Category: Companies
Panasian Power commissions solar power project worth Rs. 420Mn
Panasian Power PLC (PAP), a dynamic Sri Lankan renewable energy solutions organisation and a leading supplier of renewable energy to the national grid recently commissioned a 3 MW ground solar plant in Matara, worth a total investment of LKR 420 million. Panasian Power is the equity investor and led all aspects of the construction including […]
ACL Cables launches its own online sales channel to personalize customer experience
Sri Lanka’s leading cable manufacturer, ACL Cables PLC launched its own e-commerce platform designed to help customers personalize their buying experience. The “ACL shop online” e-commerce platform can be accessed through the ACL corporate website www.acl.lk or through the direct link www.acl.lk/shoponline. This paves way for the company to reach its customers more conveniently and […]
Comm Bank Group’s operating income up 13.3-pct: Total assets grow 25-pct
Strong asset and other income growth combined with an emphasis on prudent provisioning in one of the most challenging years on record, have enabled the Commercial Bank of Ceylon Group (ComBank) to end 2020 on a stable platform for growth, with better liquidity than most peers and adequate provision cover. The Group, comprising of Sri […]
Spotify Launches in Sri Lanka
Spotify, the world’s most popular audio streaming subscription service, officially launches today in Bangladesh, Pakistan and Sri Lanka, offering a revolutionary music experience tuned to your personal taste. With a worldwide community of more than 345 million monthly active listeners including 155 million Premium subscribers, Spotify will offer a personalized listening experience for local and […]
Economy at a glance for 2020:Double whammy blow
Highlights ICRA Lanka estimates Sri Lanka’s GDP growth rate in 2020 to be -4%. In addition, our estimates indicate industry, services, and agricultural sectors to have contracted by 7.3%, 1.7% and 1.3% respectively. By mid-March the COVID crisis took center stage and the CBSL implemented a series of policy rate cuts further bringing the short-term […]
Ceylinco Life records income of Rs 36.98 billion in 2020
Ceylinco Life has achieved consolidated income of Rs 36.98 billion for FY 2020, demonstrating the Company’s ability to grow business volumes and investment returns even in the most challenging conditions. This top line growth of 15.2 per cent was made possible by Gross Written Premium Income of Rs 22.07 billion for the 12 months ending […]
Trade Finance and Investments amalgamates into Commercial Credit and Finance PLC
Trade Finance and Investments PLC (TFI), a financial service providerhas been amalgamated into one of Sri Lanka’s pioneering finance companies, Commercial Credit and Finance PLC (CCF). The amalgamation, which came into effect from 31st December 2020 was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings held on 09 […]
Central Bank updates rules for export proceeds & conversion of them into Sri Lanka Rupees
The Monetary Board of Sri Lanka’s Central Bank has issued rules as published in the Gazette Extraordinary No. 2215/39 in respect of receipt of export proceeds into Sri Lanka and conversion of such export proceeds into Sri Lanka Rupees. Accordingly, following Rules are imposed with effect from 18 February 2021 until further notice. Every exporter […]
Softlogic Life grew 25-pct in 2020 to Rs.15.6Bn; PAT Rs.1.5Bn
Softlogic Life announced that despite all the difficulties associated with a thoroughly disrupted COVID year 2020, the Company grew revenues to record Gross Written Premium (GWP) of Rs. 15.6 billion, an increase of 25% making it the fastest Company to that mark. The strong growth follows a similar 25% growth that was achieved by the […]
Rated Sri Lankan corporates less exposed to sovereign than banks: Fitch Ratings
Fitch Ratings views most rated Sri Lankan corporates as less vulnerable than local financial institutions to the sovereign’s financial distress. This is because most rated corporates have a combination of strong business profiles, low leverage, sound liquidity, and limited exposure to government. On the other hand, local financial institutions’ ratings are usually constrained by the […]
Kantar to offer media monitoring service in SL
Kantar recently announced that it would start providing Media Monitoring service in Sri Lanka. The announcement comes as Kantar has agreed to acquire Nielsen’s local media monitoring business. Historically, Kantar has provided TV audience measurement in Sri Lanka. The addition of media spend monitoring positions Kantar as a key partner to Sri Lanka’s media industry. […]
Lanka Property Web says SL real estate market stable despite pandemic
“Since the turn of the year there has been an increase in real estate activity by property buyers and sellers”, said Sri Lanka’s leading property portal LankaPropertyWeb. The company stated that a comparison between the number of visits to lankapropertyweb.com during the month of January in 2020 and 2021, showed an increase of 23% while […]