Category: Economy and Markets
‘s telco merger to relieve competitive pressure: Fitch
May 01, 2018 (LBO) – The merger between Hutchison Telecommunications Lanka (Private) Ltd and Etisalat Lanka (Private) Ltd is likely to relieve some competitive pressures that have undermined Sri Lankan telecom companies’ revenue and EBITDA growth in recent years, Fitch Ratings said.. However, the merger is unlikely to affect the ratings on market leaders Sri […]
Jude Fernando to head Janashakthi
May 01, 2018 (LBO) – Sri Lanka’s Janashakthi Insurance PLC announced the appointment of Jude Fernando as the company’s Director / Chief Executive Officer with effect from 1st May 2018. Having divested its General Insurance business earlier this year, Janashakthi has focused its efforts on the country’s underpenetrated Life Insurance segment.With Jude at the helm, […]
DFCC group profits drop in Q1 2018
May 01, 2018 (LBO) – Sri Lanka’s DFCC Group recorded a profit before tax of 1,545 million rupees and profit after tax of 1,110 million rupees as compared to 1,647 million rupees and 1,301 million rupees respectively in the comparative period in 2017. BANK RESULTS Income Statement The Bank reported a profit before tax of […]
Pan Asia Bank posts Rs 498 mn PBT in 1Q
(PRESS RELEASE) – Pan Asia Banking Corporation PLC reported Rs 498 million in profit before tax for the quarter ended in March 31, 2018 (1Q’18) powered by a steady growth in new loans and improvement in overall margins which was resulted by prudent asset – liability pricing amidst rising market interest rates. This enabled the bank […]
China Harbour Engineering to construct 7-star Achilleion project
Apr 27, 2018 (LBO) – Sri Lankan real estate player Blue Mountain has signed an agreement with China Harbour Engineering Company Ltd. (CHEC) to build Achilleion, its Seven Star Luxury Project. Press release issued by Blue Mountain Apartments is reproduced below. In a historic move, Sri Lanka’s real estate major, Blue Mountain, has signed an agreement with […]
Given the current debt dynamics, fiscal slippage can lead to a serious economic crisis: CB
Apr 26, 2018 (LBO) – Given the current debt dynamics, fiscal slippage can lead to a serious economic crisis, the Central Bank said releasing its Annual Report 2017.Central Bank in its report said amidst the measures taken towards revenue based fiscal consolidation, fiscal sector performance in 2017 deviated from the envisaged targets.“Avoiding deviations from fiscal […]
Sri Lanka political unrest tests reform momentum: Fitch
Apr 26, 2018 (LBO) – Recent political developments in Sri Lanka have created some uncertainty over reform momentum and fiscal consolidation, and prolonged upheaval could undermine investor confidence ahead of large external debt maturities in 2019-22, says Fitch Ratings. That said, the unrest has had limited economic impact so far, and Sri Lanka’s ‘B+’ sovereign […]
Nawaloka & Durdans join Asiri in DOC990 Joint Venture with Dialog
Apr 26, 2018 (LBO) – DOC990 operated by Digital Health (Pvt) Ltd together with Asiri Hospital Holdings on Wednesday announced the expansion of the joint venture partnership with equity investments from Nawaloka Hospitals and Ceylon Hospitals (Durdans). Full statement is reproduced below. DOC990 operated by Digital Health (Pvt) Ltd, a joint venture between Digital Holdings […]
Union Bank records 37-pct growth in PAT in 1Q18
Union Bank recorded an impressive Profit Before Tax and VAT of Rs.246 million, reporting a 47 percent growth YoY, thus setting the pace for its next growth phase powered by a new three-year growth strategy which includes its subsidiaries. Core Banking Growth and Profitability A significant growth in core banking operations contributed to the robust […]
Presidential Commission on SriLankan to commence recording of evidence
Apr 26, 2018 (LBO) – President Maithripala Sirisena said that the Presidential Commission appointed to look into the alleged frauds and malpractices in SriLankan Airlines will commence recording of evidence within the next two weeks.He said at a discussion held with the trade union representatives of SriLankan Airlines at the Presidential secretariat yesterday (April 25). […]
35-pct of 2017 budget promises near completion, 24-pct broken: Research
Apr 25, 2018 (LBO) – Progress for the 2017 budget proposals tracked by Verité Research shows that almost a quarter of the budget promises have been broken with only 22 percent of the promises have made substantial progress. Eight percent of 2017 budget promises have been fulfilled; about a third of the promises were completed […]
Central Bank rejects Bandula’s claim on lack of funds to pay off T-bonds
Apr 25, 2018 (LBO) – Central Bank on Wednesday rejected the claim made by Parliamentarian Bandula Gunawardane on lack of funds the bank has to pay-off bonds. Gunawardane recently told media the government needs to pay back the funds of the Treasury bonds and bills before the date of termination but they were short of […]