Category: Industry
General Growth
May 25, 2007 (LBO) – Janashakthi Insurance Co. Ltd, says general insurance premiums grew 37 percent in the first quarter with motor insurance growing 40 percent. The general insurance has grossed 1,028 million rupees, which was up 277 million for the March quarter. Gross written premium of the life side has also grown 27 percent. […]
Dubai Flight
May 25, 2007 (LBO) – Sri Lanka government and Emirates airlines would soon have discussions on extending Srilankan Airlines’ management deal with the Dubai based carrier, a top official said. “A team is coming to meet the President on this,” Finance Ministry Secretary P B Jayasundera told LBO Friday. Dubai government-owned Emirates has a 10-year […]
Oil Numbers
May 24, 2007 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation has posted higher profits in the March quarter helped by a provision write-back and supply of refined products to the Ceylon Petroleum Corporation. Lanka IOC posted net profits of 874 million rupees in the 3-months to March (344.7 million rupees in […]
Money Talks
May 24, 2007 (LBO) – Shareholders of Dialog has approved its 15.5 billion rupee rights issue which is the highest cash call made on the Colombo Stock Exchange, the company said. Dialog says the financing forms a part of a larger medium term funding programme, which would include more local and off-shore debt infusions to […]
Maritime Stakes
May 24, 2007 (LBO) – The Sri Lanka Ports Authority (SLPA) is to start construction work on the planned new deep-water port in Hambantota on the island’s south coast in the first week of June, officials said. The first phase of the project is to be completed in three years and three months, SLPA vice […]
Tell All
May 23, 2007 (LBO) – A presidential commission appointed to probe failed finance companies is calling for members of the public to contact the commission before the end of May. “The Commission after perusal of such representations may invite any individual or organization for further discussion and/or to testify before the Commission,” the commission said […]
‘s On
May 23, 2007 (LBO) – Sri Lanka’s Central Bank says it has strengthened action against pyramid schemes and not halted or scaled down investigations in the recent past. “The Central Bank wishes to inform the public that it has in fact, contrary to such reports, strengthened its action against pyramid schemes,” the Central Bank said […]
New Link
May 23, 2007 (LBO) – Japan Wednesday gave Sri Lanka a 15-million-dollar loan to re-build a key bridge in the embattled north-western district of Mannar, the Japanese embassy said.The bridge will connect the Mannar islet with the rest of the mainland and also speed up work to resettle thousands of people displaced by the ongoing […]
Retail Takeover II
May 23, 2007 (LBO) – Listed firm Khsatriya Holdings said it had reached a deal with the owners of Kings Super retail chain to purchase its assets and brand name, which will add a billion rupee business to the firm which is building a diversified group. King™s Super chain of supermarkets has been operating for […]
Dot Mobile
A Colombo city guide on the internet, available on mobile phones, that offers useful services and shopping was launched this week.Billed as a ‘city guide in your hand’, colombocity.mobi (pronounced DotMobi) is a new development of made-for-mobile internet sites. The local site was launched by Infotechs in association with content providers like ‘Living’ magazine with […]
Security Hit
May 23, 2007 (LBO) – Alpha Airports, a UK firm which owns and operates the duty free liquor franchise at Colombo airport has warned of a downturn in business in a stock exchange filing. The company whose parent is listed in the London Stock Exchange said its airport retail stores in the UK grew 8 […]
No Gain
May 23, 2007 (LBO) – National Development Bank has reported group after-tax profits in the first quarter ending in March 2007 was 299 million rupees, a drop of 77 percent mainly because profit in the same quarter last year had been inflated by a share sale. NDB Bank posted a 1.3 billion rupee profit after […]