Category: General Services
Kotagala Plantations to subdivide shares after Rs800mn rights issue
Sept 13, 2016 (LBO) – Sri Lanka’s Kotagala Plantations is to raise 800 million rupees by way of a rights issue, subjected to exchange approval, the company said in a stock exchange filing. The company is to issue and list 80 million new ordinary shares at 10 rupees each in the ratio of two new […]
Sri Lanka minimum wage for migrant workers to increase to USD300
Sept 06, 2016 (LBO) – Sri Lanka’s Foreign Employment Bureau is to increase the minimum wage of migrant workers to 300 US dollars per month from January 2017. Foreign Employment Minister Thalatha Athukorala told a meeting that the ministry is currently holding discussions with several countries to raise the minimum wage. “We have already signed […]
Sri Lanka’s tea industry opposes state interference to use levy
Aug 29, 2016 (LBO) – Sri Lanka’s tea industry players have opposed the Finance Ministry’s move to appropriate the funds accumulated by Tea Board, collected from the industry, for global tea promotion. Releasing a statement, six associations in the tea industry appealed to the Government to reconsider what they called an ‘unfair’ action in deference to […]
Sri Lanka to regulate lubricants, bitumen through PUCSL
Aug 24, 2016 (LBO) –Sri Lanka’s cabinet has approved appointment of the Public Utilities Commission as the regulator of the lubricant industry and bitumen trade so as to increase competition in the industry in line with the 2016 budget proposals. At present 13 companies including Ceylon Petroleum Corporation and Lanka Indian Oil Company are engaged […]
Sri Lanka bottled water to have higher SLS standards
Aug 24, 2016 (LBO) – Sri Lanka’s Consumer Affairs Authority (CAA) will be enforcing plastic mineral water bottling standards starting September 1 following the authority detecting several brands using low quality bottles. “Low quality bottles affect the quality of water in bottles,” said Rishad Bathiudeen, minister of Industry and Commerce during a consumer review conducted […]
Sri Lanka Telecom profit down 38-pct in June quarter
Aug 16, 2016 (LBO) – Sri Lanka Telecom, the island’s largest telcos profits fell 38 percent to 1.09 billion rupees in the June 2016 quarter from an year earlier. The company’s interim accounts showed that the group reported earnings of 0.61 rupees per share for the quarter while in the six months to June earnings […]
Gemfields UK calls EOIs for Sri Lankan gem supply chain
Aug 15, 2016 (LBO) – Gemfields, a United Kingdom based supplier of coloured gemstones, through its subsidiary Ratnapura Lanka Gemstones is inviting expressions of interest with a view to setting up a supply chain in the Sri Lankan gemstone industry. “We will call for expressions of interest from local mining companies with a view to […]
Sri Lanka’s Ceylon Tobacco unit profits flat in June quarter
Aug 12, 2016 (LBO) – Profits at Ceylon Tobacco, a unit of British American Tobacco, rose one percent to 3.0 billion rupees in the June quarter, interim accounts showed. The firm reported earnings of 16.28 rupees per share for the quarter compared to earnings of 16.12 rupees per share posted a year ago. The share […]
Sri Lanka gets USD128mn ADB loan for water and waste water management
Aug 11, 2016 (LBO) – The Asian Development Bank (ADB) will give a 128 million US dollar loan for a greater Colombo water and wastewater management improvement investment program to assist achieve providing safe water and full sanitation coverage. “The investment program will improve Colombo city dwellers’ quality of life and will cater to the […]
Sri Lanka’s Hemas Holdings profits surge 68-pct in June quarter
Aug 11, 2016 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure and healthcare, has posted a equity holder profit of 696 million rupees in the June 2016 quarter, up 68 percent from a year earlier, interim accounts showed. The group reported basic earnings of 1.22 rupees per share for the quarter, […]
Sri Lanka’s Distilleries June net up 10-pct with beverage revenues
Aug 11, 2016 (LBO) – Profits at Sri Lanka’s Distilleries group, the island’s largest alcohol maker, rose 9.55 percent to 1.9 billion rupees in the June 2016 quarter from a year earlier, interim accounts showed. In the June quarter, net revenues rose 35 percent to 25.9 billion rupees and sales related costs rose 25 percent […]
Sri Lanka’s Agalawatte employees agree to work with Browns
July 26, 2016 (LBO) – The Joint Employees’ Union for the Protection of Agalawatte Plantations has agreed to work with Browns who purchased 60 percent of Agalawatte shares from Mackwood Plantations. The union’s convener Lakshman Kumara told LBO that their main issue of job security has been taken care of during today’s discussions with Browns […]