Category: Companies
Cotton Collection divests to Softlogic Group
Aug 29, 2018 (LBO) – Sri Lankan fashion retailer, Cotton Collection Ltd. yesterday announced in a statement it has divested for an undisclosed amount its shares to ODEL Plc, a subsidiary of Softlogic Holdings Plc. Niloufer Esufally Anverally, the founder and creator of the all-Sri Lankan brand Cotton Collection, maintains ownership of her alternate brand […]
Ashok Pathirage buying controversial NDB shares after 1 year hiatus
August 28, 2018 (LBO) – Softlogic Chairman and CEO Ashok Pathirage has started buying NDB shares in the open market according to a Colombo Stock Exchange disclosure. His last purchases of stock in the bank were approximately one year ago at significantly higher prices. These new purchases amount to a few million rupees worth of […]
Financial Intelligence Unit enters into MoU with Insurance Regulatory Commission
Aug 28, 2018 (LBO) – In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) on August 01, 2018 at the Central Bank of Sri […]
Sri Lanka official reserves at USD9.3Bn : Rupee depreciated by 5.0-pct by Aug 2018
Aug 28, 2018 (LBO) – The Central Bank of Sri Lanka said reflecting developments in the domestic and global foreign exchange markets, the Sri Lankan rupee depreciated by 5.0 percent during the year up to 27 August 2018 against the US dollar. Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against the euro, […]
Sri Lanka Govt gives Cabinet nod to increase subsidy for rubber planting
Aug 23, 2018 (LBO) – Sri Lanka’s cabinet of Ministers has given the go ahead for increasing subsidies given to farmers for planting rubber in a bid to increase productivity in the industry, a statement said. The subsidy for new planting will be doubled to 300,000 rupees a hectare and the subsidy for replanting will […]
” weak 1Q results reflect seasonality: Fitch Ratings
Aug 21, 2018 (LBO) – Fitch Ratings said the weakness in Sri Lanka-based diversified conglomerate Hemas Holdings first-quarter financial results is temporary and is mainly due to the cash flow seasonality of its new school stationary business.The agency expects Hemas’ performance to improve during the remainder of the fiscal year to end 31 March 2019 […]
Melstacorp to enter into health care industry in Sri Lanka
Aug 21, 2018 (LBO) – Melstacorp is to enter into the healthcare industry in Sri Lanka shortly through the subsidiaries incorporated to undertake such activities, the company said in a stock exchange filing. This would involve management of hospitals, operating diagnostics centers and involvement in related healthcare institutions as and when the opportunity arises. Diversified […]
eChannelling launches its digital services at District Hospitals in Sri Lanka
Aug 21, 2018 (LBO) – A Fully-owned subsidiary of Sri Lanka Telecom, e-Channelling PLC recently launched its service at Ampara General Hospital marking it as the first district Hospital in Sri Lanka to have the service. The company said the facility will be launched islandwide in the future as a national endeavor to revolutionize the healthcare […]
Office space demand and long term optimism for apartments to drive real-estate market
Aug 21, 2018 (LBO) – It is clear that Sri Lanka has enjoyed a sustained growth in the supply of high-end luxury apartments.By 2016 and when calculated the number of developments that have been approved or are currently under construction, then the number of units will top 14,000 by 2020, the 2018 Research Intelligence Unit […]
Orient Finance (BFN) reports a loss of Rs21mn for the quarter, deposits at Rs11.6bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Orient Finance (BFN) reported a loss of Rs21mn for the quarter ended June 2018.This was against a profit of Rs6mn in the prior year quarter.Revenues were down 6% year over year, while impairment charges were up 36% to Rs140mn. These declining metrics pushed the company into […]
Alliance Finance (ALLI) makes a profit of Rs138mn for the June quarter, deposits at Rs12.9bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Alliance Finance (ALLI) reported a profit of Rs138mn for the quarter ended June 2018. The balance sheet shrank 2% in the 3 month period to Rs31bn as the company consolidated its position after years of rapid growth. Deposits were also down close to 2% in the […]
Swarnamahal Financial Services (SFS) loses Rs40mn in June quarter, Deposits at Rs3bn
August 16, 2018 (LBO) – Colombo Stock Exchange listed Swarnamahal Financial Services (SFS) reported a loss of Rs40mn for the quarter ended June 2018. The balance sheet of the company is shrinking, likely in accordance with the CBSL initiatives to restructure the EAP group registered finance companies.Total assets were down 20% in the 3 month […]