Category: Industry
Janashakthi reports Profit Before Tax of Rs.894 million in nine months ended 30th September
(PRESS RELEASE) – Janashakthi Insurance PLC (Janashakthi) reported a consolidated Profit Before Tax (PBT) of Rs.894 million for the nine months ended 30th September 2016, a remarkable growth of 131% over the same period in 2015. Consolidated Gross Written Premiums (GWP), which stood at Rs.9.8 billion at the end of the period in review, […]
Sri Lankan market crowded, Asian telcos under pressure in 2017: Fitch
Nov 15, 2016 (LBO) – Sri Lanka continues to be a crowded market with five operators serving a population of 21 million and set for consolidation, Fitch Ratings said in a statement. “We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek mergers and acquisition to strengthen […]
Sri Lanka’s e-commerce industry poised to take off: JLL
Nov 15, 2016 (LBO) – Sri Lanka’s online retail industry growing fast due to lack of physical infrastructure like shops and malls, Jones Lang LaSalle, SriLanka said. “Not only do things look good for physical retail in the country but also for online retail,” Gagan Singh, chairperson, JLL, SriLanka said in a statement. “Unlike other countries […]
Capitol Developers launch 50-Storey Skyscraper in Uptown Colombo
(PRESS RELEASE) – Capitol Developers Limited of the Sanken Group held the groundbreaking ceremony of its latest 470 apartment twin tower project – Capitol Twin Peaks on 12 November 2016, at its strategic location at 24, Staple Street, Colombo 02. Hon. Patali Champika Ranawaka – Minister of Megapolis and Western Development graced the event as […]
Sri Lanka property restrictions on foreigners relaxed: Budget
Nov 11, 2016 (LBO) – The Finance Minister in Budget 2017 announced measures to relax restrictions placed on property and land with regard to foreigners, and to allow companies to lease land. “The Government would remove freehold right restrictions from the ground floor and also allow foreigners who will be purchasing condominiums to raise 40 […]
Sri Lanka to add new domestic air service in 2017: Budget
Nov 11, 2016 (LBO) – Sri Lanka will introduce a new domestic airline by March 2017 to increase local connectivity, the Finance minister said. “This airline will be on a public private partnership agreement, which will include the Sri Lanka Air Force, the hotel industry, travel agents and other private sector stakeholders,” Ravi Karunanayake, finance […]
Commercial Bank’s 9-month post-tax profit crosses Rs 10 billion
(Press Release) Loan book upby Rs 66.4 billionto Rs. 574.5 billion Deposits grow by Rs 86.4 billion to Rs 710.5 billio Assets reach Rs 953.3 billion, up Rs 73.5 billion in 9 months Commercial Bank of Ceylon PLC has reaffirmed its status as one of the strongest-performing entities in Sri Lanka’s financial sector with […]
Sri Lanka to set up sugar fund with ethanol tax and cess: Ravi
Nov 10, 2016 (LBO) – Sri Lanka will set up a special price stabilization fund for sugar cane, and give state land and a 100 percent capital allowance to set up factories as incentives to develop the industry, Finance Minister said. “I propose to establish a Sugar Stabilization Fund by imposing a 2 percent Cess […]
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(PRESS RELEASE) – Fitch Ratings-Colombo-10 November 2016: Fitch Ratings has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long- Term Rating at ‘AAA(lka)’. The Outlook is Stable. KEY RATING DRIVERS SCBSL’s rating reflects the credit profile and financial strength of Standard Chartered Bank (SCB: A+/Stable). The rating is linked with SCB’s Issuer Default Rating […]
Sri Lanka govt to fund Rs635Mn development of BIA
Nov 10, 2016 (LBO) – Sri Lanka’s cabinet of ministers have given the go ahead to construct a new immigration hall, electronic mall and an expansion of the departure concourse at the Bandaranaike International Airport (BIA) with a total cost of 635 million rupees. Construction contract for the immigration hall and new mall construction had been awarded […]
Sri Lanka govt approves phase 2 of Central Expressway, only single bidders
Nov 09, 2016 (LBO) – Sri Lanka’s cabinet has given the nod to build the second section of Central Expressway which runs from Mirigama to Kurunegala for 39.29 kilometers. The contract in this regard has been divided into four (04) packages and only one set of bidders submitted proposals for each of four civil work contract packages. […]
Interview: Strength of potential partners key to LNG negotiations, says PRDS DG
Nov 08, 2016 (LBO) – The reputation and financial strength of potential partners is key to developing Sri Lanka’s LNG infrastructure, according to the head of the Petroleum Resources Development Secretariat (PRDS). “Introducing a new energy form of LNG and building up end-user dependency on it requires a low-risk approach to supply assurance,” Saliya Wickramasuriya, […]