Category: Economy and Markets
‘s Paragon Holdings launch augmented reality app
Feb 17, 2020 (LBO) – Paragon Holdings, specialising in outdoor advertising, TV & Radio advertising production, event management, and digital marketing announced the launch of their augmented reality application through Sri Lanka Augmented Reality (SLAR), recently in Colombo. SLAR has been launched as a member of Paragon and as a partner of UnifiedAR – an […]
Sunshine Holdings’ reports PAT Rs.1.7Bn, up 32.3-pct YoY
Feb 17, 2020 (LBO) – Boosted by the divestment of its tea plantations, diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) reported notable growth in bottom-line performances during the first nine months of the current financial year (9MFY20). During this period, the Group posted a consolidated revenue of Rs. 15.8 billion, delivering a 32.3% […]
National Salaries Commission established to formulate national policy
Feb 14, 2020 (LBO) – A National Salaries Commission has been established to provide guidance and assistance to the Government in formulating and executing a National Salaries Policy. The Commission has been established by President Gotabaya Rajapaksa in accordance with the powers vested upon him under Article 33 of the Constitution. With the establishment of […]
‘s Hemas Group profit down 5-pct in 3Q amid on-going recovery
Feb 14, 2020 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure, and healthcare has posted a shareholder profit of 974.7 million rupees in the third quarter, down 4.9 percent from a year earlier, interim accounts showed. On a year-to-date basis, the Group’s performance has been impacted by the aftermath of the […]
Sri Lanka performs poorly on economic freedom: Focus on open trade crucial: Advocata
Sri Lanka currently ranks 104 out of 162 countries for Economic Freedom (Economic Freedom of the World Index, 2019). This is a 7 step drop from last year’s ranking, 97. The President, in his Independence day address to the nation promised “I not only respect your freedom, but I will work towards improving it and […]
Hayleys Group records 41-pct profit growth in Q3
Feb 13, 2020 (LBO) – Sri Lanka’s diversified conglomerate, the Hayleys Group, demonstrated strong resilience in the 3rd quarter of 2019/20 to achieve a 41 percent growth in profit-after-tax. The robust performance during the quarter enabled the Group to offset the subdued performance of the previous quarters, with the Group’s profit-after-tax increasing by 18 percent […]
‘s Basel III sub-debt A+(EXP)
Feb 13, 2020 (LBO) – Fitch Ratings has assigned DFCC Bank’s proposed rupee-denominated Basel III-compliant subordinated debentures an expected National Long-Term Rating of A+(EXP). The notes, which will total up to LKR7 billion and mature in five and seven years, include a non-viability clause and will qualify as regulatory Tier 2 capital for the bank. […]
Ogilvy Digital, now a behavioural change company
Neo@Ogilvy, Sri Lanka’s first and largest full service specialized digital media agency announced today its transformation into ‘Ogilvy Digital’, to better represent the company’s specialization and expertise in digital communication. Moving beyond the scope of a traditional digital media agency, the company’s expansive service offering includes; Digital Creativity and Strategy, Social Media Management, Data-Driven Digital […]
Dipped Products reports Rs. 23.2Bn Group turnover for nine months ending Dec 2019
Feb 13, 2020 (LBO) – Hayleys Group’s subsidiary Dipped Products PLC (DPL), a glove maker, reported 23.2 billion rupees Group turnover for the nine months ending December 2019. The Hand Protection sector contributed Rs 13.4 billion to the Group’s top line, while the Plantation sector recorded a turnover of Rs. 9.9 billion for the period. […]
WHT removal, a progressive step for MSMEs: Colombo Chamber of Commerce
Feb 12, 2020 (LBO) – Removal of withholding tax on salaries, interest, rent, and dividends is a progressive step for Micro, Small and Medium-sized Enterprises (MSMEs) of the country, said the President of Colombo Chamber of Commerce, Saranga Wijeyrathne. Commenting on the decision of the Ministry of Finance to advance the removal of WHT from […]
Uki offers an alternate route from the Northern Province into the tech industry
By Jekhan Aruliah Does Sri Lanka need more university graduates? Sri Lanka has tens of thousands of unemployed graduates. Every now and then the government brings thousands more of them into the Public Service, further bloating an already bloated service. In December 2019 a government minister promised jobs for all 64,000 (his figures) unemployed graduates! […]
Fitch affirms HNB Finance at A(lka); outlook stable
Feb 12, 2020 (LBO) – Fitch Ratings Lanka has affirmed HNB Finance Limited’s (HFL) National Long- Term Rating at ‘A(lka)’ with a stable outlook. The agency has also affirmed the National Long-Term Rating on HFL’s subordinated debentures at ‘BBB+(lka)’. KEY RATING DRIVERS HFL’s rating reflects Fitch’s expectation of support from parent, Hatton National Bank PLC […]