Category: Economy and Markets
Colombo inflation accelerates 4.8-pct in May 2016
May 31, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 4.8 percent in May 2016 from a year earlier, up from 3.1 percent in April 2016 with the inflation index gaining 2.4 percent in the month, the state statistics office said. For the month of May, on year to year basis, […]
CEAT to invest Rs 800mn to increase radial capacity
May 31, 2016 (LBO) – CEAT Sri Lanka said it will invest 800 million rupees over the next 12 months to expand its radial tyre manufacturing capacity in the country to supply growing demand. “The investment would increase radial tyre production by 75 percent, from 40,000 tyres a month to 70,000,” the company said in […]
Sri Lanka’s Aitken Spence March net down 56-pct amid lower revenues
May 31, 2016 (LBO) – Profits at Sri Lanka’s Aitken Spence group which has interests in tourism, logistics and power generation fell 56 percent to 608 million rupees in the March 2016 quarter, interim accounts showed. The group reported earnings of 1.50 rupees per share for the quarter against 3.41 rupees per share reported a […]
Sri Lankan rupee forwards weaker on importer dollar demand
May 30 (Reuters) – Sri Lankan rupee forwards fell on Monday due to dollar demand from importers amid fears the currency could weaken further if the government increases spending following the country’s worst natural disaster since 2004, dealers said. Dollar/rupee forwards, known as spot next, were at 147.80/148.00 per dollar, weaker compared with Friday’s close […]
Sri Lanka’s MTD Walkers losses up on rising costs
May 30, 2016 (LBO) – Sri Lanka’s infrastructure solutions provider MTD Walkers posted losses of 266 million rupees in the March 2016 quarter, up 333 percent from a year earlier, amid engineering segment losses with rising sales and finance costs, interim accounts showed. The troubled firm reported losses of 1.59 rupees per share against the […]
Japan extends 38 billion yen development loan to Sri Lanka
May 28, 2016 (LBO) – Japanese Prime Minister has offered a 38 billion yen (USD344 million) development assistance loan to Sri Lanka for water purification projects for Kidney diseases and establishment of electricity transmission lines connecting the entire country. Prime Minister Abe has also thanked President Sirisena for raising Asia’s voice and explaining the Asian perspective […]
Sri Lanka increases taxes for cars over 1000cc
May 27, 2016 (LBO) – Prices of vehicles above 1000 cubic centimeter engine capacity will increase following the increase of the minimum unit tax from today, the Vehicle Importers Association said. “Prices may go up by about 100,000 to 150,000 rupees while larger cars and Sports Utility range will see a steeper rise,” the association […]
World Bank team concludes visit to Sri Lanka
May 27, 2016 (LBO) – The World Bank Board of Executive Directors completed a five-day visit including site inspections on work being implemented under the Bank supported projects in the island. During the five-day visit, the team met with President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe and Minister of Finance Ravi Karunanayake to understand the current […]
Sunshine Packaging receives USD2mn foreign capital infusion
May 27, 2016 (LBO) – Sri Lanka’s Sunshine Packaging, a subsidiary of listed Sunshine Holdings, have been infused equity capital of 2 million US dollars by a Hong Kong company called Primeco Holdings. Sunshine Packaging Lanka said in a stock exchange filing that they have agreed to issue 23,766,671 new shares amounting to 40 percent […]
SL Funds: Equity Unit Trusts now outperform market, says Guardian Acuity
May 27, 2016 (LBO) – There’s good news in fund management. Most of the professionally managed funds that invest in the Colombo market tend to outperform the market. In 2014, for instance, the Guardian Acuity Equity Fund, gave a return of 37.9 percent, compared with the All Share Price Index (ASPI) which rallied 23.4 percent. […]
Sri Lankan rupee forwards trade weaker on importer dollar demand
May 26 (Reuters) – Sri Lankan rupee forwards fell on Thursday due to importer dollar demand and amid apprehension the currency would weaken on a possible increase in government spending after the country’s worst natural disaster since 2004, dealers said. The cost of landslides and floods after days of torrential rains will be between $1.5 […]
PTL Watch: Sri Lanka bond yields dip 10-20 bps
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