Category: Industry
‘ Asset Quality Under Pressure as Relief Measures End: Fitch Ratings
Sri Lankan banks are likely to face continued asset-quality pressure in 2022 as rising macroeconomic stresses stemming from the sovereign credit profile pose a threat to borrowers’ repayment capacity, alongside the conclusion of most relief measures in 2021, says Fitch Ratings. Fitch-rated banks’ stage 3 (impaired) loans ratio has remained broadly unchanged since 2019 (9M21: […]
24 Sri Lankan companies honoured at 25th SAFA
A total of 24 Sri Lankan companies were honoured for their excellent annual reporting and for also promoting transparency, accountability, and governance in financial reporting at the 25 th Best Presented Annual Report Awards of the South Asian Federation of Accountants (SAFA).The prestigious South Asian awards ceremony was hosted by the Institute of Chartered Accountants […]
Opinion: Sri Lanka needs GSP+ now more than ever
By Felix Fernando Much has been said of the potential economic costs to Sri Lanka, of losing the Generalised Scheme of Preferences (GSP) Plus trade concessions to the European Union (EU). While these costs will be high, the social and human costs are likely to be even greater. Considering official statistics for 2021, available up […]
”; Outlook evolving
Fitch Ratings has downgraded Abans Finance PLC’s National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’. The Outlook is evolving, a statement said. The rating agency has also downgraded the company’s proposed senior unsecured debt to ‘A- (EXP)(lka)’, from ‘A(EXP)(lka)’. KEY RATING DRIVERS The downgrade follows the downgrade of the National Long-Term Rating of Abans Finance’s parent […]
Aitken Spence Travels facilitates first Charter Flight from Uzbekistan
Aitken Spence Travels, the leading DMC in Sri Lanka together with their Uzbekistan agent Asia Luxe welcomed the country’s first charter flight from Uzbekistan on Wednesday 9th February 2022. There will be a weekly flight operating every Wednesday until the end of March 2022. The charter airline operation is partnered with this leading tour operator of Uzbekistan […]
Venture Engine shortlists Sri Lanka’s top fundable startups
Venture Engine, Sri Lanka’s pioneering startup acceleration program, has entered the final phase of its tenth edition with the selection of its top 10 grouping of finalists. The program’s next, and final, stage is the showcasing of these finalists to potential investors as “Sri Lanka’s Top Fundable Startups” at the Venture Engine finale, which is […]
RigServ opens global resource centre in SL; Plans to empower local IT sector
Supply chain and technology consulting company, RigServ, recently commenced operations in Sri Lanka via its dedicated Global Resource Centre which employs 50 subject experts in their relevant industrial areas. RigServ offers clients industry expertise as well as data-driven, impartial, and creative solutions to their most difficult situations. RigServ was founded in 2014 by operational and […]
Sunshine Group 9-month revenue up 39-pct driven by Healthcare & Agribusiness sectors
Fueled by strong growth in all business sectors, diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) reported impressive growth in top and bottom-line performances during the first nine months of the current financial year (9MFY22). During this period, the Group posted consolidated revenue of Rs. 24 billion, up by 39% Year-on-Year (YoY).Group’s Profit After […]
Hela Apparel Holdings’ records year-to-date revenue of Rs 41.6 Bn
Hela Apparel Holdings Limited (the holding company of the Hela Clothing Group) ended its third quarter on a high note, having exceeded its annual performance for FY2020/21 within the first 9 months of the current financial year. The Group recorded year-to-date revenue of Rs 41.6 billion, which represents a growth of 88% compared to the […]
Sri Lanka explores batik, handloom and local apparel opportunities in Russia
Ambassador of Sri Lanka to the Russian Federation Prof. Janitha Abeywickrema Liyanage together with the delegation headed by the Sri Lankan State Minister of Batik, Handloom and Local Apparel Products Dayasiri Jayasekara visited Russian Association of International Cooperation. The delegation was received by the Vice-Chairman of Russia-Sri Lanka Friendship Society Vladimir Polozkov and Board Member […]
Teejay Lanka 9-month revenue up 64-pct to Rs 36.1Bn
Improved demand from the region and enhanced capacity have helped Teejay Lanka PLC to post Group revenue of Rs 36.1 billion for the nine months ending 31st December 2021 and record strong topline growth of 64% over the corresponding period of the previous year. A period described by Chairman Mr Bill Lam as less disrupted […]
‘s economic policies
Explaining the economic policy of the future SJB government, Eran Wickramaratne M.P. said that the SJB has already decided to allow the use of chemical fertilizer in order to promote export- oriented value -added commercial agriculture. He also said that future SJB government will give priority to exports and the government will mediate directly to […]