Category: Industry
Profit Warning
SriLankan Airlines, on Friday made a profit warning for the current financial year, but said group profits will remain steady as the previous year.rnAs a stand-alone entity, SriLankan has never made a profit in its entire history, but the Emirates led management is confident of turning things around for the financial year ending 2003/4.rn rnSriLankan […]
Ringing Loud
Dominant telecom operator Sri Lanka Telecom on Thursday, said its net profits picked up by 28 percent for year ending December 31, 2002.SLTs group net profit ended at Rs.2.69 bn, slightly up against previous years earnings of Rs.2.1 bn in 2001. rn rnRevenues were up 15 percent during the period to Rs. 25.4 bn from […]
Debt Exchange
Maldivian conglomerate Universal Enterprises took a 57.16% stake in Mahaweli Reach Hotel, a deal to settle the Hotels dues to DFCC Bank.A rights issue for the shares in January sought to raise Rs. 269 mn, the outstanding amount from a Rs.305 mn loan taken from DFCC in 1994 for refurbishment. rn rnThe rights issue ups […]
Penultimate Lap
The government is expected to dispose 20 percent of its ownership held in Commercial Bank through Sri Lanka Insurance Corp. by end next week.Treasury approval has come through for Commercial Bank to buy back 5 percent and the International Finance Corp.s to take up 15 percent of this parcel at Rs. 165 per share.rn rnSEC […]
Reverse Gear
Sri Lankas 13 bus companies may continue under state control for longer, as attempts to bring in private management steers off course. Industry watchers say plans for a state lead restructuring programme were being touted as a contingency measure in case the Sri Lankan government fails to seal any deals.rn rnIf the state takes up […]
Ver. 2.0
The telecom regulator is wooing a fresh batch of consultants to come up with a new cost based interconnection framework.Applications for the post closed Sunday, with requests for extension of the deadline, which the regulator is now considering. rn rnThe new study will consider interconnection rates under a caller party pays regime, studying international models […]
Educating The Unemployed
The World Bank has decided to lend US$ 60 mn towards revamping university education and creating jobs for unemployed graduates.Around US$ 50 mn will be channelled on restructuring university curriculum to gear it towards more market base courses.The balance funds will be lent to the government sponsored, but private sector run graduate unemployment programme endash […]
Talk Shop
An International Labour Organisation study has found the Tharuna Aruna scheme for unemployed graduates highly dysfunctional and run like a Rotary Club.Around Rs. 165 mn has gone into the scheme, but only 600 graduates have found permanent work over a five-year period, notes ESP Consult, the authors of the report on behalf of the ILO. […]
Green Light
The government announced final tariffs international gateway operators will have to pay local networks to terminate traffic.Under the agreement operators have agreed to a formula where by the fixed charge will decline rapidly over the next five years.rn rnAfter extensive talks the operators have also given written assurances to the government not to tie up […]
Points To Ponder
State tourism officials are drawing up plans to restrict the lquote all inclusive tourist packages to Sri Lanka. The all-inclusive is believed to be low-end market.rn rnThis means tourists will now have to settle for bed and breakfast packages or luxury suite offers.rn rnldblquote We are looking at ways to control the all-inclusive concept. We […]
House Hunt
Housing finance giant HDFC is looking for fresh capital after getting a specialised banking licence. HDFC is looking for at least Rs. 650 mn in fresh equity through a private placement to be raised within the next two months. rn rnAmendments were passed to the HDFC Act last week giving the government-housing bank, a specialised […]
Technical Point
Lawyers for Pramuka depositors argued before the Court of Appeal that the Monetary Board had no authority to liquidate Pramuka Bank.The petitioners argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board […]