Category: Companies
Sri Lanka’s BOI signs 37 new ventures from logistics to IT
June 15, 2016 (LBO) – Sri Lanka’s Board of Investment said they entered into 37 new investment agreements during the period of April to May 2016 with a total estimated investment of 579 million US dollars that will generate 6,000 direct employments opportunities. The newly established one stop shop has made it easy to invest […]
DFCC Bank launches Sri Lanka’s first virtual payment system
Jun 14, 2016 (LBO) – Sri Lanka’s DFCC Bank launched the Vardhana virtual wallet, a mobile application that enables financial inclusion for its customers, Tuesday. The mobile app enables users to simplify the way they transact and stay in control of their finances. The banks customer base is around 300,000 to 400,000 and around a […]
Sri Lanka’s Hemas Holdings March net profit down 3.5-pct
June 07, 2016 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure and healthcare has posted a shareholder profit of 744 million rupees in the March 2016 quarter, down 3.5 percent from a year earlier, interim accounts showed. The group reported basic earnings of 1.30 rupees per share for the quarter against […]
Sri Lanka’s LOLC March net up 46-pct amid growing incomes
June 03, 2016 (LBO) – Sri Lanka’s LOLC group, which has interests in financial services, insurance, plantations, trading and leisure, said net profit for the March quarter rose 46 percent to 2.3 billion rupees. The group reported earnings per share of 4.83 rupees for the quarter up from 3.31 from a year earlier and the […]
Sri Lanka’s Cargills net up 39-pct in March with improved margins
June 02, 2016 (LBO) – Profits at Sri Lanka’s Cargills group, with interests in retailing and fast moving consumer goods, rose 39 percent to 412 million rupees in the March quarter, the interim accounts showed. The group reported earnings of 1.84 rupees per share for the quarter against 1.33 rupees recorded in the previous year. […]
Access Engineering invests Rs800mn in property developer
June 01, 2016 (LBO) – Sri Lanka’s construction giant Access Engineering has invested 800 million rupees to buy 50 percent stake of a property developer to strengthen its presence in property development sector. Access Engineering said in a stock exchange filing that the developer, Blue Star Constructions private limited, is the beneficial owner of over […]
Shangri-La opens 145-acre resort in Hambantota Sri Lanka
June 01, 2016 (LBO) – Shangri-La opened its 145-acre Hambantota Resort & Spa in the Southeast Sri Lanka on Wednesday, one of the major hotel chains to enter the island after the end of a war with Tamil Tiger separatists. The 300-room beachfront resort, which includes an 18-hole golf course and an artisan village, launched […]
SINGER ties up with Ministry of Higher Education to provide laptops to University students
Singer Sri Lanka PLC, the country’s premier consumer durables retailer, tied up with the Ministry of Higher Education to provide laptops for university students across the country as per the program to provide interest free loans for laptops by the government of Sri Lanka. As per the Government budget proposal 2016, the project is implemented […]
Sri Lanka’s People’s Leasing eyes South East Asian market
May 31, 2016 (LBO) – Sri Lanka’s People’s Leasing and Finance, the country’s largest non-bank lender, is looking at expanding their operations into the South East Asian market, a senior official said. “You can expect an announcement soon, may be in the next two months,” D P Kumarage, Chief Executive, People’s Leasing told LBO. “We are […]
Sri Lanka’s Distilleries March net up 10-pct with beverage revenues
May 31, 2016 (LBO) – Net profits at Sri Lanka’s Distilleries Group, the island’s largest alcohol maker, rose 10 percent to 1.35 billion rupees in the March 2016 quarter from a year earlier, interim accounts showed. In the March quarter, revenues rose 33 percent to 25.61 billion rupees and sales related costs rose 28 percent […]
CEAT to invest Rs 800mn to increase radial capacity
May 31, 2016 (LBO) – CEAT Sri Lanka said it will invest 800 million rupees over the next 12 months to expand its radial tyre manufacturing capacity in the country to supply growing demand. “The investment would increase radial tyre production by 75 percent, from 40,000 tyres a month to 70,000,” the company said in […]
Sri Lanka’s Aitken Spence March net down 56-pct amid lower revenues
May 31, 2016 (LBO) – Profits at Sri Lanka’s Aitken Spence group which has interests in tourism, logistics and power generation fell 56 percent to 608 million rupees in the March 2016 quarter, interim accounts showed. The group reported earnings of 1.50 rupees per share for the quarter against 3.41 rupees per share reported a […]