Category: Companies
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July 27, 2015 (LBO) – Sri Lanka’s Fitch Ratings has assigned Pan Asia Banking Corporation PLC’s issue of senior unsecured debentures of up to 4.0 billion rupees, a final national long-term rating of ‘BBB(lka)’, a statement said.The said debentures will have maturities of three and four years with a combination of fixed-rate and floating-rate coupons, […]
Fitch Places Ceylon Income Fund on Rating Watch Negative
July 27, 2015 (LBO) – Sri Lanka’s Fitch Ratings has placed the National Fund Credit Quality Rating assigned to the Ceylon Income Fund of ‘A(lka)’ on rating watch negative as there is uncertainty regarding the credit quality of a significant portion of the funds’ underlying assets, a statement said. The rating agency said that this […]
Swisstek profit +25% in 3 months to June
July 27, 2015 (LBO) – Sri Lankan based Swisstek (Ceylon)’s group net profit showed a 25 percent increase to 28.9 million rupees for the three months ended June 2015, interim report said.The manufacturer of tile grout, tile mortar and decorative pebbles said revenue rose 44 percent to 509 million rupees from 354 million rupees in […]
Building disruptive models challenge dominant industry logic: Leapset CEO
July 25, 2015 (LBO) – Anyone can build a disruptive company, but not if you work for a big company, Mani Kulasooriya, co-founder and the chief executive of Leapset, a technology innovator for the United States food service industry, said. “If you are big company, you have to worry about your existing business, customers, brand, […]
Sri Lanka’s Carsons profits up, Beverage sector revenues affected: Annual Report
July 23, 2015 (LBO) – Sri Lanka’s Carson Cumberbatch PLC, with investments ranging from oil palms and beer to financial services said revenue were up by 22.8 percent to 785 million rupees in 2014/2015, even though beverage segment of the company was affected due to excise duty. “Some of the tax proposals presented at the […]
MAS in chemical leasing arrangement for waste water treatment
July 24, 2015 (LBO) – MAS Active Linea Intimo announced it has entered into a chemical leasing arrangement for waste water treatment, a world’s first for the industry, according to the garments manufacturer. Chemical leasing is a business model in which a chemical is leased from a company providing its service. MAS Active Linea Intimo […]
‘s Keells Food Products Q1 profits up 86 pct: Interim Report
July 24, 2015 (LBO) – Sri Lanka’s Keells Food Products Plc, part of the John Keells conglomerate said profits rose 86 percent to 70 million rupees in the June 2015 as revenues also grew.The firm reported earnings of 2.76 rupees per share up from 1.48 rupees in 2014. The stock closed at 141.30 rupees on […]
Sri Lanka’s Union Bank 1H profits up 211 pct to Rs60mn: Interim Report
July 23, 2015 (LBO) – Sri Lanka’s Union Bank said net profit rose 211 percent to 60 million rupees in the first half to June 2015.Interest income of the bank fell four percent to 1,905 million rupees while interest expenses also fell 31 percent to 865 million enabling net interest income to rise 43 percent […]
‘s General Treasury lends Rs544.9mn to pay Golden Key depositors tomorrow
July 23, 2015 (LBO) – Sri Lanka’s government will provide 544.3 million rupees of tax payers money as the first tranche to start paying the much talked of “Golden Key Depositors” who invested in a ponzi scheme to get a bigger share of the failed Golden Key Credit Card Company from tomorrow (24), a statement […]
Sri Lanka’s ICRA assigns [SL] A+ rating with Stable outlook to Access Engineering
July 22, 2015 (LBO) – ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd, a group company of Moody’s Investors Service has assigned an Issuer rating of [SL]A+ for Access Engineering with stable outlook on the long-term rating. Full text of the press release is reproduced below. ICRA Lanka assigns [SL] A+ with Stable […]
Shopping Fashion Online: An enormous opportunity for entrepreneurs but are we ready yet?
July 17, 2015 (LBO) – Sri Lankan fashion entrepreneurs are open to vast opportunities in the digital space but will have to face a different set of challenges, a Sri Lankan entrepreneur said. “The number of opportunities in the digital domain as an entrepreneur is enormous,” Linda Speldewinde, Founder and Managing Director, AOD International Design […]
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July 17, 2015 (LBO) – Sri Lanka’s Fitch Ratings has assigned Bank of Ceylon’s proposed Basel II-compliant subordinated debentures of up to 8 billion rupees an expected national long term rating of ‘AA(lka)(EXP)’. The proposed issuance, which will have tenors of five and eight years and carry fixed and floating coupons, will be listed on the […]