Category: Companies
The Finance Company (TFC) lost Rs740mn in the June quarter, deposits at Rs30bn
August 16, 2018 (LBO) – Central Bank of Sri Lanka (CBSL) registered finance company The Finance Company (TFC) reported a staggering loss for the quarter ended June 2018. June quarter losses were Rs743mn during the 3 months, a continuation of the trend of losses that has endured over the last several years. The Finance Company […]
Singapore-SL FTA revenue protection not yet gazetted but published by Treasury
Aug 16, 2018 (LBO) – Department of Trade & Investment Policy has not yet published the extraordinary gazette pertaining to the revenue protection order which deals with the preferential rates applicable to the Singapore – Sri Lanka Free Trade Agreement. A preferential rate is leviable and payable under the Singapore – Sri Lanka Free Trade […]
Pradeep Moraes re-elected as Chairman of Condominium Developers Association
Aug 16, 2018 (LBO) – The Condominium Developers Association of Sri Lanka (CDASL), has announced the appointment of new office bearers and members of the executive committee for 2018-19. Pradeep Moraes, Director of Indocean Developers (Pvt) Ltd., has been re-appointed Chairman of the Association, and Sivarajah Thumilan, Group Chairman, Blue Ocean Residencies (Pvt) Ltd and Hemaka […]
‘s HNB Group records PBT of Rs.14.1 Bn in 1H 2018
Aug 16, 2018 (LBO) – HNB Group recorded Rs 14.1 Bn in Profit Before Taxes (PBT) for the first six months of 2018, representing a 30.7% Year-on-Year (YoY) growth over the first half of 2017 while Group Profit After Taxes (PAT) rose 26.9% YoY to Rs 9.6 Bn. At a Bank level, HNB’s PAT improved […]
Commercial Bank continues growth in Q2 to post strong 6-month result
Aug 16, 2018 (LBO) – Commercial Bank of Ceylon PLC has continued its growth momentum into the second quarter of 2018, despite having to pay in excess of Rs 7 billion in taxes and being compelled to make significant provisions for impairment charges for the six months ending 30th June 2018. The Bank has posted profit […]
Virtusa worth $ 1.5 billion, projects year-end March 2019 revenue of $ 1.25 billion
August 15, 2018 (LBO) – Nasdaq listed software development company Virtusa (VRTU) reported earnings for the quarter ended June 30th 2018 last week. The company reported revenue of US$300mn in the quarter, up over 30% year over year, and up 6% sequentially. Non-GAAP net income was US$17mn for the quarter. For fiscal year 2019, which […]
Fitch maintains negative banking sector outlook for Sri Lanka in 2018
Aug 15, 2018 (LBO) – Fitch Ratings said it maintains a negative banking sector outlook for Sri Lanka as operating conditions remain challenging, which could put mild pressure on performance during the rest of 2018 and possibly 2019. The performance of Sri Lankan banks under Fitch’s coverage, however, remained fairly stable through 2017 and 1Q18, […]
CB extends suspension of Pan Asia Bank primary dealer activities by 6 months
Aug 15, 2018 (LBO) – Monetary Board has decided to extend the suspension of business and activities of a Primary Dealer of Pan Asia Banking Corporation for a period of six months with effect from today, in order to continue the investigations being conducted by the Central Bank. The Central Bank wishes to emphasize that […]
Hemas Group net profit down 20-pct in 1Q amid high finance cost
Aug 15, 2018 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure, and healthcare has posted a shareholder profit of 554.3 million rupees in the June 2018 quarter, down 20.2 percent from a year earlier, interim accounts showed. The decrease in profit is due to reduced interest income post utilization of cash […]
Janashakthi Insurance PLC reports 6-pct growth (YoY) in June quarter
Aug 14, 2018 (LBO) – Life Insurer Janashakthi Insurance PLC (Janashakthi) reported a 6 percent year on year (YoY) growth in Gross Written Premium (GWP)for the six months ended 30thJune 2018, ending the period under review with premiums of 1.445 billion rupees. Continuing to honour its commitment to policyholders, Janashakthi saw claims grow by 12 […]
Sri Lanka Telecom (SLTL) to issue 90mn shares in private placement, price TBD
August 13, 2018 (LBO) – Trading in shares of Colombo Stock Exchange (CSE) listed Sri Lanka Telecom (SLTL) were halted today pending an announcement of un upcoming private placement. The announcement posted on the CSE website said that: 89,766,198 shares will issued at maximum Shares are expected to be placed with local and foreign institutional […]
Ceylon Tobacco (CTC) pays taxes of Rs63bn, keeps Rs8bn for itself at halfway mark for 2018
August 13, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon Tobacco (CTC) reported robust earnings for the quarter and six months ended June 30, 2018. CTC earned Rs4.36bn for the quarter, up almost 50% from the previous year. For the 6 months, CTC earned Rs8.1bn, up around 30% from the previous year. The company […]