Category: Industry
‘s Basel III sub-debt final A+(lka)
Aug 22, 2019 (LBO) – Fitch Ratings Lanka has assigned Hatton National Bank’s proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures a final National Long-Term Rating of ‘A+(lka)’. The rating agency said the final rating is the same as the expected rating assigned on 5 March 2019 and follows the receipt of documents conforming to […]
Ceylinco Life reports 6-month net income of Rs.14.7Bn
Aug 21, 2019 (LBO) – Sri Lanka’s Ceylinco Life reported a six month net income of 14.7 billion rupees with a premium income up 5.7 percent to 8.8 billion rupees. The company’s investment income grew 16 percent to 5.9 billion rupees while benefits and claims paid grew by 11.7 percent to 5 billion rupees. Ceylinco […]
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Aug 21, 2019 (LBO) – Consumer-durables retailer Singer (Sri Lanka) PLC’s National Long-Term Rating has been revised to negative from stable, a statement said. Issuing a statement Fitch Ratings said the negative outlook reflects the challenges Singer may face in reducing its leverage, defined as net adjusted debt/EBITDAR, to below 5.5x – the level at […]
Sri Lanka unveils modern hi-tech TVET facility with South Korean backing
Aug 21, 2019 (LBO) – Backed by the global industrial giant South Korea, Sri Lanka launched its most modern national hi-tech training facility to-date on Wednesday. As it unveiled its Technical and Vocational Education and Training (TVET) facility in a Colombo suburb, Sri Lanka also said that its skills development work has shown results so […]
SLASSCOM and Norway sign collaboration agreement on ICT and entrepreneurship
Aug 20, 2019 (LBO) – The Sri Lanka Association of Software and Services Companies (SLASSCOM) and the Norwegian Ministry of Foreign Affairs entered into a two-year agreement to foster collaboration in the ICT industry. The newly appointed Norwegian Ambassador to Sri Lanka, H.E. Trine Jøranli Eskedal and Ranil Rajapakse, chairman SLASSCOM signed the agreement. The […]
Pigeon Island partners Blue Resources Trust to create conservation programs
Aug 20, 2019 (LBO) – Sri Lankan tropical wear brand Pigeon Island, based on marine conservation and plastic recycling, recently partnered with Blue Resources Trust, a marine research, conservation, and education non-profit organisation based in Sri Lanka. Through this partnership, Pigeon Island and Blue Resources Trust will gather research on the status of sharks and […]
USD160mn ADB loan to modernize Sri Lanka’s railway sector
Aug 20, 2019 (LBO) – Sri Lanka’s government has mobilized loan assistance amounting to 160 million dollars from the Asian Development Bank (ADB) to cater to the increasing demand of the Railway Sector through modernization of the railway operations and thereby improving the efficiency of services provided by Sri Lanka Railways. The total estimated investment […]
Sri Lanka commence construction of USD2.2Bn LRT project
Aug 16, 2019 (LBO) – The Ministry of Megapolis and Western Development has commenced phase one of the construction work of the Malabe and Colombo Fort Light Rail Transit (LRT) project. The Ministry has commenced the borehole testing of 200 locations to start construction of the pillars required for the LRT. Five specialized companies have […]
Melstacorp records Rs. 8.9 bn PAT for 2018-19
Aug 16, 2019 (LBO) – The Melstacorp group’s profit after tax for the financial year 2018-19 was 8.9 billion rupees compared to the previous year’s figure of 6.2 billion rupees, up by 41 percent. Group turnover reached 156 billion rupees and the group contributed 64 billion rupees as taxes during the same financial year. Melstacorp […]
ComBank improves Q2 earnings despite challenges
The Commercial Bank Group has reported operating profit before impairment charges and taxes of Rs 19.476 billion for the first half of 2019, a 9.45% increase over same period of 2018. Sri Lanka’s benchmark private bank, the Commercial Bank of Ceylon PLC, its subsidiaries and associates recorded gross income of Rs 73.587 billion for the […]
Teejay extends partnership with University of Moratuwa
Teejay Lanka PLC, one of the largest knit fabric providers in South Asia, has announced an extension of its support to the University of Moratuwa for another two years, further strengthening a long standing and mutually beneficial partnership. A memorandum of understanding first signed in 2014 provided the now tight-knit organisations with a framework for […]
CIM appoints Onalie Dissanayake as new head for Sri Lanka & Maldives
The Chartered Institute of Marketing (CIM), the world’s leading professional body for marketing, has appointed Onalie Dissanayake to head up CIM in Sri Lanka and the Maldives. Onalie will lead a newly established office in Colombo supporting Sri Lanka’s more than 2,000 members and 1,500 affiliate studying members.An experienced senior figure in Sri Lanka’s education […]