Category: Economy and Markets
‘s HNB Group records PBT of Rs.14.1 Bn in 1H 2018
Aug 16, 2018 (LBO) – HNB Group recorded Rs 14.1 Bn in Profit Before Taxes (PBT) for the first six months of 2018, representing a 30.7% Year-on-Year (YoY) growth over the first half of 2017 while Group Profit After Taxes (PAT) rose 26.9% YoY to Rs 9.6 Bn. At a Bank level, HNB’s PAT improved […]
Commercial Bank continues growth in Q2 to post strong 6-month result
Aug 16, 2018 (LBO) – Commercial Bank of Ceylon PLC has continued its growth momentum into the second quarter of 2018, despite having to pay in excess of Rs 7 billion in taxes and being compelled to make significant provisions for impairment charges for the six months ending 30th June 2018. The Bank has posted profit […]
Virtusa worth $ 1.5 billion, projects year-end March 2019 revenue of $ 1.25 billion
August 15, 2018 (LBO) – Nasdaq listed software development company Virtusa (VRTU) reported earnings for the quarter ended June 30th 2018 last week. The company reported revenue of US$300mn in the quarter, up over 30% year over year, and up 6% sequentially. Non-GAAP net income was US$17mn for the quarter. For fiscal year 2019, which […]
Fitch maintains negative banking sector outlook for Sri Lanka in 2018
Aug 15, 2018 (LBO) – Fitch Ratings said it maintains a negative banking sector outlook for Sri Lanka as operating conditions remain challenging, which could put mild pressure on performance during the rest of 2018 and possibly 2019. The performance of Sri Lankan banks under Fitch’s coverage, however, remained fairly stable through 2017 and 1Q18, […]
CB extends suspension of Pan Asia Bank primary dealer activities by 6 months
Aug 15, 2018 (LBO) – Monetary Board has decided to extend the suspension of business and activities of a Primary Dealer of Pan Asia Banking Corporation for a period of six months with effect from today, in order to continue the investigations being conducted by the Central Bank. The Central Bank wishes to emphasize that […]
Hemas Group net profit down 20-pct in 1Q amid high finance cost
Aug 15, 2018 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure, and healthcare has posted a shareholder profit of 554.3 million rupees in the June 2018 quarter, down 20.2 percent from a year earlier, interim accounts showed. The decrease in profit is due to reduced interest income post utilization of cash […]
Special Salaries Commission to remove public sector salary anomalies
Aug 14, 2018 (LBO) – Cabinet approval has been granted to appoint a special salaries commission to remove salary anomalies in the public sector including the Railway Department.The salaries commission will pay its attention and make an in-depth study on the provisions of the existing circulars dealing with payment of salaries and other allowances paid […]
Sri Lanka industrial production index up 0.4-pct in June
Aug 14, 2018 (LBO) – The volume of industrial production has increased by 0.4 percent in the month of June, 2018 compared to the same month in 2017, the Census and Statistics Department said. Among the manufacturing industries; volume of products of ‘Coke and refined petroleum products’ (33.7 percent), ‘Manufacture of fabricated metal products’ (19.1 percent) […]
Janashakthi Insurance PLC reports 6-pct growth (YoY) in June quarter
Aug 14, 2018 (LBO) – Life Insurer Janashakthi Insurance PLC (Janashakthi) reported a 6 percent year on year (YoY) growth in Gross Written Premium (GWP)for the six months ended 30thJune 2018, ending the period under review with premiums of 1.445 billion rupees. Continuing to honour its commitment to policyholders, Janashakthi saw claims grow by 12 […]
Jaffna uniquely positioned for dual-hub IT strategy: STAX
Aug 14, 2018 (LBO) – Sri Lanka’s leading management consulting firm, STAX, recently launched a research report outlining a dual-hub IT strategy for Jaffna. In collaboration with Market Development Facility (MDF), STAX released this report with a view to fostering the region’s substantial potential for IT-related services in line with the national drive to develop […]
Sri Lanka Telecom (SLTL) to issue 90mn shares in private placement, price TBD
August 13, 2018 (LBO) – Trading in shares of Colombo Stock Exchange (CSE) listed Sri Lanka Telecom (SLTL) were halted today pending an announcement of un upcoming private placement. The announcement posted on the CSE website said that: 89,766,198 shares will issued at maximum Shares are expected to be placed with local and foreign institutional […]
Ceylon Tobacco (CTC) pays taxes of Rs63bn, keeps Rs8bn for itself at halfway mark for 2018
August 13, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon Tobacco (CTC) reported robust earnings for the quarter and six months ended June 30, 2018. CTC earned Rs4.36bn for the quarter, up almost 50% from the previous year. For the 6 months, CTC earned Rs8.1bn, up around 30% from the previous year. The company […]