Category: Industry
” 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 […]
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 […]