Category: Industry
Surging Ahead
Bank of Ceylon said Monday its profits crossed the billion rupee mark in 2002, despite a slight drop in its turnover.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn rn Financial highlights: rn rn rn Bank rn Group rn rn rn rn 2002 rn (Rs. mn) rn 2001 rn
Jungle Management
The immaculate splendour of an exotic luxury resort carefully woven around the tranquil and wild beauty of the Deer Park Hotel, is being transformed into a Banyan Tree Group managed retreat. A deal finalised earlier in March will see Jinasena Group handing over the management of its Giritale hotel property to the Banyan Tree Group […]
Spring Cleaning
The Employees Trust Fund is talking to potential buyers to dispose its 20 percent stake in NAMAL, a leading unit trust management company.NAMAL or National Asset Management Ltd has around Rs.2.3 bn under its management.rn rnChairman Dinesh Weerakkody told LBO that ETF is keen to expand its own fund management operations and also invest in […]
Clean Up
Hatton National Bank said Friday its group net profits rose to 486,976 mn despite a hefty 25 percent provisioning for its bad and doubtful debts.Sri Lankas largest private bank said group income grew 3 percent to Rs.11.284 bn from Rs. 10.916 bn in 2001.rn rnThe fee and commission income picked up 22 percent to Rs. […]
Sinhala Chat
The next release of Microsoft Windows will include Sinhala text support, a Council For Information Technology (CINTEC)committee is working on the details to get there. CINTECs Sinhala Font Committee Chairman, Dr.Gihan Dias told Lanka Business Online that Microsoft would look at including Sinhalese text support in its next version of Windows.rn rnMeanwhile, the Committee is […]
Billionaires Club
State-run Peoples Bank hopes to transfer about Rs. 9 bn of its hard-core large non-performing loans to the upcoming asset management company.The bank managed to bring down its old bad loan portfolio by 9 percent to Rs. 23,105 mn in 2002. But nearly 40 percent of this portfolio is proving difficult to recover, as they […]
Roving Eye
The Employees Trust Fund is knocking on regulators doors to expand its investment reach, as the local capital markets offer limited scope.The Rs. 40 bn state Fund, saw its revenues hit Rs.5 bn in 2002, for the first time since its inception in 1981.rn rnRevenue growth largely came from capital market gains (Rs. 73.2 mn), […]
Village Act
The next phase under the flag of liberalisation, the Act to set up the telecom sector development fund was published on Monday, open for a week for public scrutiny. Setting up the Viswa Grama Trust Fund, next in line to the liberalisation of the international voice market earlier this year, is intended to take the […]
Spotting Leopards
Hot on the trail of the eco tourism inclination, Bogawantalawa Plantations is promoting four infrastructure projects among local and overseas investors.Taking centre stage among the projects is the Leopard Mountain Hotel, a Rs.500 million facility proposed by the people behind the Elephant Corridor Hotel.rn rnMeanwhile, an abandoned tea factory is being assessed for structural adjustment […]
Opening Runways
The Civil Aviation Authority is awaiting the Ministry green light to open access to all of fourteen airports in the country.The Civil Aviation Authority says private airlines can start flights as soon as permission is granted, as the traffic will be light to the airports all of which are operational at present.rn rnThe airports mainly […]
G-Force
Sri Lanka will have its first 3G frequency auction in April, a limited exercise which will offer three slots in the 1800 MHz range.The auction will also be limited to the four mobile operators, who will make closed bids for the three slots.rn rnTelecommunications Regulatory Commission (TRC) Director General, Themia Hurulle told Lanka Business Online […]
Wealth Management
The government has formed a new company to manage fee and fund-based activities of state corporations including the Mahapola Trust Fund.National Wealth Corporation will be a 100 percent government owned entity, but staffed by top private sector professionals, Commerce & Consumer Affairs Minister, Ravi Karunanayake told LBO on Friday.rn rnldblquote With interest rates coming down […]