Category: Economy and Markets
Unilever Global CEO Alan Jope makes official visit to Sri Lanka
Jun 07, 2019 (LBO) – Unilever’s Global CEO Alan Jope arrived in Sri Lanka on an official visit recently to review Unilever Sri Lanka’s operations and engage with employees of the organisation. Joining him was Sanjiv Mehta – Executive Vice President South Asia and CEO/MD of Hindustan Unilever Limited. The visit comes at a crucial […]
LOLC passes most Sri Lankan corporate giants with Rs11bn annual profit
June 4, 2019 (LBO) – Colombo Stock Exchange listed LOLC Holdings (LOLC) has reported an astounding profit of over Rs11bn (US$65mn) for the fiscal year ended March 31st, 2019. The company’s annual profit attributable to equity holders is surpassed only by five Sri Lankan listed companies: Ceylon Tobacco (CTC), John Keells Holdings (JKH), Commercial Bank […]
Sri Lanka tourism kicks off promotion campaign in India
Jun 04, 2019 (LBO) – Sri Lanka Tourism with the Sri Lanka Association of Inbound Tour Operators (SLAITO) and The Hotels Association of Sri Lanka (THASL) together with Sri Lankan Airlines to launched five promotional packages in the Indian market. “We look forward to activating this campaign as soon as possible in India and looking […]
Central Bank will impose lending cap if Sri Lanka banks do not cooperate: CBSL Chief
Jun 03, 2019 (LBO) – Sri Lanka’s Monetary Board would need to consider whether they impose a lending cap if the banks are not cooperative enough to reduce the high lending rates, Central Bank Governor Indrajit Coomaraswamy warned. The Central Bank recently imposed a cap on deposit rates with the intention of bringing down lending […]
‘s stocks/bonds as security situation stabilises
June 1, 2019 (LBO) – Foreign institutions were net buyers of Sri Lankan stocks and bonds in the past week as the security situation in the country stabilises after the Easter Sunday terror attacks. Net foreign inflows of Rs1bn (US.6mn) into stocks and bonds were seen in the past week. This comes on the back […]
Central Bank suspends business activities of NatWealth Securities Limited
May 31, 2019 (LBO) – Central Bank having considered the continuous failure to comply with directions applicable to primary dealers has decided to suspend NatWealth Securities Limited (NWSL) from carrying on the business and activities of a Primary Dealer for a period of six months. The Central Bank, however, said it will take necessary measures […]
Competition cuts Asian Hotels (AHPL) annual profit in half
May 31, 2019 (LBO) – Profits at Sri Lanka’s leading city hotel operator, Asian Hotels and Properties (AHPL), were down more than 50% for the year ended March 31, 2019. For the year, profits came in at Rs1.83/share as opposed to Rs3.81 a year earlier. Shares currently trade at a price just above Rs30/share. AHPL […]
Vidullanka commissions its first ever biomass based power project
May 31, 2019 (LBO) – Vidullanka in its latest announcement to the CSE, disclosed the commissioning of the development of the 3.3MW Dehiattakandiya Dendro power plant to the national grid through its joint venture company, Vidul Biomass (Pvt) Ltd. The project is a 1.45 billion rupees investment jointly undertaken by Vidullanka and OC Energy Lanka […]
Sunshine Holdings PAT down 36.5-pct; top-line growth 6.9-pct in FY18/19
Divestiture of Tea plantation business in May 2019 Consolidated revenue of Rs. 22.6 billion, an increase of 6.9% YoY PAT amounted to Rs. 1.1 billion, down 36.5% YoY Healthcare revenue up 14.1% YoY to Rs. 9.3 billion Consumer revenue continues its growth, up 8.9% YoY to Rs. 5.9 billion Diversified Sri Lankan conglomerate Sunshine Holdings […]
Amidst elevated market lending rates, private sector credit contracted notably: CBSL
May 31, 2019 (LBO) – Sri Lanka’s Central Bank on Friday said the market lending rates remained downward rigid, despite the measures already taken while the private sector credit showing a notable contraction. Sizable liquidity injections through the reductions in the Statutory Reserve Ratio (SRR) along with appropriate and prudent open market operations (OMOs) have […]
Sri Lanka Central Bank cuts SDFR and SLFR by 50 basis points
May 31, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 30 May 2019, has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 7.50 percent and 8.50 percent, respectively. The Central Bank […]
