Category: Companies
Sri Lanka’s Browns & Co plans tourism industry expansion
Aug 20, 2015 (LBO) – Sri Lanka’s household goods retailer Brown & Company wants to build two hotels in Maldives and expand from its current 308 operational rooms to approximately 1,000 in the near future, the company said. “As the tourism industry continues to grow rapidly, Browns will partner by contributing approximately 1,000 rooms in […]
Softlogic net surges 35 pct on ICT, retailing post-ODEL acquisition
Aug 20, 2015 (LBO) – Sri Lanka’s Softlogic Holdings PLC, with diversified interests, reported a 35 percent rise in net profit to 304 million rupees for the three months to June, on revenues of 13 billion rupees, driven by stronger ICT and retailing activities. Earnings per share was 0.11 rupees for the quarter, up from […]
Sri Lanka’s Janashakthi Insurance to raise Rs 3.3bn through rights issue
Aug 20, 2015 (LBO) – Sri Lankan insurance player Janashakthi is to raise 3.3 billion rupees by way of a rights issue, the company said in a stock exchange filing. Subject to the necessary approvals, the company is to issue 181.5 million ordinary shares at 18.50 rupees each in the ratio of one for every […]
Sri Lanka stocks close higher after parliamentary polls
Aug 18, 2015 (LBO) – Sri Lankan stocks closed up 0.09 percent on Tuesday a day after parliamentary elections in the island positioned the United National Party to usurp its rivals. The Colombo benchmark All Share Price Index closed 6.66 points higher at 7,498.70 points. The S&P SL20 closed 4.10 points lower at 4,162.32, down […]
Dialog and Asiri form JV for e-healthcare
Aug 15, 2015 (LBO) – Sri Lanka’s Dialog Axiata PLC, which has interest in mobile, fixed telecom and pay television, said it will incorporate a joint venture company with Asiri Hospital Holdings PLC to develop infrastructure for the Sri Lankan healthcare sector.Digital Holdings Lanka, a wholly owned subsidiary of Dialog Axiata, and Asiri Hospitals have […]
Sri Lanka plans asbestos roofing import ban by 2018: President
Aug 14, 2015 (LBO) – Sri Lanka’s President says the government may ban importing of asbestos roofing by 2017-2018, as it generates health issues to the users. World Health Organization has said that all types of asbestos cause lung cancer, mesothelioma, cancer of the larynx and ovary, and asbestosis (fibrosis of the lungs).“I wanted to […]
Volkswagen assembly plant to get 8 year tax holiday for USD26.5mn investment
Aug 14, 2015 (LBO) – Sri Lanka’s Board of Investment said the Volkswagen assembly plant, which initially plans to make cars for the local market, will get an eight year tax holiday for an investment of 26.5 million US dollars. The agreement between BOI and sole agent of Volkswagen agent of the Island Senok Automobile […]
Sri Lanka’s Tea exporters are to be blamed for tea export reduction: Dilmah Chief
Aug 13, 2015 (LBO) – Sri Lanka’s Tea exporter, Dilmah says tea exporters who create various brand names at very cheap price levels in the global market are to be blamed on the lesser demand for “Ceylon Tea”.However, the importance of Russia and other CIS countries to Ceylon tea continues, though on reduced volumes of […]
Sri Lanka’s Nestlé unit net up 33-pct with revenue increase
Aug 12, 2015 (LBO) – Nestlé Lanka, a unit of a Swiss-based food group said profits rose 33 percent to 1.3 billion rupees in the June 2015 quarter from a year earlier. The firm reported earnings of 24.18 rupees per share for the quarter against 18.16 rupees reported a year earlier. In the six months […]
Sri Lanka’s Fitch affirms ratings of seven Finance Companies
Aug 11, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed the ratings of People’s Leasing and Finance, Central Finance Company, Melsta Regal Finance, Siyapatha Finance, Senkadagala Finance, AMW Capital Leasing And Finance and Singer Finance. The full text of the announcement is reproduced below. Fitch Ratings-Colombo/Singapore-11 August 2015: Fitch Ratings has affirmed the ratings […]
Sri Lanka’s Hayleys Q1 profits up 42 pct to Rs522mn
Aug 11, 2015 (LBO) – Profits at Sri Lanka’s diversified Hayleys group rose 42.5 percent to 522 million rupees in the June 2015 quarter, interim accounts showed. The firm reported earnings of 6.97 rupees for the quarter 2015 compared to the last year earnings of 4.89 rupees on profits of 366 million rupees.The group revenue […]
Aitken Spence net down 44-pct amid energy sector losses and downturn in Maldives
Aug 10, 2015 (LBO) – Sri Lanka’s Aitken Spence group, which has interests in tourism, logistics and power generation, said profits in the June 2015 quarter dropped 44 percent to 420 million rupees from a year earlier. The group reported earnings of 1.04 rupees per share for the quarter, against the 1.84 rupees recorded in […]