Category: Economy and Markets
First Capital records highest ever PAT of Rs. 2.09 Bn
First Capital Holdings PLC recorded a Consolidated Profit after Tax of LKR 2.09Bn for the financial year 2020/21. The results show a significant growth compared to Consolidated Profit after Tax of LKR 1.07Bn recorded in the previous year. The Total Comprehensive Income recorded for year 2020/21 is LKR 2.01Bn compared to LKR 1.04Bn reported in […]
Govt and ADB sign USD200Mn loan agreement for rural road development
The Asian Development Bank (ADB) and the Government of Sri Lanka recently signed a $200 million loan agreement for the Second Integrated Road Investment Program Tranche 3 to continue ADB’s assistance to upgrade Sri Lanka’s rural road network connecting vast rural populations to jobs and services. “Economic growth is hindered by poor transport infrastructure, particularly […]
Thinking about investing in the Northern Province?
By Jekhan Aruliah A few years ago I was speaking with a main board director of one of Sri Lanka’s largest companies. I asked him, a Jaffna Tamil gentleman approaching retirement, why his company still had not invested in the North several years after the war had ended. What he said put simply is there […]
Healthcare & Consumer propel Sunshine Holdings’ FY21 performance amidst pandemic
Diversified Sri Lankan conglomerate Sunshine Holdings (CSE: SUN) recorded resilient revenue and profit growth in a pandemic-affected macroeconomic environment, reporting notable top-line and bottom-line performances growth during the year ended 31 March 2021 (FY20/21). Group’s Healthcare and Consumer sectors led growth while healthcare segment remained the major contributor to total Group revenue in FY21. […]
State Ministry of Regional Cooperation launches Creative Economy Programme
The State Ministry of Regional Co-operation has launched a “Creative Economy Programme” with the view towards contributing to the country’s economy and promoting Sri Lanka’s cultural heritage. The ‘creative economy’ is a rapidly expanding segment of the global economy and has made a crucial contribution towards generating employment, income and exports. Based on creativity, it […]
USD 200Mn Financial Assistance from ADB for Second I-road Program
Bridging the urban and rural gap by providing services and infrastructure facilities equally across all segments of the country is one of the key focus of the Government Policy Framework. Developing transport network to ensure an efficient and environmentally friendly public transport system will support achieving this envisaged target of the Government. Accordingly, the Government […]
Second stock of Sinopharm added to vaccination drive from today
President Gotabaya Rajapaksa has instructed that the second stock of 500,000 Sinopharm vaccine doses received as a gift from the Chinese Government, be used in the vaccination drive from today (26). Accordingly, plans have been made to distribute the vaccines among several districts based on priorities recommended by the health sector. The SriLankan Airlines flight […]
Central Bank extends concessions for COVID-19 affected businesses & individuals
With a view to meeting the challenges faced by businesses and individuals due to the third wave of COVID-19, Sri Lanka’s Central Bank has requested banks to extend the concessions. Accordingly, deferment or restructuring of existing credit facilities in the performing category as well as concessions for credit facilities in the non-performing category has been […]
JKH group revenue up by 17-pct excluding Leisure in Q4
• The Group witnessed a faster than anticipated recovery momentum with the performance of most businesses reaching pre COVID-19 levels with business activity and consumer trends being near normal by the end of the financial year. • Excluding Leisure, Group revenue increased by 17% to Rs.36.15 billion in Q4; up 1% to Rs.122.32 billion in […]
Aitken Spence non-tourism sectors record highest ever PBT of Rs. 5 bn in 2020-2021
During a turbulent financial year that was affected by the unprecedented COVID-19 pandemic, Aitken Spence Group’s non-tourism sectors delivered the highest ever profit before tax of Rs. 5.01 billion for the twelve months ending 31st March 2021 compared to Rs. 4.2 billion last year and partially offsetting the impact of the Group’s Tourism portfolio which […]
‘s economy collapse due to lockdown?
By Charith Isuru The answer is a BIG NO….. What are possible scenarios that can cause a possible economic collapse in Sri Lanka during this Covid pandemic? 1. Substantial downturn in exports. 2. Sizable loss in foreign worker remittances. 3. Unexpected surge in imports to an unbearable level. 4. Lack of foreign currency inflows to […]
WindForce to develop Karadiyana Waste to Energy Power Plant
Sri Lanka’s largest publicly listed power company WindForce Ltd. aims to fast-track the development of the Karadiyana Waste to Energy Power Plant, having signed a Share Sale and Purchase agreement with Fairway Holdings (Pvt) Ltd. With this agreement, WindForce acquires a controlling stake of 92.5% stake in Fairway Waste Management (Pvt) Ltd. Renowned for introducing […]