Category: Companies
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, […]
CB extends suspension of Pan Asia Bank primary dealer activities by 6 months
Aug 15, 2018 (LBO) – Monetary Board has decided to extend the suspension of business and activities of a Primary Dealer of Pan Asia Banking Corporation for a period of six months with effect from today, in order to continue the investigations being conducted by the Central Bank. The Central Bank wishes to emphasize that […]
Hemas Group net profit down 20-pct in 1Q amid high finance cost
Aug 15, 2018 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure, and healthcare has posted a shareholder profit of 554.3 million rupees in the June 2018 quarter, down 20.2 percent from a year earlier, interim accounts showed. The decrease in profit is due to reduced interest income post utilization of cash […]
Janashakthi Insurance PLC reports 6-pct growth (YoY) in June quarter
Aug 14, 2018 (LBO) – Life Insurer Janashakthi Insurance PLC (Janashakthi) reported a 6 percent year on year (YoY) growth in Gross Written Premium (GWP)for the six months ended 30thJune 2018, ending the period under review with premiums of 1.445 billion rupees. Continuing to honour its commitment to policyholders, Janashakthi saw claims grow by 12 […]
Sri Lanka Telecom (SLTL) to issue 90mn shares in private placement, price TBD
August 13, 2018 (LBO) – Trading in shares of Colombo Stock Exchange (CSE) listed Sri Lanka Telecom (SLTL) were halted today pending an announcement of un upcoming private placement. The announcement posted on the CSE website said that: 89,766,198 shares will issued at maximum Shares are expected to be placed with local and foreign institutional […]
Ceylon Tobacco (CTC) pays taxes of Rs63bn, keeps Rs8bn for itself at halfway mark for 2018
August 13, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon Tobacco (CTC) reported robust earnings for the quarter and six months ended June 30, 2018. CTC earned Rs4.36bn for the quarter, up almost 50% from the previous year. For the 6 months, CTC earned Rs8.1bn, up around 30% from the previous year. The company […]
CSE listed CDB reports profit of Rs339mn; Deposits grow to Rs47bn
August 13, 2018 (LBO) – Colombo Stock Exchange listed Citizens Development Business Finance (CDB) reported robust profits for the June 2018 quarter.Profits at the CBSL registered finance company were Rs339mn for the quarter on equity of approximately Rs7.6bn. The firm is operating a full balance sheet with assets of approximately Rs80bn.Deposits grew to a massive […]
Abans Finance (AFSL) reports modest profit, deposits at 6.5bn, balance sheet shrinks sequentially
August 13, 2018 (LBO) – Colombo Stock Exchange listed Abans Finance PLC (AFSL) released quarterly results for the period ended June 2018.The CBSL registered finance company reported a modest profit of Rs18mn for the quarter on an equity base of over Rs1.5bn. Total assets were Rs8.8bn, while total deposits were Rs6.5bn. The balance sheet of […]
Hayleys celebrates 140 years of innovative excellence in Sri Lanka
Leading Sri Lankan multinational and diversified conglomerate, Hayleys PLC celebrates 140 years of business excellence and innovation this year. Established in 1878 by Chas. P. Hayley, a British entrepreneur in Galle, the company at its inception served as trading house for the import of valuable goods, and export of locally produced goods such as spices, […]
Pan Asia Bank PAT tops Rs.800Mn in 1H 2018
Aug 10, 2018 (LBO) – Pan Asia Banking Corporation PLC reported its best ever profit recorded in a first half in 2018 anchored by solid growth in new loans, prudent margin and asset-liability management.For the six months ended in June 30, 2018 (1H’18), the bank reported a profit after tax of Rs.819.6 million, up by a […]
Oracle Cloud powering Sri Lankan organizations to transform and innovate
Aug 10, 2018 (LBO) – Three of Sri Lanka’s most prominent companies shared how they are transforming their businesses and accelerating the adoption of the latest innovations thanks to the use of Oracle Cloud Applications, during a recent media showcase. The event, which focused on cloud-driven innovation, saw participants hearing directly from key business leaders about […]