Category: Industry
Opinion: Are apartment developers moving to suburbs?
LankaPropertyWeb’s (LPW) With Colombo city turning into a business hub more than a residential area, recent studies of LankaPropertyWeb (LPW) show that apartment developers are now exploring the suburbs to cater to the growing interest for vertical living amongst the locals. The numerous developments taking place in the main city resulting in diminishing space amongst […]
Teejay’s 6-month net profit up 75-pct to Rs.1.24Bn
Oct 31, 2019 (LBO) – Textile manufacturer Teejay Lanka PLC has announced top and bottom line growth in the first half of 2019-20, with investments in expansion and internal measures continuing to generate anticipated improvements to net profit margins and other key performance indicators. Noteworthy revenue and profit improvements in the second quarter of the […]
Asian Hotels (AHPL) reports a profit, tourism recovery taking hold
October 29, 2019 (LBO) – Colombo Stock Exchange listed Asian Hotels and Properties (AHPL) reported a modest profit in the quarter ended September 30th. AHPL is the subsidiary of market bellwether John Keells Holdings (JKH) which owns two large city hotels. Profits in the quarter were down 95% year over year to just Rs10mn, however […]
Luxury tax has no effect on small motor vehicles: Finance Ministry
Oct 29, 2019 (LBO) – Sri Lanka’s Finance Ministry says that the luxury tax imposed on motor vehicles will not be relevant to small motor vehicles. Accordingly, prices of Toyota Vitz, Suzuki Every, Toyota Roomy, Suzuki Alto, Suzuki Baleno, Daihatsu Petrol, Honda Grace, Suzuki Wegon R, Toyota Aqua will not be affected by this luxury […]
Tax concessions and benefits for public servants announced during VoA
Oct 28, 2019 (LBO) – Finance Minister Mangala Samaraweera announced tax concessions and benefits for public servants at the time of presenting the Vote on Account, recently in parliament. The Vote on Account presented by Finance Minister Mangala Samaraweera in parliament for the first 4 months of 2020 was passed unanimously. Recurrent and capital expenditure […]
Moody’s Analytics Knowledge Services Lanka to expand its IT services
Oct 28, 2019 (LBO) – Sri Lanka’s Board of Investment signed a supplementary agreement with Moody’s Analytics Knowledge Services Lanka (Pvt) Ltd to expand its IT-enabled Services. The project will provide IT-enabled research and analysis services for export, provide editorial, desktop processing and compliance services, financial training, research and analysis services in respect of overseas […]
Sri Lanka calls for collective action to address global challenges
Oct 28, 2019 (LBO) – Sri Lanka’s Foreign Minister Tilak Marapana reaffirmed Sri Lanka’s commitment to the founding principles of the Non-Aligned Movement and called for the group’s collective attention to the need to address contemporary global challenges, highlighting in particular, poverty and terrorism. He was addressing the 18th Summit of the Non-Aligned Movement (NAM) in […]
The Finance Company looking at a new investor
Oct 25, 2019 (LBO) – The Finance Company (TFC) is currently working with a company that has expressed its interest to invest at TFC as a shareholder through a private placement, the company today said in a stock exchange filing. “The investor is pursuing his actions to provide the proof of funds and also TFC […]
John Keells Hotels (KHL) reports losses of Rs470mn on 27% drop in revenue
October 25, 2019 (LBO) – Colombo Stock Exchange (CSE) listed John Keells Hotels PLC (KHL), the subsidiary of John Keells Holdings (JKH) which owns resort hotels in Sri Lanka and the Maldives, reported sharp losses for the quarter ended September 30, 2019. KHL lost Rs470mn (US$2.6mn) in the three month period with revenues down 27% […]
Otara Gunewardene resigns from Singer Sri Lanka board
Oct 25, 2019 (LBO) – Otara Gunewardene has tendered her resignation from Singer Sri Lanka board which will be effective from 31 December 2019. The company said in a stock exchange filing that she does not have any relevant interests in shares of the Company as specified in the listing rules as at date. Joined […]
Sanken Construction to build 112-room hotel at Union Place under BOI deal
Oct 24, 2019 (LBO) – Sri Lanka’s Board of Investment signed an agreement with Sanken Construction (Pvt) Ltd to construct and operate a 112 room hotel with an investment of 9.28 million US dollars, which will create 60 new employment opportunities. The agreement was signed by Mangala Yapa, Chairman of the Board of Investment of […]
Central Bank to issue license cancellation notice to The Finance Company
Oct 23, 2019 (LBO) – Monetary Board of the Central Bank has decided to issue a Notice of Cancellation of the License issued to The Finance Company (TFC), with effect from today to safeguard the interests of the depositors and other creditors. Accordingly, the interest due for deposits will be paid continuously to the depositors […]