Category: Industry
Current trends may lead to undesirable turnaround in market lending rates
Jan 30, 2020 (LBO) – Market lending rates have adjusted downwards, in response to monetary and regulatory measures taken by the Central Bank, but the pace of reduction has decelerated. The Central Bank said the reduction in lending rates thus far, except for the Average Weighted Prime Lending Rate (AWPR), has been less than envisaged. […]
‘s private sector credit growth picks up in December
Jan 30, 2020 (LBO) – Growth of credit extended to the private sector has picked up in December 2019, on a year-on-year basis, following a continued slowdown since December 2018. Driven by domestic credit expansion, broad money growth (year-on-year) also picked up in December 2019, the Central Bank data showed. However, the absolute expansion in […]
Maldivian hotels resume operations, Avg room rates above expectations: JKH
Jan 29, 2020 (LBO) – Sri Lanka’s diversified John Keells Holdings says that all four of their Maldivian hotels are now in operation with the completion of the partial refurbishment of Dhonveli and the reconstruction of Hakuraa Huraa in December 2019. Following the refurbishment of Ellaidhoo Maldives and the water suites at Dhonveli Maldives last […]
John Keells Holdings Dec quarter net profit down by 50-pct
Jan 29, 2020 (LBO) – Profit attributable to equity holders of Sri Lanka’s diversified John Keells Holdings in the third quarter at 2.40 billion rupees is a decrease of 50 percent over the previous year, interim accounts showed. First nine months’ performance at 5.68 billion rupees is a decrease of 53 percent over the previous […]
Lanka IOC (LIOC) reports profit of Rs490mn for the quarter
January 29, 2020 (LBO) – Colombo Stock Exchange listed Petroleum retailer Lanka IOC (LIOC) has reported a profit of Rs490mn for the quarter ended December 31, 2019. This is in contrast to a loss of close to a billion Sri Lankan Rupees in the prior year December quarter. Results were likely benefitted by lower oil […]
Sri Lanka SME credit support scheme has limited effect on banks: Fitch Ratings
Jan 29, 2020 (LBO) – A scheme for Sri Lankan banks to provide special credit support to SMEs this year should not have a material effect on banks’ credit profiles, Fitch Ratings says. “We believe that the scheme will prolong the resolution of non-performing loans only until end-2020, and delay capital repayments this year, but […]
SL presents USD16Bn opportunity for pvt sector to invest in sustainable development: SC Bank
Jan 29, 2020 (LBO) – Opportunity2030: The Standard Chartered SDG Investment Map reveals an almost USD 10 trillion (USD 9.668 trillion) opportunity for private-sector investors across all emerging markets, with Sri Lanka representing USD16.2 billion of that total. The study identifies opportunities for the private sector to contribute to three infrastructure-focused goals between now and […]
Asian Hotels (AHPL) reports a revenue decline of 21% in the December quarter
January 28, 2020 (LBO) – Colombo Stock Exchange listed Asian Hotels and Properties (AHPL) reported a profit of Rs43mn for the December quarter, while revenue was off a disappointing 21% year over year. AHPL is a listed subsidiary of John Keells Holdings (JKH) that owns two large city hotels in Colombo (Cinnamon Grand and Cinnamon […]
John Keells Hotels (KHL) reports a quarterly loss of Rs398mn
January 28, 2020 (LBO) – Colombo Stock Exchange listed John Keells Hotels (KHL) reported a loss of Rs389mn in the quarter ended last December. Nine month cumulative losses came in at Rs1.3bn, as the company slowly rebounds from a drastic downturn caused buy 2019’s Easter Sunday terror attacks. One a positive note, revenue was down […]
Ravi Wijeratne slips away from taking over MTD Walkers
Jan 28, 2020 (LBO) – Sri Lankan businessman, Ravindranath Srilal Wijeratne, alias Ravi Wijeratne has slipped away from taking over MTD Walkers. According to MTD Walkers, the agreed transaction will not be pursued, as there has been no positive development on the transaction. As the completion date stipulated in the Share Sale and Purchase Agreement […]
Sri Lanka suspends On Arrival Visa for Chinese tourists after first patient detected
Jan 28, 2020 (LBO) – Sri Lanka has suspended issuing on-arrival visas for Chinese tourists after detecting the first patient with coronavirus in the country. During an inspection tour at the Bandaranaike International Airport, Health Minister Pavithra Wanniarachchi said that Chinese tourists who want to visit Sri Lanka will now have to make an application […]
Sri Lanka vehicle registration in Dec 2019 subdued
Jan 28, 2020 (LBO) – Sri Lanka’s total car registrations recorded 2,057 units in December 2019 marginally up from 2,030 units in November but down from 2,669 units 12 months ago, a new report shows. Data compiled by JB Securities equities research shows in the overall segment Toyota is the market leader with a 64.2 […]