Category: Economy and Markets
CBSL intends to cut ownership limits of LFCs to 25-pct; invites stakeholder inputs
May 22, 2019 (LBO) – Sri Lanka’s Central Bank invites stakeholders to submit observations on the drafted master plan that intends to introduce ownership limits to the Licensed Finance Companies (LFCs). The Department of Supervision of Non-Bank Financial Institutions (DSNBFI) is in the process of introducing ownership limits for LFCs to strengthen the corporate governance […]
Hayleys revenue up 34-pct YoY to Rs.219Bn in FY 18/19
May 22, 2019 (LBO) – Sri Lanka’s Hayleys PLC, group revenue expanded by 34 percent yoy to 219 billion rupees while operating profit before interest increased by 40 percent yoy to 15.9 billion rupees in the financial year ended 31st March 2019 (FY18/19). The group earnings before interest, tax, depreciation and amortization (EBITDA) for FY […]
‘s private sector took a Pledge for Unity
May 21, 2019 (LBO) – Sri Lanka’s private sector representatives on Tuesday took a Pledge for Unity that they will work towards the goal of uniting people and inspire everyone in the country to do the same. The pledge was taken in all three languages by over 300 corporates who assembled for that purpose at […]
Ceylinco Life investment income grows by 16-pct to Rs.2.9Bn in Q1 2019
May 21, 2019 (LBO) – Steady growth of its life insurance business and strong investment gains have enabled Ceylinco Life to generate total income of 7.17 billion rupees in the first quarter of 2019, achieving healthy growth of 10.7 percent over the corresponding three months of last year. The life insurer has reported that premium […]
Sri Lanka unemployment up to 4.6-pct in Q4 2018
May 21, 2019 (LBO) – The number of unemployed persons is estimated as 389,406 during the fourth quarter 2018 or 4.6 percent, up from 4.0 percent a year ago, data from the Department of Census and Statistics (DCS) shows. During fourth quarter of 2018, the total number of employed persons in Sri Lanka is estimated […]
Sri Lanka official reserves fall to USD 7.2bn by end April; YTD rupee appreciation 3.7-pct
May 18, 2019 (LBO) – Sri Lanka’s gross official reserves were 7,212.7 million US dollars by the end of April, down from 7,621.9 million US dollars in March, latest Central Bank data showed. By the end of April, foreign currency reserves were 6,325.2 million dollars while the reserve position in the IMF was 66.3 million […]
‘s stocks as EPF enters the market
May 17, 2019 (LBO) – Foreign institutional investors were net sellers of Sri Lankan equities for the past three consecutive days as the country’s largest pension fund entered the market after a long hiatus. Net foreign selling in Sri Lanka’s stock market was approximately Rs1.3bn (US$7.5mn) for the past week. Year to date net foreign […]
Sri Lanka bombings increase economic, external risks; IMF key: Fitch Ratings
May 17, 2019 (LBO) – The tragic Easter bombings in Sri Lanka will result in lower economic growth this year and could increase external financing pressures, Fitch Ratings says. Full Statement: Fitch Ratings-Hong Kong/London-16 May 2019: The tragic Easter bombings in Sri Lanka will result in lower economic growth this year and could increase external […]
CBSL to resume FX purchases to rebuild net intl reserves to USD6.9bn by end Dec
May 17, 2019 (LBO) – Sri Lanka’s Central Bank said it is committed to rebuild reserves and allow the exchange rate to function as the first line of defense to external shocks. As per the memorandum of economic and financial policies contained in the Letter of Intent to the IMF, the Central Bank has recognized […]
Sri Lanka projected to grow 3.6-pct in 2019; reach 5-pct over medium term: IMF staff report
May 17, 2019 (LBO) – Sri Lanka’s economic growth is projected to recover to 3.6 percent in 2019, and gradually reach 5 percent over the medium-term, with inflation in the mid-single digits, the IMF staff appraisal revealed. Inflation is expected to rise to 4.5 percent by end-2019, as economic activity recovers and food prices stabilize, […]
Dipped Products posts healthy growth: Group pre-tax profit up 32-pct in 2018/9
May 17, 2019 (LBO) – Sri Lanka’s Dipped Products Group pre-tax profit was up 32 percent to 1,643 million rupees in 2018/9, the company said. The Group achieved a profit before tax of 1,643 million rupees for the year ending 31st March 2019, a growth of 32 percent over the previous year. Profit after tax […]
Nedal Salem takes helm of Ceylon Tobacco Company
May 16, 2019 (LBO) – Nedal Salem was appointed managing director andchief executive officer of Ceylon Tobacco Company PLC (CTC) effective 15th May 2019. During his career spanning over two decades at British American Tobacco (BAT), Nedal has held various senior Management roles in nine markets across three continents. He holds a Bachelor of Arts […]