Category: Industry
Sri Lanka reduces electrocutions by 50-pct in 2018
Jun 05, 2019 (LBO) – Sri Lanka reduced electrocutions by 50 percent to 89 electrocutions in 2018 compared with the electrocutions reported in 2012, the Electrocution Report 2018 by Public Utilities Commission of Sri Lanka (PUCSL), the regulator for electricity industry says. Sri Lanka reported 180 electrocutions in the year 2012. According to the international […]
LOLC passes most Sri Lankan corporate giants with Rs11bn annual profit
June 4, 2019 (LBO) – Colombo Stock Exchange listed LOLC Holdings (LOLC) has reported an astounding profit of over Rs11bn (US$65mn) for the fiscal year ended March 31st, 2019. The company’s annual profit attributable to equity holders is surpassed only by five Sri Lankan listed companies: Ceylon Tobacco (CTC), John Keells Holdings (JKH), Commercial Bank […]
Sri Lanka tourism kicks off promotion campaign in India
Jun 04, 2019 (LBO) – Sri Lanka Tourism with the Sri Lanka Association of Inbound Tour Operators (SLAITO) and The Hotels Association of Sri Lanka (THASL) together with Sri Lankan Airlines to launched five promotional packages in the Indian market. “We look forward to activating this campaign as soon as possible in India and looking […]
Italian Embassy relaxes travel advisory for Sri Lanka
May 31, 2019 (LBO) – The Italian Embassy in Sri Lanka announced that it has updated its travel advisory for all Italian nationals travelling to Sri Lanka. Lowering the level of security previously advising against travel to Sri Lanka, the new update advises Italian nationals intending to travel to Sri Lanka during this period to […]
Competition cuts Asian Hotels (AHPL) annual profit in half
May 31, 2019 (LBO) – Profits at Sri Lanka’s leading city hotel operator, Asian Hotels and Properties (AHPL), were down more than 50% for the year ended March 31, 2019. For the year, profits came in at Rs1.83/share as opposed to Rs3.81 a year earlier. Shares currently trade at a price just above Rs30/share. AHPL […]
BOI signs agreement with foreign investor for USD 4.5mn luxury resort “Plantation Koggala”
May 31, 2019 (LBO) – Sri Lanka’s Board of Investment has signed an agreement with Sundara (Pvt) Ltd on a luxury resort project valued at over USD 4.5 million (approximately LKR 792 mn). The project known as The Plantation Luxury Villas in Koggala is considered a strong vote of confidence in Sri Lanka’s tourism sector […]
SriLankan Airlines to resume services to Karachi
SriLankan Airlines is to resume services to Pakistan’s commercial capital Karachi on 1st June 2019. Sri Lanka’s National Carrier will operate five weekly flights on Tuesday, Thursday, Friday, Saturday and Sunday, with flights arriving in Karachi at 15:10 hours and departing Karachi at 16:10 hours. Some of the international flights into Pakistan were suspended following […]
Vidullanka commissions its first ever biomass based power project
May 31, 2019 (LBO) – Vidullanka in its latest announcement to the CSE, disclosed the commissioning of the development of the 3.3MW Dehiattakandiya Dendro power plant to the national grid through its joint venture company, Vidul Biomass (Pvt) Ltd. The project is a 1.45 billion rupees investment jointly undertaken by Vidullanka and OC Energy Lanka […]
How tourism service providers can avail financial relief package
May 31, 2019 (LBO) – Ministry of Tourism and Ministry of Finance has decided to offer the following financial reliefs for tourism service providers. 01. A relief period for capital loans and interest till 31st March 2020. 02. Reduction of VAT component up to 5 percent for a period of one year from 21st May […]
SriLankan Catering posts Rs 5.7bn net profit for 2018/19
May 30, 2019 (LBO) – SriLankan Catering, the fully owned subsidiary of SriLankan Airlines has recorded a steady financial performance for the financial year ended 31 March 2019 with a 24 percent year-on-year growth in operating profits from 3.8 billion to 4.7 billion rupees, according to its unaudited financial statement. SriLankan Catering said in a […]
Jegan Durairatnam to Chair DFCC board
May 30, 2019 (LBO) – Former Commercial Bank CEO Jegan Durairatnam has been appointed as the Chariman of the board of DFCC. The appointment is with effect from July 28th. The appointment comes on the heels of the retirement of Royle Jansz who will have served as a director of DFCC for regulatory limit of […]
Cabinet nod for implementation of promotion programs to minimize effects attacks on tourism
May 30, 2019 (LBO) – Sri Lanka’s cabinet of ministers has approved several relief packages for the tourism industry in the island. Approval was given to a proposal presented by Johm Amaratunga, minister of Tourism Development, Wild Life and Christian Religious Affairs for the implementation of a combined promotion program with overseas tour operators who […]