loss of Rs21mn for the quarter ended June 2018.This was against a profit of Rs6mn in the prior year quarter.Revenues were down 6% year over year, while impairment charges were up 36% to Rs140mn. These declining metrics pushed the company into […]
Alliance Finance (ALLI) makes a profit of Rs138mn for the June quarter, deposits at Rs12.9bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Alliance Finance (ALLI) reported a profit of Rs138mn for the quarter ended June 2018. The balance sheet shrank 2% in the 3 month period to Rs31bn as the company consolidated its position after years of rapid growth. Deposits were also down close to 2% in the […]
Swarnamahal Financial Services (SFS) loses Rs40mn in June quarter, Deposits at Rs3bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Swarnamahal Financial Services (SFS) reported a loss of Rs40mn for the quarter ended June 2018. The balance sheet of the company is shrinking, likely in accordance with the CBSL initiatives to restructure the EAP group registered finance companies.Total assets were down 20% in the 3 month […]
The Finance Company (TFC) lost Rs740mn in the June quarter, deposits at Rs30bn
August 16, 2018 (LBO) – Central Bank of Sri Lanka (CBSL) registered finance company The Finance Company (TFC) reported a staggering loss for the quarter ended June 2018. June quarter losses were Rs743mn during the 3 months, a continuation of the trend of losses that has endured over the last several years. The Finance Company […]
Singapore-SL FTA revenue protection not yet gazetted but published by Treasury
Aug 16, 2018 (LBO) – Department of Trade & Investment Policy has not yet published the extraordinary gazette pertaining to the revenue protection order which deals with the preferential rates applicable to the Singapore – Sri Lanka Free Trade Agreement. A preferential rate is leviable and payable under the Singapore – Sri Lanka Free Trade […]
Pradeep Moraes re-elected as Chairman of Condominium Developers Association
Aug 16, 2018 (LBO) – The Condominium Developers Association of Sri Lanka (CDASL), has announced the appointment of new office bearers and members of the executive committee for 2018-19. Pradeep Moraes, Director of Indocean Developers (Pvt) Ltd., has been re-appointed Chairman of the Association, and Sivarajah Thumilan, Group Chairman, Blue Ocean Residencies (Pvt) Ltd and Hemaka […]
‘s HNB Group records PBT of Rs.14.1 Bn in 1H 2018
Aug 16, 2018 (LBO) – HNB Group recorded Rs 14.1 Bn in Profit Before Taxes (PBT) for the first six months of 2018, representing a 30.7% Year-on-Year (YoY) growth over the first half of 2017 while Group Profit After Taxes (PAT) rose 26.9% YoY to Rs 9.6 Bn. At a Bank level, HNB’s PAT improved […]
Commercial Bank continues growth in Q2 to post strong 6-month result
Aug 16, 2018 (LBO) – Commercial Bank of Ceylon PLC has continued its growth momentum into the second quarter of 2018, despite having to pay in excess of Rs 7 billion in taxes and being compelled to make significant provisions for impairment charges for the six months ending 30th June 2018. The Bank has posted profit […]
Virtusa worth $ 1.5 billion, projects year-end March 2019 revenue of $ 1.25 billion
August 15, 2018 (LBO) – Nasdaq listed software development company Virtusa (VRTU) reported earnings for the quarter ended June 30th 2018 last week. The company reported revenue of US$300mn in the quarter, up over 30% year over year, and up 6% sequentially. Non-GAAP net income was US$17mn for the quarter. For fiscal year 2019, which […]
Fitch maintains negative banking sector outlook for Sri Lanka in 2018
Aug 15, 2018 (LBO) – Fitch Ratings said it maintains a negative banking sector outlook for Sri Lanka as operating conditions remain challenging, which could put mild pressure on performance during the rest of 2018 and possibly 2019. The performance of Sri Lankan banks under Fitch’s coverage, however, remained fairly stable through 2017 and 1Q18, […]