Category: Industry
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Feb 16, 2016 (LBO) – Saudi Arabia and Russia have agreed to ‘freeze’ crude oil output after talks in Qatar, fixing production at January levels. Saudi Oil Minister Ali Al-Naimi and Russian Energy Minster Alexander Novak opted not to cut back production, with Qatar and Venezuela also agreeing to participate, Al-Naimi said.Brent Crude was off […]
Oil Bills Shrink for Most APAC Sovereigns: Fitch
Feb 16, 2016 (LBO) – Falling oil prices – with the benchmark Brent crude having tumbled by 44 percent yoy as of 11 February 2016 and 75 percent from early 2013 – have had a mixed effect on Fitch-rated sovereigns in Asia, with Thailand being the top beneficiary and Vietnam and Malaysia most negatively affected, […]
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Fitch Ratings-Colombo-16 February 2016: Fitch Ratings has today assigned Hatton National Bank PLC’s (HNB, AA-(lka)/Stable) proposed subordinated debentures of up to LKR7bn a final National Long-Term Rating of ‘A+(lka)’. The assignment of the final rating follows the receipt of documents conforming to information already received, and the final rating is the same as the expected […]
Lanka IOC profits up 45-pct in December quarter
Feb 15, 2016 (LBO) – Profits at Lanka IOC, a unit of Indian Oil Company rose 45 percent to 882 million rupees in the December quarter, interim accounts showed. The firm reported earnings of 1.66 rupees per share in the quarter compared to earnings of 1.15 rupees per share posted a year ago. Revenue at […]
Sri Lanka’s LOLC December net up 60-pct
Feb 15, 2016 (LBO) – Profits at Sri Lanka’s LOLC group which has interests in financial services, insurance, plantations, trading and leisure rose 60 percent to 2.2 billion rupees in the December quarter. The group reported earnings of 4.66 rupees per share for the quarter up from 2.91 rupees from a year earlier on last […]
‘s NDB profits up 46-pct in Dec
Feb 15, 2016 (LBO) – Sri Lanka’s National Development Bank’s profits were up 46 percent to 1,254 million rupees in the December 2015 quarter from a year earlier, interim accounts filled with the Colombo Stock Exchange said. The group reported earnings of 7.62 rupees per share. In the December quarter interest income rose 8.7 percent […]
Sri Lanka’s Carsons Cumberbatch December net up 66-pct
Feb 12, 2016 (LBO) – Sri Lanka’s Carsons Cumberbatch group profits rose 66 percent to 1.2 billion rupees in the December 2015 quarter from a year earlier, interim accounts showed. Carsons revenues were fell 9 percent to 20.6 billion rupees, while sales costs also fell 3 percent to 15.3 billion rupees, resulting in a gross […]
Aitken Spence records Rs. 1.1bn as PBT in third quarter
Leading conglomerate Aitken Spence PLC posted its interim results to the Colombo Stock Exchange (CSE) released on Friday. The blue-chip’s financial results for the quarter ended 31st December 2015 saw profit-before-tax decrease by 25.3 per cent to Rs. 1.1 bn while profit attributable to equity holders decreased by 26.7 per cent to Rs. 637 mn. […]
SEC assigns Special Purpose Audit for Blue Diamonds
Feb 12, 2016 (LBO) – Sri Lanka’s securities regulator has assigned Ernst & Young to carry out a Special Purpose Audit to check several allegations made against Blue Diamonds Jewellery Worldwide. Releasing a statement Securities and Exchange Commission said they received several complaints alleging that the Director Board has misled their shareholders and investors through […]
Laugfs acquires mini hydropower operator for Rs200mn
Feb 12, 2016 (LBO) – Sri Lanka’s Laugfs Power, a subsidiary of quoted Laugfs Gas has acquired the total issued shares of Pams Power private limited for 200 million rupees. Laugfs Gas said in a stock exchange filing that Pams Power is holding all rights for the development and operation of a 2 MW capacity […]
JVP askes government to tax Lanka IOC for excess profits
Feb 12, 2016 (LBO) – Sri Lanka’s Marxist Janatha Vimukthi Peramuna on Thursday called on the government to tax Lanka Indian Oil Company for excess profits the company is making. Speaking at a press briefing the General Secretary of JVP, Tilvin Silva said the Sri Lankan government is currently giving subsidies to Indian companies. “This […]
Sri Lanka’s Colombo Port records highest daily volume of 22,422 TEUs
Feb 12, 2016 (LBO) – Sri Lanka’s Ministry of Ports and Shipping said the Colombo Port recorded its highest daily handling of 22,422 TEUs on 9 February, up from 22,186 recorded on 28 April last year. Of the total 22,422 containers handled at Colombo port Tuesday, 9, 875 or 44 percent had been done at […]