Category: Companies
CSE listed Kingsbury hotel (SERV) reports a loss, revenue flat
July 28, 2018 (LBO) – The Colombo Stock Exchange listed Kingsbury hotel (SERV) reported a small loss of Rs7mn for the quarter ended June 2018.Revenue was flat, up just 1%. These results were actually better than the prior year June quarter where the property lost Rs26mn.The Kingsbury is a Hayleys group subsidiary. Hayley’s is controlled […]
John Keells Hotels loses Rs263Mn for quarter, continues serial under-performance
July 27, 2018 (LBO) – Colombo Stock Exchange listed John Keells Hotels (KHL) reported weak results for the quarter ended June 2018.The company lost Rs263mn in the quarter, a seasonally weak one for Sri Lanka tourism.The company had approximately a 50/50 split of revenue between Sri Lanka and the Maldives in the quarter. The Sri […]
‘s affirms ratings of BOC, HNB & Sampath; maintains negative outlook
July 26, 2018 (LBO) – Moody’s Investors Service has affirmed the local currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. (HNB) and Sampath Bank PLC at B1/NP.The foreign currency issuer rating and deposit ratings of these banks are also affirmed at B1 and B2/NP respectively. Moody’s has also affirmed the Baseline Credit […]
Fitch affirms Lion Brewery at A+(lka); revises outlook to stable
July 26, 2018 (LBO) – Fitch Ratings has affirmed Sri Lanka-based Lion Brewery (Ceylon) PLC’s National Long-Term Rating at ‘A+(lka)’ and the outlook has been revised to Stable from Negative. Fitch has also affirmed the National Long-Term Rating on Lion’s outstanding senior unsecured debentures at ‘A+(lka)’. Full statement is reproduced below. Fitch Ratings has affirmed Sri Lanka-based […]
NDBIB Wins Euromoney crown for seventh consecutive year
NDB Investment Bank (NDBIB)cemented its position as the market leader and premier Investment Bank in the country by being awarded as ‘Sri Lanka’s Best Investment Bank 2018’ by Euromoney Magazine. NDBIB secured this prestigiousaward for the 7th consecutive year whilst demonstrating its market leadership and unrivalled credentials both in Sri Lanka and the region. This […]
Facebook stock down 24-pct on slow growth forecast
Jul 26, 2018 (LBO) – Facebook Inc’s stock was down by nearly 24 percent, Wednesday following concerns voiced over the last few months on social websites privacy issues, a foreign media reports said. . “There would be a rise in costs because in cost on efforts to address concerns about poor handling of users’ privacy and […]
Teejay Lanka profit after tax grows by 27-pct to Rs.279.3Mn
Capacity expansion in India and an increased order book from the US and EU have enabled Teejay Lanka PLC, Sri Lanka’s only multinational textile manufacturer, to make a strong start to 2018-19 with healthy sales and profit growth. Profit after tax grew by a respectable 27 per cent to Rs 279.3 million on revenue of […]
Central Bank decides to cancel licence of Standard Credit Finance Limited
July 25, 2018 (LBO) – Monetary Board of the Central Bank of Sri Lanka has decided to cancel the Licence issued to Standard Credit Finance Limited with effect from today. Accordingly, Standard Credit Finance Limited is not permitted to engage in Finance Business under the Finance Business Act.Further, the Director of the Department of Supervision […]
Opinion : Financial reporting and the impact on capital market development
By Nandika Buddhipala Introduction The origination of financial reporting can be closely connected to the requirement to collect and record data which evolved into a stage where the capacity of the human brain was not sufficient to accommodate and memorize the evolving volume of data and transactions. Interestingly the existence of record keeping can be […]
Cabinet nod for Govt. to write off microfinance debt
Jul 25, 2018 (LBO) – Sri Lanka’s government approved a Cabinet paper to write off non-consumption loans up to 100,000 rupees given to women by all registered finance companies. “This scheme of relief initially will be limited to women who have obtained microfinance loans for non-consumption purposes in 12 drought-affected districts, the Finance Ministry said in […]
‘s HDFC Bank
Jul 24, 2018 (LBO) – Fitch Ratings has maintained Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC Bank) National Long-Term Rating of ‘BBB-(lka)’ on Rating Watch Negative (RWN), a statement said. “The RWN, first placed in August 2017, has been maintained pending a capital infusion from the Sri Lankan state (B+/Stable) to help HDFC […]
CSE listed Asian Hotels (AHPL) profit evaporates as new competitors emerge
July 24, 2018 (LBO) – Colombo Stock Exchange listed Asian Hotels and Properties (AHPL) reported weak results for the quarter ended June 30, 2018. Revenue was down 14% and profits were down sharply by 77%. The listed group owns the Cinnamon Grand and Cinnamon Lakeside hotels, making it the owner of the largest amount of […]