Category: Industry
Magic Touch
Rising IT superstar, Millennium IT is heading for a US$ 5 mn net profit this year, after clinching top clients for its innovative line of products.The firm is hoping to make its Nasdaq debut by 2006, but is also keen to list on the Bombay Stock Exchange.rn rnMillennium Information Technologies (MIT) designs and develops capital […]
Big Brothers Help
MERC Bank is hoping to expand its loan book by leveraging on DFCC Banks balance sheet.DFCC Bank, which acquired a 90 percent slice in the trouble MERC Bank for Rs.600 mn, says they can recoup their investment within the next 18 months.rn rnldblquote We are looking at MERC increasing its loan book by about three […]
On Target
NDB Banks post tax profits surged 46 percent for the first six months of 2003 and said it was on target to merge with National Development Bank (NDB) by the end of this year.rnrnrnrnrnrnFinancial Highlights for the six months ending June 30rnrnrnrnrn The long-awaited mergerrnwith its parent NDB is now awaiting a firm nod from […]
True Profits
Rising profits from ground handling and an accounting policy change helped SriLankan Airlines buck the international trend to report a Rs. 2.1 bn (US $ 21mn) group profit for the financial year ending March 2003, but its air transport operations are still in the red.rnrnrnrnrnrn2003rnrnrnrnrn Withoutrnthe profits of its catering subsidiary, the airline on its […]
Safe Bet
Nations Trust Bank has secured a SL A- national rating from Fitch Ratings Lanka for its long-term unsecured senior debt.SL A- long-term rating denotes a low expectation of credit risk.The capacity for timely payment of financial commitments is considered strong. rn rnThis capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic […]
Making It Work
rnrnrnrnrnrnNew Page 1rnrnrnrnrn Sources said Bank of Ceylon,rnNSB, Commercial Bank and John Keells Holdings are keen to invest.rn The government is currentlyrnlooking at disposing its entire stake in Peoples Bank as a single unit, asrnagainst the earlier decision of splitting it into three units.rn However, Peoples Banksrnheavy Non-Performing Loans (NPL) portfolio would be transferred into […]
Index Link
The treasury of Sri Lankas first development bank snapped up bulk of a two index linked commercial paper issues this week, betting that the stock market would not move up in the next three months.The two Rs. 50 mn issues by LOLC and Mercantile Leasing closed Tuesday, when the All Share Price Index (ASPI) of […]
Revenue Options
The Accounting Watchdog plans to charge a cess from firms it audits accounts, beginning next year.rnrnrnrnrnrnNew Page 1rnrnrnrnrn Plansrnare also underway to direct auditors to ensure firms doing over Rs. 5 mn sales arnyear, file their accounts with the regulator.rn ThernSri Lanka Accounting & Auditing Standards Monitoring Board (SLAAMB) Act,rnsays the watchdog can run on […]
Skyward Mobility
SriLankan Airlines tied mobile usage to its frequent flyer rewards programme endash Skywards, tying up with local mobile operator Dialog GSM. The partnership will offer Skywards members reduced rentals and free services along with other special privileges in using the mobile network including frequent flyer miles calculated on the total spend.rn rnSriLankan officials say the […]
Split Options
Telecom operators have provisionally consented to split transit operation revenue in a 40:60 basis to replace the present 20:80 ratio.However, the new ratio will not be implemented despite a majority of operators consenting to the revision.rn rnThe telecom watchdog will attempt to obtain unilateral approval from all players before implementing the new revenue sharing rate, […]
More Exploring
Central Bank withdrew its appeal in the Supreme Court, against the order given by the Court of Appeal on the Pramuka case on Monday.The Appeal court issued a writ of mandamus directing the Central Bank to explore options other than liquidation to resolve the Pramuka Savings & Development Banks problems.rn rnThe depositors lawyers complained to […]
Quick Drip
Cutting out the hassle in claiming medical bills, Eagle Insurance on Monday launched a cashless hospital bill payment system. The cashless payment system, a product of Medilink, India will pay for hospitalisation at the time of checkout rivalling the present system where patients pay cash and claim expenses from the insurer later.rn rnApollo, Asiri, Nawaloka […]