Category: Industry
Roads End
All assets of state owned construction firm Road Construction and Development Company (RCDC) is to be packaged and sold off following its shut down last year. State privatization arm PERC has called for consultants to help value the assets including plants, machinery, quarries and workshops, which can be sold as ongoing commercial concerns.rn rnThe consultants […]
Bateys Music
Making its music, Sri Lanka will have its first annual drum festival in September, showcasing local drummers and from far a-field as Africa and South America.To be held in the hill country capital of Kandy, the three-day festival could also coincide with the Kandy Perahera.rn rnThe lquote Festival of Drums is to be built into […]
Fund Raising
Distilleries recent inter-company share transfers are to retire its over Rs. 3 billion debt acquired when buying Sri Lanka Insurance Corp., say stock analysts. For a second day running, Distilleries sold it holdings in Aitken Spence to Sri Lanka Insurance Corp., at a premium of Rs. 15 above the market. rn rnSo far brokers confirm […]
Collect Call
Telecom operator Suntel has seen its earnings jump 305 percent to Rs. 505 mn, though revenues were flat at Rs. 3.425 bn as at end Dec. 2003.Sri Lankas second wireless operator said falling interest rates cut debt servicing costs and helped swell its bottomline.rn rnFinance costs fell to Rs. 1.757 bn from Rs. 2.640 bn […]
Under Way
While Sri Lankas impoverished national railway struggles to make ends meet above ground, prospects are under evaluation to build a new rail network underground supported by Korean technology.Feasibility studies to set up Sri Lankas first underground rail system connecting Kalutara, Colombo, Negombo and Avissawella is underway, Minister of Lands, Rajitha Senaratne said on Wednesday.rn rnldblquote […]
On Test
The much-hyped third generation cellular services will soon be a reality, with the first of three trial networks launched by Dialog GSM on Tuesday. Though only on a test basis, CEO Dr.Hans Wijayasuriya says it creates an opportunity for Sri Lankans to interact with new age technology and offer application providers a platform to test […]
Be Generous
Commercial Bank of Ceylon is in talks with its Unions to ask them to contribute part of their earnings towards a bank pension schemeInitial discussions made some headway, with Unions agreeing not to include employees who join after January 1, 2004, from contributing to the Fund.rn rnThe Pension Fund is presently, non-contributory to employees, while […]
Hard Sell
Modeled on the likes of top branded resorts like Banyan Tree, Jetwing Hotels is revamping its hotels and spas into three core brands endash Eco, Ayurveda and beach holidays.The group is making a determined shift up-market, in efforts to lure the discerning high spenders with more than just the best package deal.rn rnldblquote In the […]
Good Show
The Seylan Merchant Bank (SMB) Groups earnings rose 344 percent to Rs. 50.29 mn over revenues of Rs. 565 mn for the fiscal year ending Dec.31, 2003.In unaudited results released recently, SMB Groups Net Income rose by 22 percent to Rs 668 million from Rs 546 million in the corresponding period in 2002.rn rnMeanwhile, the […]
Bigger Capacity
Dubai based Emirates Airlines said Monday, that it was adding five new services to Colombo in March, substantially increasing seat and cargo capacity to and from the Indian Ocean island.The new services routed Dubai-Colombo-Male-Dubai commence March 20 and will bring the total number of services operated by the airline to Colombo to 22 a week.rn […]
Chartered Standards
Institute of Charted Accountants is working on two new accounting standards to improve disclosure and measurement of complex financial instruments, at the heart of spectacular bankruptcies in the US.Accountants say these two standards modeled on IAS 32 and 39 will make reporting on derivatives more transparent.rn rnThe complex nature of derivative and other financial instrument […]
Precautious Bank
Peoples Bank provided a massive Rs. 1.7 bn for its property portfolio to comply in advance with a new Central Bank ruling.Provisions for bad debts by banks are made after deducting the value of the collateral for the loan.rn rnUnder the new mandatory haircuts announced by the regulator, banks will only be allowed to setoff […]