Category: Economy and Markets
Pan Asia Bank PAT tops Rs.800Mn in 1H 2018
Aug 10, 2018 (LBO) – Pan Asia Banking Corporation PLC reported its best ever profit recorded in a first half in 2018 anchored by solid growth in new loans, prudent margin and asset-liability management.For the six months ended in June 30, 2018 (1H’18), the bank reported a profit after tax of Rs.819.6 million, up by a […]
Oracle Cloud powering Sri Lankan organizations to transform and innovate
Aug 10, 2018 (LBO) – Three of Sri Lanka’s most prominent companies shared how they are transforming their businesses and accelerating the adoption of the latest innovations thanks to the use of Oracle Cloud Applications, during a recent media showcase. The event, which focused on cloud-driven innovation, saw participants hearing directly from key business leaders about […]
CSE’s Depository arm CDS capitalizing on technology to diversify business
Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE) is announcing a number of new offerings focused on raising-the-bar in the services offered to its stakeholders. In this in-depth interview, Nalin Fonseka, Head of CDS speaks on the thinking behind these new offerings and how they will benefit […]
Dialog approves nominee director from Axiata Group Berhad; 2Q profits up
Aug 09, 2018 (LBO) – Dialog Axiata has approved the appointment of Dato’ Mohd Izzaddin Idris as a Non-Executive Director to the board of Dialog, as a Nominee Director of Axiata Group Berhad effective from today. He is also a Non-Executive Director of Axiata Group Berhad and is currently the Group Managing Director and Chief […]
Singer revenue up 16-pct in 1Q
Aug 09, 2018 (LBO) – Singer (Sri Lanka) PLC announced a 16 percent increase in its revenue to 15.1 billion rupees in the first quarter of FY19 in spite of challenging business conditions, the Company said in a statement. While an improvement in the rural economy was noted in April-May, the company noted a lower consumer […]
Advantis Engineering partners ATAD Steel Structure Corporation to improve construction solutions in Sri Lanka
Advantis Engineering, a subsidiary of Hayleys Advantis Limited, recently entered into a Memorandum of Understanding (MOU) with global pre-engineered building giant ATAD Steel Structure Corporation. This latest partnership is in keeping with the company’s ongoing efforts to bring sustainable, cost effective and rapid construction solutions to Sri Lanka. Pre-engineered steel buildings are tailor-made solutions to […]
CB Governor says bank deposit and lending rates need to come down
Aug 08, 2018 (LBO) – Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy expressed concern on the current deposit and lending rates of the banks. Speaking at a press briefing, Coomaraswamy said it is a matter of some concern because the deposit and lending rates are as rigid as they were in the past. “In fact […]
President invites all to join hands and achieve sustainable development goals
Aug 08, 2018 (LBO) – Achieving sustainable development goals is to make the country and the nation victorious, Sri Lanka’s President Maithripala Sirisena said and invited all citizens including political leaders, academics, private sector, entrepreneurs and school children to join hands to achieve success in attaining these goals. He made these remarks participating in the launching […]
Land area of Mirigama Export Processing Zone to be expanded by 108 acres
Aug 07, 2018 (LBO) – Sri Lanka’s Board of investment says the Mirigama Export Processing Zone is presently expanding its land area by another 108 Acres, adding 31 industrial lots to the zone with an objective of facilitating more FDI into the country. The Mirigama Export Processing Zone (MEPZ) has contributed 14 million US dollars […]
Sri Lanka President says “NO” increase of salaries for Ministers and MPs
Aug 07, 2018 (LBO) – President Maithripala Sirisena says even though the Sunday newspapers published that the decision was made to increase the salaries of the Ministers and MPs by the consent of all the party leaders, it should be submitted to the cabinet and that he would never allow it to be approved. President […]
Prime Finance (GSF) swings to profit, increases capital via rights issue, deposits top Rs2.6bn
August 6, 2018 (LBO) – Colombo Stock Exchange listed Prime Finance PLC (GSF) reported a profit of Rs29mn for the quarter ended June 2018.This was against a loss in the year ago June quarter.Deposits at the CBSL registered finance company were up more than 10% over the March 2018 quarter to stand at Rs2.66bn. Revenues […]
SOMAP makes mandatory offer to all shareholders of Anilana Hotels (ALHP)
August 6, 2018 (LBO) – Singapore incorporated company SOMAP has made a mandatory offer to acquire all outstanding shares in CSE listed Anilana Hotels (ALHP). The price of the offer is Rs1.30/share, and total outlay if all shareholders accept the offer will be over Rs600mn. The offer is being made due to the takeover rules […]