Category: Companies
Sri Lanka records highest-ever export figure in any October
Sri Lanka’s merchandise exports increased by 35.9% to US$ 1,160.62 Million in October 2021 compared to October 2020 as per the data released by the Sri Lanka Customs. Exports maintained above one billion for the fifth time this year. “This is the highest-ever merchandise export figure in any October in our history,” EDB Chairman, Suresh […]
YTD 9M results exceed historical 12M earnings to record LKR 292bn by Sept: Softlogic Stockbrokers
Corporate earnings recorded a phenomenal increase up +98% YoY from LKR 190bn to LKR 377bn on a Trailing 12 months (TTM) basis despite the impact of the 2nd, 3rd and 4th wave of covid-19 during the reporting period, Softlogic Stockbrokers said. Releasing the Corporate Earnings Snapshot, Softlogic Research said that 3Q 2021 earnings have improved […]
ACL Cables PLC posts 189-pct profits at end of Q2
ACL Cables PLC, Sri Lanka’s No.1 cable manufacturer has posted a phenomenal 189% year-on-year profit increase at the end of its second quarter demonstrating strong financial performance and stability as a group. Noteworthy are the resounding strong figures despite challenging economic conditions seen locally as well as globally due to the Covid19 pandemic. ACL Cables […]
CSE revises index calculation methodology of All Share Price Index
The Board of Directors of the Colombo Stock Exchange (CSE) has approved the revision of the index calculation methodology of the All Share Price Index (ASPI) at a Board meeting held on 15 November 2021 to change its calculation basis from full Market Capitalization-weighting to free float-adjusted Market Capitalization-weighting with effect from January 2022 following […]
Sampath and NDB Bank underwrite Sarvodaya Development Finance IPO
The Initial Public Offering (IPO) of Sarvodaya Development Finance (SDF) will open to the public on 23rd November and will comprise an initial issue of 22,727,273 shares raising LKR 500 Mn followed by a green shoe issue of a further 22,727,273 shares for an additional LKR 500 Mn. Two of Sri Lanka’s most prominent banks, […]
Loops, Truecaller partners to enable safety and efficiency to daily life business communications
Loops Integrated enters into a landmark partnership with Truecaller. Loops Integrated – a creative-led integrated marketing agency acclaimed for their creative and digital marketing excellence, will now be an authorized reseller for Truecaller for Business. Truecaller is well known in Sri Lanka for identifying contacts and blocking unwanted communication. Businesses, particularly the services sectors, reach […]
Aitken Spence records Rs. 2.9 Bn EBITDA across all sectors for 2Q with a 388% growth
The leading blue-chip conglomerate, Aitken Spence PLC reported an impressive growth of 388% from its earnings before interest expense, tax, depreciation and amortisation (EBITDA) of Rs. 2.9 Bn compared to Rs. 595 Mn in the 2Q of the previous year. During the 2Q the Group’s non-tourism sectors recorded a growth of 35% from its EBITDA […]
Finance Minister proposes one-time tax for big companies & financial institutions
Finance Minister Basil Rajapaksa proposed to impose a one-time tax surcharge of 25 percent on persons or companies with taxable income over Rupees 2,000 million for the year of assessment 2020/2021. Rupees 100 billion is expected to be earned through this tax. VAT on banks and financial service providers under supply of financial services by […]
eChannelling Q3 financial performance sets foundation for growth: Records 116-pct growth YOY
eChannelling PLC, the largest Channelling Network in Sri Lanka and a subsidiary of SLT-MOBITEL, is gearing towards a quantum leap with acquisitions, expansion plans, partnerships and product innovation to further uplift the nation’s digital lifestyle experience. Supporting this trajectory is eChannelling’s strong Q3 performance, forming a firm foundation for its strategic relaunch and future growth. […]
Teejay Lanka consolidates in Q2 to post 6-month revenue of Rs 23.1Bn
Topline grows 71% on higher demand for fabric Net profit improves by 59% to Rs 954.1 million for 1H Teejay Lanka PLC has built on its robust first quarter performance in Q2 of 2021-22, helped by strong demand for fabric from strategic customers due to the changing dynamics of the global market, increased capacities and […]
Hemas Group revenue up 19.8-pct over last year
Hemas Holdings PLC (HHL) delivered a strong first half amidst a challenging operating environment with half of the second quarter being under island wide lockdown. The cumulative Group revenue stood at Rs.36.2 billion, an increase of 19.8 per cent over last year. During the quarter under review, an unprecedented level of input cost inflation and […]
Is wealth tax the solution to Sri Lanka’s low tax revenue collection?
By Sathya Karunarathne IntroductionSuccessive governments have run fiscal deficits. Inadequate revenue collection and unrestrained government expenditure have worsened the country’s fiscal position. Tax revenue which averaged over 20% of GDP in 1990 has declined to under 10% of GDP inAd hoc tax policy changes have significantly eroded the tax base. Weak tax administration has also […]