Category: Industry
Getting Co-operation
May 22, 2006 (LBO) – More than 25 co-operative societies have responded positively to the government’s call to revamp their banking units, Commissioner of Co-operatives Leslie Tissera said. Co-operative banking units have more than 20 billion rupees in public deposits, but the sector is under capitalised and poorly regulated. Tissera’s office has sent out proposals […]
Sinking Further
May 17 (LBO) – Petroleum retailer Lanka IOC, Friday reported a 7.1 billion rupee loss for the year ended March 31, as the Sri Lankan government fail to settle its subsidy bills. A unit of the Fortune 500 Indian Oil Corp., LIOCs financial health has been deteriorating since total subsidy claims climbed up to 7.695 […]
Bigger Footprint
May 19 (LBO) – Dialog Telekom, a unit of Telekom Malaysia, Friday kicked off a 150 million dollars expansion drive to grow its mobile and broadband business in Sri Lanka. For the three months to March 31, Dialog’s net profits soared 39 percent to 2.39 billion rupees, while revenues jumped 55 percent to 5.95 billion […]
Sri Lanka tourism stays steady in April, despite local violence
May 19 (LBO) – Tourist traffic to Sri Lanka stayed steady in April to reach 46,000 travelers, despite ongoing political instability and civil unrestthe island’s main tourism promotion body said Friday. Our advisory was updated to include a reference to local elections that take place next week and warning against political gatherings and demonstrations, John […]
Making Progress
May 18 (LBO) – Software solutions company KingsLake together with Progress Software Corp., launched a new version of its Open Edge software on Wednesday to speed up day-day business applications. Open Edge Software Version 10.1 is what is called an Integrated Development Environment (IDE) to develop business solutions for modern business logics. The software is […]
Aitken Spence on the brink of picking up their fourth Maldivian resort
May 18 (LBO) – Sri Lanka’s Aitken Spence & Company is currently wrapping up a deal to pick up their fourth Maldivian resort, a top company official said Thursday. “We are at the final stages of signing an agreement to sub lease the Lohifushi in Maldives from their current owners,” Malin Hapugoda, Managing Director of […]
Good Windfall
May 18, 2006 (LBO) – Sri Lanka’s NDB Bank Thursday reported a 585 percent jump in first quarter profits boosted by capital gains from the partial equity stake sale in Eagle Insurance. “The results are not surprising, considering the capital gains made from the part sale of Eagle to Aviva,” notes Chinthaka Ranasinghe, Head of […]
Quantum Leap
May 17, 2006 (LBO) – Runaway global oil prices is expected to cost Sri Lanka 2,250 million dollars this year, the government said Wednesday, in a broad hint that a retail fuel price revision was around the corner. Sri Lanka is a net oil importer, with last year’s fuel bill climbing up to 1.64 billion […]
Tough Call
May 17 (LBO) – Expensive telephone calls and tough labour laws could scare off multinational companies eyeing Sri Lanka as a possible destination to outsource business. South Asia has some of the highest firing costs in the region and Sri Lanka stays on top for rigid labour laws and high severance pay, a World Bank […]
Disappointing Year
May 17, 2006 (LBO) – Sri Lanka’s Hayleys Ltd Wednesday reported a 24 percent drop in net profits for the financial year ended March 31, due to higher input costs in its various subsidiaries. Hayleys, which has diversified interest in power, rubber products, coir, transport, agriculture, resorts and consumer durables, said group net profits were […]
Lame Excuse
May 16 (LBO) – A top economist tells Sri Lanka not to delay petroleum pricing reforms by taking cover behind potential oil reserves. Sri Lanka is a net oil importer, with a fuel bill in the region of 1.6 billion dollars (160 billion rupees) last year, over 800 million dollars the year before, driven upwards […]
John Keells pays US$ 21 mn for new Maldivian resort
May 16, 2006 (LBO) – Sri Lanka’s John Keells Holdings said Tuesday that they have paid 21.8 million dollars to secure Maldivian based Dhonveli Beach & Spa on a 15-year lease. However, the absence of peace talks since April 2003, the two sides have been drifting apart and leading to more violence in a country […]