Category: Industry
Fuel Sales
Apr 16, 2014 (LBO) – Losses at Sri Lanka’s state-run Ceylon Petroleum Corporation fell to 7.7 billion rupees in 2013 from 89.6 billion rupees a year earlier, but bank debt was still high, official data showed.The Central Bank in its annual report said other state enterprises owed the CPC 75.1 billion rupees and CPC in […]
Sri Lanka cautioned on rising renewable energy costs
Apr 14, 2014 (LBO) – Sri Lanka’s central bank has sounded a note of caution of caution over the rising burden of renewable power on consumers as the proportion of non-conventional renewable power (NCRE) increases in the grid.Mini-hydro feed in tariffs are among the cheapest.Almost all sources non-conventional of renewable power except waste heat are […]
‘s English county stint
LAHORE, April 12, 2014 (AFP) – Pakistan off-spinner Saeed Ajmal’s stint with English county Worcestershire may be set for a shorter duration to compensate for his country’s hastily-arranged Test and one-day series against Sri Lanka. “We are still discussing how much time he (Ajmal) can be away as we now have a scheduled series in […]
Settlement
Apr 12, 2014 (LBO) – Sri Lanka Telecom Plc, said it will pay Just In Time Holdings (Pvt) Ltd, which had supplied IPTV equipment, 673 million rupees, which includes legal costs and 171 million rupees in interest.Sri Lanka Telecom will make an immediate payment of 502 million rupees for set top boxes and legal costs, […]
Private Equity
Apr 12, 2014 (LBO) – International Finance Corporation, a World Bank arm said it will invest 10 million US dollars in Emerald Sri Lanka Fund I, a 50 million US dollar private equity fund focused on the island.The fund will be run NDB Zephyr Partners, a joint venture between by New York based Zephyr Management […]
Atoll Exit
Apr 11, 2014 (LBO) – Sri Lanka’ National Development Bank Plc said it sold out of Maldives Finance Leasing Company for 1.1 million US dollars. NDB itself is curently in talks to merge with DFCC Bank, another Sri Lanka based lender. A 35 percent stake in the firm had been sold to Tree Top Investments […]
Winners
Apr 11, 2014 (LBO) – York Street Partners (Pvt) Ltd, a Sri Lanka based boutique investment advisory firm had won a competition held by Harvard Business School, leading the region.In this journey, York Street Partners has succeeded in attracting and unifying Sri Lankan talent with international capital market experience working in organizations such as Goldman […]
Sri Lanka generates one third of electric energy from coal
Apr 11, 2014 (LBO) – With a second 300 MegaWatt power plant beginning test runs, more than one third of Sri Lanka’s daily electricity needs are now being generated from coal-fired energy, official data show.On the April 09, out of the daily energy requirement of 35.6 GigaWatt hours (millions of units of electricity), 35.6 percent […]
‘s CEB posts profits in 2013, with rains, tariff hike
Apr 11, 2014 (LBO) – Sri Lanka Ceylon Electricity Board has made operating profits of 24.6 billion rupees in 2013, the Central Bank said, amid reports that it had lost 24.3 billion rupees in the first quarter of 2014 due to a drought. In 2013 power sales had rise 1.4 percent to 10,475 GigaWatt hours […]
Sri Lankan state airlines lose Rs30.1bn in 2013; Rs90bn over 5 years
Apr 10, 2014 (LBO) – State-run Sri Lankan Airlines and Mihin Lanka have lost 30.1 billion rupees (230 million US dollars) in 2013, with losses over the last five years totaling 89.9 billion rupees, official data shows. SriLankan Airlines made a loss of 28.6 billion rupees and state-run budget airline Mihin Lanka made another loss […]
AirAsia X puts Sri Lanka on two day promotion
Apr 10, 2014 (LBO) – Malaysia-based long-haul budget carrier AirAsia X said it was offering a two day discount fares for Sri Lanka, Australia, Japan and China.“With this exclusive 48 hours sale, guests can take a break from their busy schedule and enjoy mid-year holiday getaways with a group of friends or loved ones to […]
Transport Losses
Apr 10, 2014 (LBO) – State-run Sri Lanka Transport Board has lost 3.5 billion rupees in 2013 slightly down from 3.8 billion rupees a year earlier, official data showed.The annual report of the Central Bank said SLTB earned 30.1 billion rupees in revenues and but had spent 33.7 billion rupees, generating an operating loss of […]