Category: Companies
Fitch expects more interest rate pressure for Sri Lankan corporates
June 20, 2017 (LBO) – Fitch Ratings says it expects rising domestic interest rates to hurt Sri Lankan corporates over the next 12 months. Releasing a statement, the rating agency said borrowing costs of corporates have increased more than 200bp in the 12 months to March 2017. The Central Bank increased policy rates by 125bp […]
Sri Lanka plans trade, business delegation to Bangladesh
June 16, 2017 (LBO) – Sri Lanka’s Ministry of Industry and Commerce plans a trade and business delegation visit to Bangladesh next month, on the back of a three-fold rise in trade between the two countries, a statement said. “Bilateral trade between the two countries tripled since 2010 but there is unexplored potential,” said Minister […]
Sunshine Holdings records strong growth despite challenging market condition, Revenue up 10.3-pct
(PRESS RELEASE) • PAT improves sharply by 33.1% YoY to Rs. 1.6 billion • Healthcare revenue up 9.8% YoY to Rs 7.9 billion revenue • Agri revenue grew 3.2% YoY to Rs. 6.5 billion • FMCG revenue grew 22.5% YoY to Rs. 4.2 billion May 31, 2017: Sunshine Holdings PLC posted consolidated revenues of Rs. […]
Unilever’s Project ArunellaWorks with Communitieson Sustainable Waste Management
Unilever’s Project ArunellaWorks with Communitieson Sustainable Waste Management (PRESS RELEASE) – Initiative Eliminates Garbage Dumps in Agarapathana Region Together With Authorities and Local Community The Arunella Waste Management project spearheaded by Unilever Sri Lanka’s CeyteaFactory in Agarapathanarecently achieved the complete elimination of waste being dumped in and around the KothmalaOya in the surrounding towns of […]
Virtusa Announces Fourth Quarter and Full Year 2017 Consolidated Financial Results
Fourth quarter fiscal 2017 revenue of $226.0 million increased 4.0% sequentially and 31.5% year-over-year. Fourth quarter fiscal 2017 diluted EPS was $0.34 on a GAAP basis, and $0.43 on a non-GAAP basis. Fiscal year 2017 revenue of $858.7 million increased 43.0% year-over-year. Fiscal year 2017 diluted EPS was $0.39 on a GAAP basis, and $1.25 […]
Lankem Ceylon acquires injection moulding firm for Rs150mn
May 26, 2017 (LBO) – JF Packaging Private Limited, a fully owned subsidiary of Lankem Ceylon, has acquired a firm engaged in the business of injection moulding. Lankem Ceylon said in a stock exchange filing that the acquisition of 100 percent stake in Alliance Five Private Limited took place Wednesday for 150 million rupees. Earlier […]
DFCC sells stake in Commercial Bank to subscribe for rights issue
May 25, 2017 (LBO) – Sri Lanka’s DFCC Bank Wednesday sold 1.18 percent of the issued voting shares in Commercial Bank, the bank said in a stock exchange filing. Accordingly, 10 million shares were sold at 138 rupees per share, and the bank has recognized a net capital gain of 915 million rupees. Commercial Bank’s […]
Fitch downgrades Kotagala Plantations to CC (lka) on worsening liquidity
[pdf-embedder url=”http://www.lankabusinessonline.com/wp-content/uploads/2017/05/Kotagala-Plantations-RAC-May-2017.pdf” title=”Kotagala Plantations RAC May 2017″]
”s Bank buys PMF land in Colombo
May 24, 2017 (LBO)- People`s Merchant Finance (PMF) had sold its 108-perch property in Colombo 02 to People’s Bank for 1.04 billion rupees in order to help settle debt. “The funds will be used to strengthen the finance company’s core capital in order to meet minimum capital requirements under the finance companies directive no. 01 […]
John Keells to encourage innovators with Open Innovation Challenge
May 02, 2017 (LBO) – Sri Lanka’s blue chip John Keells Holdings plans to boost local creative and intellectual talent with the launch of its second John Keells X “Open Innovation Challenge 2017” The programme will allow teams of aspiring innovators to compete for a chance to win entry into a six-month accelerator programme at […]
EU Parliament rejects motion to deny GSP+ for Sri Lanka
Apr 27, 2017 (LBO) – Sri Lanka won the vote in Brussels by 436 against and 119 in favor for the motion to deny GSP plus for Sri Lanka. A group of EU parliamentarians last week forwarded a motion to deny Sri Lanka access to GSP Plus, citing the slow pace of essential reforms in […]
Fairway Waste Management says processing facility on schedule
Apr 24, 2017 (LBO) – Fairway Waste Management said its solid waste processing facility, being built in Colombo, was an important step taken recently to tackle Colombo’s solid waste problem. “In the aftermath of the recent unfortunate incident in Meethotamulla, the ‘Waste Free-Clean City’ project in Karadiyana, which has been awarded to Fairway Waste Management […]