Category: Economy and Markets
Haycarb records turnover of Rs.11.3Bn: PAT of Rs. 844.9Mn for H1 2019/20
Nov 08, 2019 (LBO) – Haycarb PLC reported revenue of 11.3 billion rupees and profit before tax of 844.9 million rupees for the six months ending 30th September 2019. The profit after tax stood at 656.7 million rupees. Haycarb PLC Managing Director Rajitha Kariyawasan said, “The growth in turnover and profitability is attributable to the […]
Dialog net profit declined 14-pct in Q3 2019 with non-cash translational forex losses
Nov 07, 2019 (LBO) – Profits at Sri Lanka’s Dialog Axiata group, which has interests in Mobile, Fixed Line, and Digital Pay TV, declined 14 percent to 1.5 billion rupees from a year earlier in the September quarter, interim accounts showed. The company said the decline in Group Net Profit After Tax is mainly due […]
US Embassy explains next steps for MCC grant
Nov 06, 2019 (LBO) – With presidential elections approaching, the United States anticipates working toward grant signing and parliamentary approval with the Government of Sri Lanka after November 16, 2019, the US Embassy said. Welcoming the cabinet decision to approve the grant, the embassy explained the next steps for the Millennium Challenge Corporation Development Assistance […]
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Nov 06, 2019 (LBO) – Fitch Ratings has assigned Singer Finance (Lanka) PLC’s (SFL, BBB(lka)/Stable) proposed Sri Lanka rupee-denominated senior unsecured debentures of up to LKR1.5 billion an expected National Long-Term Rating of ‘BBB(lka)(EXP)’. The proposed debentures are to mature in three and five years and would carry fixed- and floating-rate coupons. SFL plans to […]
SEC files action against Wegapitiya & others for market manipulation in Laugfs Gas
Nov 05, 2019 (LBO) – Sri Lanka’s Securities & Exchange Commission (SEC) today filed an action in the Colombo Fort Magistrate Court against W.K.H. Wegapitiya, U.K. Thilak N. De Silva and Thakshila I. Hulangamuwa. The action is related to the commission of the offence of market manipulation, conspiracy to commit market manipulation and for aiding […]
Sri Lanka economy remains vulnerable to adverse shocks: IMF
Nov 05, 2019 (LBO) – Sri Lanka’s economy remains vulnerable to adverse shocks given the high public debt and low reserves, the International Monetary Fund (IMF) stressed. Releasing the country report following the sixth review of the country’s EFF, the IMF said the risks have intensified in the aftermath of the Easter Sunday attacks, amid […]
Sri Lanka economy to grow 3.5-pct in 2020: Central Bank
Nov 05, 2019 (LBO) – The Sri Lankan economy is projected to grow by around 3.5 percent in real terms in 2020, a new Central Bank report says. “The growth is expected to be broad-based and positively contributed by all major economic activities,” it says. “Further, investor confidence, which was adversely affected by domestic uncertainties, […]
Sri Lanka FDI down in first half of 2019: Dips in service and infrastructure sectors
Nov 05, 2019 (LBO) – The Central Bank says that Foreign Direct Investment (FDI) including loans to projects approved by the Board of Investment (BOI), decreased by 61.3 percent during the first half of 2019 compared with the same period last year. The island received US 553.2 million dollars in the first six months of […]
Fitch affirms Melstacorp &”; outlook stable
Nov 04, 2019 (LBO) – Fitch Ratings has affirmed the National Long-Term Ratings of Sri Lanka-based conglomerate, Melstacorp, and its subsidiary, Distilleries Company, at ‘AAA(lka)’. The Outlook is Stable. Fitch rates DIST based on the consolidated profile of Melstacorp due to strong legal and operational linkages between the two entities, as defined in our Parent […]
ComBank receives best bank award from Global Finance
The Commercial Bank of Ceylon was recently presented the award for ‘Sri Lanka’s Best Bank in 2019’ by the USA-based Global Finance magazine at the 26th Annual Best Bank Awards Ceremony held at the National Press Club in Washington, DC on the sidelines of the annual meetings of the IMF and World Bank. The Bank’s […]
Fin Min says LPG supplies on the way
Nov 04, 2019 (LBO) – Sri Lanka’s Finance Ministry says an emergency purchase of 12,000 metric tonnes of liquefied petroleum gas is on its way following panic buying that was triggered earlier. A ship with 3,600 metric tonnes of LPG reached Colombo on Saturday November 02, and another ship with 3,600 MT will reach Colombo […]
‘s EFF with USD164mn disbursement
Nov 02, 2019 (LBO) – Sri Lanka’s Central Bank should maintain a data-dependent monetary policy, completing the sixth review of the country’s extended arrangement under the Extended Fund Facility (EFF), the IMF said. The completion of the sixth review, upon the granting of a waiver of non‑observance for the end‑June 2019 performance criterion on the […]