Category: Companies
Sri Lanka shares end little changed; turnover slumps
Nov 25, 2016 (Reuters) – Sri Lankan shares ended little changed on Friday, hovering near eight-month lows, while turnover slumped as investors kept to the sidelines on concerns over recent tax proposals. The Colombo stock index ended 0.02 percent down at 6,252.12, and lost 1.17 percent during the week, marking its third straight weekly fall. […]
Anthony Shanil Fernando appointed to the CSE Board
(PRESS RELEASE) – The Colombo Stock Exchange (CSE) announces the appointment of Mr. Anthony M. Shanil Fernando as a Director of the CSE Board. Mr. Fernando, Attorney-at-Law, Solicitor, MBA, is a Senior Partner at Anton Fernando Associates Law firm. He is also the Chairman of AFA Corporate Services Limited and the Director of World Express […]
Chartered accountants to adopt new code to combat crimes
Nov 25, 2016 (LBO) – The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has decided to adopt the “Responding to Non Compliance with Laws and Regulations” (NOCLAR) standard with effect from 15th July 2017 to ensure Sri Lanka is in line with the latest international ethics standards. It sets out a first-of-its-kind […]
‘s SEC to adopt new capital adequacy from March
Nov 23, 2016 (LBO) – Sri Lanka’s Securities and Exchange Commission on the recommendation of the CSE has directed the implementation of a new risk-based Capital Adequacy Requirement (CAR). The commission said the new requirement will be 1.2 times the risk requirement of stockbrokers subject to a minimum liquid capital requirement of 35 million rupees. […]
Sri Lanka poised for a shopping spree, basic goods drive demand
Nov 23, 2016 (LBO) – Sri Lankans still demand basic products such as refrigerators and washing machines due to the country’s low penetration levels although income levels of consumers have improved significantly, an official from the consumer durables industry said. “The consumer durables industry is primarily driven by growth in disposable income, but while income levels have improved, […]
Virtusa announces USD210 mln Q2 revenue, up 46.9 pct
Nov 22, 2016 (LBO) – Virtusa Corporation, a global business consulting and IT outsourcing company, with Sri Lankan founders, reported revenue for the second quarter of 210.1 million dollars, up 46.9 percent year-over-year. Net income for the second quarter was 3.2 million dollars, compared to a net loss of 6.3 million dollars for the first […]
CA Sri Lanka to implement new Audit Report from March 2018
Nov 17, 2016 (LBO) – Institute of Chartered Accountants of Sri Lanka is to implement the new Audit Report from March 2018, in keeping with its continuing efforts to ensure the country is in line with international standards. The new Audit Report by the International Auditing and Assurance Standards Board (IAASB) of International Federation of […]
Access Engineering PLC opens trading at CSE
(PRESS RELEASE) – Access Engineering PLC (Access)rang the Opening Bell to commence trading at the Colombo Stock Exchange (CSE) today. The Bell Ringing ceremony was organized by the CSE as part of a series featuring companies included on the S&P Sri Lanka 20 Index. Sharing his remarks at the ceremony, Chairman of CSE Mr. Vajira […]
Janashakthi reports Profit Before Tax of Rs.894 million in nine months ended 30th September
(PRESS RELEASE) – Janashakthi Insurance PLC (Janashakthi) reported a consolidated Profit Before Tax (PBT) of Rs.894 million for the nine months ended 30th September 2016, a remarkable growth of 131% over the same period in 2015. Consolidated Gross Written Premiums (GWP), which stood at Rs.9.8 billion at the end of the period in review, […]
Sri Lankan market crowded, Asian telcos under pressure in 2017: Fitch
Nov 15, 2016 (LBO) – Sri Lanka continues to be a crowded market with five operators serving a population of 21 million and set for consolidation, Fitch Ratings said in a statement. “We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek mergers and acquisition to strengthen […]
Sri Lanka budget promotes inclusive growth: Lanka Securities
Nov 15, 2016 (LBO) – Sri Lanka’s budget 2017 promotes inclusive growth with an emphasis on education, infrastructure, SMEs and incentives for business, although growth and deficit targets seem ambitious, Lanka Securities said in a research note. “The projected 6.7 percent growth in economy, in our opinion is quite ambitious given the volatility in the […]
Sri Lanka to list Mobitel, Hyatt other state enterprises: Budget 2017
Nov 10, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake said several state-owned enterprises such as Mobitel, Hyatt, Waters Edge, Grand Oriental Hotel will be listed on the Colombo Stock Exchange. The firms are to be listed during 2017, he said presenting budget proposals for 2017. “We will also list non-strategic enterprises such as […]