Category: Companies
Haycarb records turnover of Rs.5.9Bn and PBT of Rs.458Mn for 1H 2016/17
(PRESS RELEASE) – The Sri Lankan multinational Haycarb PLC reported a revenue of Rs. 5.9 billion and profit before tax of Rs. 458 million for the six months ending 30th September 2016. The profit after tax stood at Rs. 374 million. The turnover increased by 8%, while the profit before tax and after tax recorded […]
Sri Lankan shares hit fresh 3-mth closing low ahead of budget
Nov 01, 2016 (Reuters) – Sri Lankan shares extended losses for a third straight session to close Tuesday at a fresh three-month low as investors shrugged off the central bank’s decision to keep rates unchanged. The central bank held the benchmark interest rates on hold late on Monday, as expected, saying its monetary policy stance […]
Sierra starts joint venture in Fiji to manufacture power cables
Nov 01, 2016 (LBO) – Sri Lanka’s Sierra Cables has decided to jointly invest in a new power cable manufacturing plant in Fiji, the company said in a stock exchange filing. Sierra Cables said it entered the joint venture agreement with three Fijian companies namely Vinod Patel & Co. Ltd, RC Manubhai & Co. Ltd […]
Excerpts of Sri Lanka COPE recommendations on bond issue
Oct 31, 2016 (LBO) – Sri Lanka’s Committee on Public Enterprises has made several recommendations to Parliament on last year’s controversial bond issue. Excerpts of the recommendations, as published by the Sunday Times, are the following: Evidence has been placed before the COPE, which gives rise to reasonable suspicion that former CB Governor Arjuna Mahendran […]
”’ rank down one notch to 110: World Bank
Oct 27, 2016 (LBO) – The World Bank says Sri Lanka has dropped one place in the “Doing Business ” rank to 110, over the past year, but the island has made progress in two reform areas: starting a business and protecting minority investors. “The improvements, while important, were not enough to stop a decline […]
GAAM: Net foreign inflow of Rs518 mln for week
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Strong growth for Sri Lankan telcos, despite higher taxes: Fitch
Oct 21, 2016 (LBO) – Fitch Ratings said Sri Lanka Telecom rating of B+/Negative/AAA(lka)/Stable and Dialog Axiata PLC AAA(lka)/Stable will remain steady despite higher taxes and large capex. “The ratings of both telcos benefit from high headroom capable of absorbing some margin dilution and lower cash generation,” the company’s rating statement said. The stable outlook […]
Sri Lanka’s HNB to raise Rs6bn from listed debenture
Oct 19, 2016 (LBO) – Sri Lanka’s Hatton National Bank is to raise 6.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue rated, subordinated, unsecured, redeemable debentures worth 5.0 billion rupees with an option to go up to 6.0 billion rupees. NDB […]
Sri Lanka Central Bank resolves four insolvent institutions
Oct 19, 2016 (LBO) – Sri Lanka’s Monetary Board says it has approved repayments to depositors and investors in four insolvent financial institutions. The Monetary Board approved repayment of depositors of three finance companies, The Standard Credit Finance Ltd., City Finance Corporation Ltd. and Central Investments and Finance PLC, and legitimate investors in government securities-linked […]
Monetary Board considers interim report on Primary Dealers
Oct 14, 2016 (LBO) – The Monetary Board, at a special meeting on Friday, considered an interim report on the operations of primary dealers, including their financial performance during last year and the current year. “It noted with concern the sharp disparity in the performance of primary dealers, as well as certain issues related to […]
Sri Lanka’s Commercial Bank to raise Rs7bn from listed debenture
Oct 14, 2016 (LBO) – Sri Lanka’s Commercial Bank is to raise 7.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue rated, unsecured, subordinated, redeemable debentures worth 5.0 billion rupees with an option to go up to 7.0 billion rupees. The proposed […]
Sri Lanka to provide adjustment package for FTA trade disruption
Oct 13, 2016 (LBO) – Sri Lanka will introduce a trade adjustment package for local industrialists in order to face possible trade disruptions that may occur during the initial stages of upcoming free trade agreements, a senior minister said. International Trade Minister Malik Samarawickrama said they are negotiating new FTAs with an open mind but […]