Category: Economy and Markets
Tokyo Cement (TKYO) reports a loss as Sri Lankan construction industry slows in Q1
June 24, 2018 (LBO) – The Central Bank of Sri Lanka recently released its first quarter GDP report. Growth was a tepid 3.2% for the quarter ended March 31, 2018. Digging deeper, one saw a rebound in agriculture with a growth of 4.4%, and services meandering along with the same 4.4% year over year growth […]
Colombo stocks in a slumber to finish the week
June 22, 2018 (LBO) – The Colombo Stock Exchange finished the week with not a bang, but a whimper. Stocks finished flat with both major indices (ASPI and S&P SL 20) closing almost unchanged. Turnover was very light at Rs277mn (US$1.7mn). The recent trend of foreign selling continued with today’s net foreign sales of Rs72mn […]
PropertyGuru Asia Property Awards (Sri Lanka) 2018 finalists announced
Jun 22, 2018 (LBO) – Sri Lanka’s best developers are now officially finalists for the second annual PropertyGuru Asia Property Awards (Sri Lanka) competition, which is being held for the very first time in Colombo on 12 July 2018. More than a dozen companies have been shortlisted for the industry’s highest honours to celebrate excellence […]
Uswatte opens state-of-the-art biscuit factory in Millaniya
Jun 22, 2018 (LBO)- Uswatte Confectionery Works, Sri Lanka’s oldest confectionery manufacturer opened their latest factory in their premises at Millaniya. The state-of-the-art factory will focus exclusively on the manufacturing of biscuits and signifies the entry of Uswatte into Sri Lanka’s biscuit market. The factory was be declared open by Prime Minister Ranil Wickremesinghe including […]
Anilana (ALHP) reports another loss as east coast tourism struggles
June 21, 2018 (LBO) – Colombo Stock Exchange listed Anilana released financial results for the quarter and the year ended March 31, 2018.The loss for the quarter was Rs104mn, and the year was Rs330mn.These results are similar to the prior year where the company lost Rs276mn. Anilana was one of a few companies that made […]
Cabinet approval for electricity pricing mechanism expected by Sept: IMF
June 22, 2018 (LBO) – Cabinet approval for an automatic tariff adjustment mechanism for electricity under the 2015 tariff methodology is expected by September, an International Monetary Fund (IMF) report said. The 2015 tariff methodology introduces price stability by fixing tariffs over a period of six months, protecting end-users from volatility in the exchange rate, […]
Sri Lanka May inflation 2.1-pct, Up from April 2018
Jun 22, 2018 (LBO) – Sri Lanka’s headline inflation measured by National Consumer Price Index (NCPI) rose to 2.1 in May, the Census and Statics Department said Thursday. The NCPI decreased to 1.6 percent in April, lowest since February 2016, from 2.8 percent in March 2018. Compared to month-on-month changes, NCPI in May 2018 has increased […]
Colombo stocks snap losing streak, turnover weak
June 21, 2018 (LBO) – The stock market in Sri Lanka finally snapped a long losing streak finishing up slightly on the day. The major indices (ASPI and the S&P SL 20) both finished marginally in the green after spending most of the day in the red. Turnover was weak again at Rs416mn (US$2.6mn). Net […]
Sri Lanka’s unabated credit growth in real estate sector raises concerns: IMF
June 21, 2018 (LBO) – Sri Lanka’s significant credit growth for more than two consecutive years warrants attention, an International Monetary Fund (IMF) staff report released yesterday said. While a portion of this credit growth can be associated with financial deepening, loan concentration, notably in the real estate sector, raises concerns, the report added. The […]
Sri Lanka to develop internal air transport : 5 firms come forward
Jun 21, 2018 (LBO) – Sri Lanka’s government and cabinet of ministers has given the go ahead to carry out an overhaul in the domestic aviation industry and develop it. “Currently, no clear policy governing civil aviation exists, hindering development due to lack of conformity with international standards,” a cabinet statement said. To address the issues, […]
Opinion: Stock Brokerages in Sri Lanka should publish audited accounts on the CSE website
June 21, 2018 (LBO) – Choosing a stock broker in Sri Lanka can be a confusing process.There are 15 member firms and 12 trading member firms listed on the Colombo Stock Exchange (CSE) website. There is nothing else on the website that can help a potential client evaluate which is the best firm to transact […]
CM Port pays final tranche of USD584Mn for Hambantota Port
Jun 20, 2018 (LBO) – Sri Lanka’s government has received the final tranche of investment value for Hambantota Port concession from China Merchant Port Holdings Limited (CM Port), Wednesday. “This third and final tranche of US 584,194,800 dollars follows the 1st, a 2nd tranches released in December last year and January 2018,” the Sri Lanka […]