Category: Industry
HNB operating profit down by 13.5-pct, PAT up due to tax concessions
May 18, 2020 (LBO) – The operating profit of Sri Lanka’s Hatton National Bank (HNB) before VAT and taxes declined by 13.5% to Rs 4.2 Bn compared to Rs 4.9 Bn in the corresponding period of 2019, interim accounts showed. “The removal of Nations Building Tax (NBT) and Debt Repayment Levy (DRL) with effect from […]
‘s Cinnamon Life construction resumes
May 18, 2020 (LBO) – Colombo’s iconic landmark and the single, largest, private mixed development investment in Sri Lanka, Cinnamon Life by the John Keells Group, has resumed construction after a lockdown since March 2020. Cinnamon Life, the iconic 4.5 Million sq. ft integrated mixed-use development, is a city within a city, and is envisioned […]
Sri Lanka official reserves at USD 7.9Bn at end Feb 2020
May 18, 2020 (LBO) – Sri Lanka’s gross official reserves stood at 7.9 billion dollars at end February 2020, equivalent to 4.7 months of imports, the Central Bank said. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to 10.9 billion dollars at end February 2020, equivalent […]
Sri Lanka trade deficit shrinks in Feb 2020
May 18, 2020 (LBO) – The deficit in Sri Lanka’s trade account widened in February 2020 to 574 million dollars, from 451 million dollars in February 2019, as the increase in imports surpassed the increase in exports. However, on a month on month basis, the trade deficit in February 2020 recorded a contraction. On a […]
Repatriation and replacement of lost foreign jobs: Handling labour migration during COVID-19
Bilesha Weeraratne Sri Lanka, which has been sending workers abroad for employment for decades, is now faced with the formidable challenge of repatriating large numbers of migrant workers affected by COVID-19. Having successfully brought back students from China, UK, Australia, and South Asia and pilgrims from India, the authorities are now making plans to repatriate […]
Colombo Chamber wants pre-shipment collateral-free loans to boost exports
May 17, 2020 (LBO) – Colombo Chamber of Commerce appeals to the President for intervention to instruct banks to support the SME and MSME exporters with pre-shipment collateral-free loans up to 75% of the value of export order with a maximum cap of Rs 5 million based on actual export orders and firm contracts. Addressing […]
We cannot allow irrational laws to impede our economy: President
May 15, 2020 (LBO) – President Gotabaya Rajapaksa said that irrational laws should not obstruct the policies formulated to achieve the economic objectives of the people. The President stated this during a discussion with officials and ministry secretaries attached to the Plantation Industry sector at the Presidential Secretariat on May 14.The meeting was called to […]
SLT Group 1Q 2020 operating profits grow by 28-pct to Rs.3.2Bn
May 15, 2020 (LBO) – Sri Lanka Telecom PLC Group released its financial results for the three months ending on 31st March 2020. The Total revenue for the quarter recorded Rs.22.1 Bn, which is a 3.8% growth compared to the Rs. 21.3 Bn during the same period in 2019. Stringent measures were taken to manage […]
Guidelines on issuance and payment of power bills during Covid and immediately after
May 15, 2020 (LBO) – These guidelines include the interim measures suggested to be followed by Ceylon Electricity Board (CEB) and Lanka Electricity Company Pvt. Ltd (LECO) in order to facilitate the issuance of utility bills and to facilitate the Customer with additional services (if required) for the payment of bills during the curfew period […]
Teejay ends 2019-20 with net profit up 28-pct
May 15, 2020 (LBO) – Textile manufacturer Teejay Lanka PLC has ended 2019-20 on an encouragingly strong note, despite its projected fourth quarter profit growth being eroded by production shutdowns at all plants in conformity with the lockdowns in Sri Lanka and India necessitated by the COVID-19 pandemic. Sri Lanka’s only multinational textile producer has […]
Singer Finance Rs.1Bn debenture issue oversubscribed
May 15, 2020 (LBO) – Singer Finance (Lanka) PLC received a strong vote of confidence from investors with its recent Listed, Rated, unsecured, senior, redeemable three year and five year, one billion rupee debenture issue being oversubscribed. The subscription closed on Wednesday the 13th of May 2020. This Debenture issue is rated BBB (lka) by […]
President calls on banking sector to think out of the box to achieve economic revival
May 14, 2020 (LBO) – President Gotabaya Rajapaksa has requested the banking sector to deviate from conventional thinking and practice to support the country‟s striving to rebuild the economy badly hit by the COVID-19 pandemic. “The government was able to keep the corona virus under control. The biggest challenge we face right now is to […]