Category: Companies
DFCC Bank Senior Debentures rated Final AA- by Fitch
Fitch Ratings has today assigned DFCC Bank PLC’s (DFCC; AA-(lka)/Stable) proposed senior unsecured debentures of up to LKR7bn a final National Long-Term Rating of ‘AA-(lka)’. The assignment of the final rating follows the receipt of documents conforming to information already received, and the final rating is the same as the expected ratings assigned on 3 […]
Fitch rates Singer Finance proposed Senior Debt BBB (EXP)
Fitch Ratings has assigned Singer Finance (Lanka) PLC’s (SFL; BBB(lka)/Stable) proposed senior secured redeemable debentures of up to LKR1.5bn a ‘BBB(lka)(EXP)’ National Long-Term expected rating. A full list of rating actions is at the end of this rating action commentary. The issue will have three tranches with bullet principal repayments in the third, fourth and […]
Small companies appeal to President on Rs60,000 levy
Feb 15, 2016 (LBO) – A collective of small and medium scale private companies have appealed to the President to reduce certain levies imposed on them through the 2016 budget. In a letter to President, the head of this SME grouping, Gunapala Banda Konara has asked to repeal the proposal of charging a voluntary winding up […]
China stocks open lower with equities in bear market
Feb 15, 2016 (LBO) – China’s stocks opened 1.9 percent lower after a week-long holiday during which global equities entered a bear market. The yuan gained 0.9 percent in Shanghai after the central bank strengthened the currency’s reference rate by the most in three months. The Nikkei was up 4.8 percent on Monday and Hang […]
Bharti Airtel in talks to merge Sri Lanka unit with Dialog Axiata
Feb 15, 2016 (LBO) – Bharti Airtel is believed to be in talks to merge its wholly-owned Sri Lanka unit with Dialog Axiata in a likely share-swap deal, two people familiar with the matter said. A potential Airtel Lanka-Dialog-Axiata merger is likely to be along the lines of the recent merger of Bharti Airtel and […]
Sri Lanka’s Carsons Cumberbatch December net up 66-pct
Feb 12, 2016 (LBO) – Sri Lanka’s Carsons Cumberbatch group profits rose 66 percent to 1.2 billion rupees in the December 2015 quarter from a year earlier, interim accounts showed. Carsons revenues were fell 9 percent to 20.6 billion rupees, while sales costs also fell 3 percent to 15.3 billion rupees, resulting in a gross […]
Aitken Spence records Rs. 1.1bn as PBT in third quarter
Leading conglomerate Aitken Spence PLC posted its interim results to the Colombo Stock Exchange (CSE) released on Friday. The blue-chip’s financial results for the quarter ended 31st December 2015 saw profit-before-tax decrease by 25.3 per cent to Rs. 1.1 bn while profit attributable to equity holders decreased by 26.7 per cent to Rs. 637 mn. […]
SEC assigns Special Purpose Audit for Blue Diamonds
Feb 12, 2016 (LBO) – Sri Lanka’s securities regulator has assigned Ernst & Young to carry out a Special Purpose Audit to check several allegations made against Blue Diamonds Jewellery Worldwide. Releasing a statement Securities and Exchange Commission said they received several complaints alleging that the Director Board has misled their shareholders and investors through […]
Laugfs acquires mini hydropower operator for Rs200mn
Feb 12, 2016 (LBO) – Sri Lanka’s Laugfs Power, a subsidiary of quoted Laugfs Gas has acquired the total issued shares of Pams Power private limited for 200 million rupees. Laugfs Gas said in a stock exchange filing that Pams Power is holding all rights for the development and operation of a 2 MW capacity […]
Sri Lanka’s Hayleys December net down 27-pct
Feb 11, 2016 (LBO) – Profits at Sri Lanka’s diversified Hayleys group fell 27 percent to 534 million rupees in the December 2015 quarter, interim accounts showed. The firm reported earnings of 7.12 rupees for the quarter 2015 compared to last year earnings of 9.81 rupees on profits of 736 million rupees. The group revenue […]
Sri Lanka’s Cargills (Ceylon) December net down 3 pct
Feb 10, 2016 (LBO) – Profits of Sri Lanka’s Cargills (Ceylon) group, which has interests in retailing and fast moving consumer goods, fell 3 percent to 463 million rupees, interim accounts showed. The group reported earnings of 2.07 rupees per share for the quarter. Revenues rose 19 percent to 18.1 billion rupees and cost of […]
Sri Lanka’s Access Engineering net up in December
Feb 08, 2016 (LBO) – Sri Lanka’s Access Engineering group, which has interests in construction, real estate and automobiles, said net profits in the December 2015 quarter was slightly up by 2.6 percent to 544.82 million rupees from a year earlier. The group posted earnings of 54 cents per share. The stock last traded at […]