Category: Industry
Opinion: Are we finally done taxing Aunty Flo?
By Nishtha Chadha One of the most talked about election promises this week has been Sajith Premadasa’s promise to distribute free sanitary hygiene products. Labelling himself as a #padman, Premadasa tweeted that “until sustainable cost-effective alternatives are found” he promises to provide sanitary hygiene products free of charge. Indeed, access to menstrual hygiene products is […]
Fin Min says LPG supplies on the way
Nov 04, 2019 (LBO) – Sri Lanka’s Finance Ministry says an emergency purchase of 12,000 metric tonnes of liquefied petroleum gas is on its way following panic buying that was triggered earlier. A ship with 3,600 metric tonnes of LPG reached Colombo on Saturday November 02, and another ship with 3,600 MT will reach Colombo […]
JKH Sept quarter net profit down 55-pct amid Easter Sunday impacts
Nov 01, 2019 (LBO) – Sri Lanka’s diversified John Keells Holdings said its profits for the second quarter were mainly impacted by the Easter Sunday impacts on the leisure businesses and the decline in finance income. The profit attributable to equity holders in the second quarter at Rs.2.29 billion is a decrease of 55 percent […]
” ratings
Nov 01, 2019 (LBO) – Moody’s Investors Service has affirmed the long-term/short-term local currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank (HNB) and Sampath Bank at B2/NP. At the same time, Moody’s has affirmed the long-term foreign currency issuer ratings and long-term/short-term foreign currency deposit ratings of these three banks at B2 […]
Seylan Bank records profit after tax of Rs. 2.6Bn in 3Q 2019
Oct 31, 2019 (LBO) – Seylan Bank closed the nine months ending 30th September 2019 with a post-tax profit of Rs. 2,554 Mn, a marginal increase of 1% over the corresponding period last year. Growth in advances coupled with the rise in interest rates enabled interest income to grow by 16.77% and interest expenses increased […]
Sri Lanka to operate luxury train coaches to Badulla, North, East & South routes
Oct 31, 2019 (LBO) – Sri Lanka is to operate luxury train coaches to Badulla, Northern, Eastern, and Southern routes considering the demand for such luxury services for tourism. Accordingly, the Cabinet of Ministers has approved a proposal to call competitive bids for the selection of contractors for this operation for five years. Cabinet approval […]
ICRA Lanka reaffirms the [SL]A+ long term ratings of Access Engineering PLC
Rating action ICRA Lanka Limited, Subsidiary of ICRA Limited, Group Company of Moody’s Investors Service has reaffirmed the Issuer rating of [SL]A+ (pronounced S L A plus1) with Stable outlook for Access Engineering PLC (“AEL”/ “the Company”). ICRA Lanka has also reaffirmed the Issue Rating of [SL]A+(pronounced S L A plus) with Stable outlook for […]
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 […]