Category: Economy and Markets
Nawala, Dehiwala and Rajagiriya continue as property hot-spots : Report
By Lanka Property Web A recent study done by LankaPropertyWeb.com reveals the average residential land prices around Colombo and which areas the prices have gone up. In a comprehensive study done on land for sale asking prices (for-sale prices) around Colombo listed on their website, the suburbs of Nawala, Dehiwala and Rajagiriya have topped the […]
Sri Lanka signs agreement for gas exploration services
May 31, 2018 (LBO) – Sri Lanka’s Minister of Petroleum Resources Development, signed an agreement with Eastern Echo DMCC, subsidiary of a major oilfield services company Schlumberger, Wednesday to explore prospects for oil and gas resources in selected offshore areas of the island. The company will collect, market and license of petroleum data on “multi-client” basis, enabling […]
‘s JKH Group PBT up 21-pct to Rs.27.6Bn
John Keells Group profit before tax (PBT) increased by 21% to Rs.27.63 billion for the financial year ended 31 March 2018. The profit attributable to equity holders of the parent was Rs.21.02 billion, representing an increase of 29% over the Rs.16.28 billion recorded in the previous year “During the year under review, the key businesses […]
Scandinavian countries invest 23-pct of total foreign purchases in 2018: CSE
May 30, 2018 (LBO) – Investment flows from the Scandinavian region to the Sri Lankan stock market have made a noteworthy improvement in recent years, the Colombo Stock Exchange (CSE) said. According to the CSE, inward investments from Scandinavian countries have grown by 39 percent per annum (CAGR) since 2013. “2.4 billion rupees in foreign […]
Dollar strengthening combines with political uncertainty in Sri Lanka: Moody’s
May 28, 2018 (LBO) – Strengthening of the Dollar in Sri Lanka has combined with domestic political uncertainty, weighing on the rupee, Moody’s Investors Service said.Moody’s said country-specific factors like in Sri Lanka have played a role in tightening financing conditions. Tightening financing conditions reflect various factors, including the appreciation of the US dollar. Moody’s, […]
Melstacorp enters into USD20mn joint venture to distribute cement
May 25, 2018 (LBO) – Melstacorp has entered into a joint venture agreement with Pyramid Gama (Private) Limited for importation, processing, packaging, and distribution of cement.The company said in a stock exchange filing that the agreement is effective from 18th May and operations are to be undertaken by a joint venture company in the name of Melsta […]
Listed Sri Lanka hospitals have strong growth prospects: Fitch
May 25, 2018 (LBO) – Listed hospitals in Sri Lanka will continue to grow strongly given growing demand for private health care, although regulatory price controls will constrain profitability, Fitch Ratings said. Long-term demand drivers are intact for private hospital operators, the report on the sector said. “Increasing demand for private healthcare is driven by […]
VAT to be reduced by 2.5-pct by 2020 : Fin Min
May 25, 2018 (LBO) – Sri Lanka will reduce Value Added Tax (VAT) by 2.5 percent in 2020 in order to relieve masses of the burden of indirect taxes, Minister MangalaSamraweera said. “It is the poor people who mostly pay taxes to the government by way of indirect taxes. We should relieve them of this […]
Finance Minister appoints Ranel Tissa Wijesinha as new Chairman of SEC
May 24, 2018 (LBO) – Finance and Media Minister has appointed Ranel Tissa Wijesinha as the new Chairman of the Securities and Exchange Commission of Sri Lanka with effect from today.The other members appointed to the Board of the SEC are as follows: Chandrakumar Ramachandra Jayantha Fernando Arjuna Herath Rajeev Amarasuriya Manjula Hiranya de Silva
Ceylinco Life’s 2017 net profit grows to Rs 9.4 billionCeylinco Life’s 2017 net profit grows to Rs 9.4 billion
(PRESS RELEASE) IRCSL-mandated change in basis of valuation of Life Fund generates one-off surplus of Rs 3.456 billion Ceylinco Life has announced that its net profit for the year ending 31st December 2017 is Rs 9.467 billion, including a one-off surplus of Rs 3.456 billion generated by a change in the basis of the valuation […]
Sri Lanka tea exports up in April 2018, Low grown production down
May 24, 2018 (LBO) – Sri Lanka’s tea exports for the month of April 2018 showed a gain of 0.7M/kgs when compared with the same period last year while bulk tea and tea bags show a marginal decrease, a new report shows. “When analyzing the total revenue realized of 17.1 billion rupees for April 2018, […]
Sri Lanka approves BOT system for state buildings
May 24, 2018 (LBO) – The cabinet has approved to construct public buildings under the Build, Own and Transfer (BOT) system by the private sector, a statement said. “The construction and maintenance of large public buildings including schools, universities, hospitals and vocational training centres require substantial public funds,” the cabinet office said in a statement. “…..if […]