Category: Industry
‘s Vidullanka mini-hydro firm ratings confirmed: RAM
Oct 28, 2013 (LBO) – RAM Ratings has confirmed a ‘A-‘ rating of Vidullanka Plc, which owns mini-hydro plants and provides consultancy. However, we note that the revenue generated by each plant of the Group highly depends on rainfall in the plant’s catchment area. This is reflected in the positive correlation between revenue and plant […]
” by RAM
Oct 28, 2013 (LBO) – Sri Lanka’s Amana Takaful Plc (ATL), an Islamic financier has been rated ‘BBB’ by RAM Ratings Lanka with a stable outlook. “The ratings are supported by ATL’s above-average general insurance underwriting performance, conservative investment policy and above-average capitalisation levels,” RAM said. “On the other hand, the ratings are weighed down […]
Sri Lanka route to slash Asia-Africa travel time
Oct 28, 2013 (LBO) – Travel time to African destinations from South Asia and the Far East will be cut by around three hours through a new route from Sri Lanka via Seychelles, an official said.Asia is an aviation growth region especially in the ASEAN region with privately owned budget carriers coming on expanding fast […]
Tech Hub
Oct 28, 2013 (LBO) – MillenniumIT, a Sri Lanka based unit of London Stock Exchange group has expanded its technology campus opening a new building, which the firm says is built to promote innovation.It uses natural light which is filtered to reduce the glare, as tropical sunlight makes it difficult to read computer screens easily. […]
Paradise Isle
Oct 28, 2013 (LBO) Sri Lanka opened its second expressway Sunday linking the capital with the country’s main international airport with some 250 million dollars borrowed from China.If the government paid the bill in brand-new 1,000 rupee notes, they would have to deliver 35 tonnes of cash.Despite the staggering cost, the expressway would be welcome […]
Pub Investments
Oct 28, 2013 (LBO) – Sri Lanka’s Ceylon Beverage Holdings Ltd, a top brewery firm said it was investing 238 million rupees in its restaurant unit. The firm said it was pumping equity into Pubs ‘N Places Private Ltd, a fully owned subsidiary. The unit owns and franchises restaurants.
Airport Express
Oct 28, 2013 (LBO) – Sri Lanka has opened a 25.8 kilometre toll-road to the main international airport which is expected to sharply cut travel time and reduce congestion on existing roads.Travel time to the airport in Katunayake, from Peliyagoda, just outside the capital Colombo is expected to be 20 minutes, down from about an […]
Slow Gear
Oct 28, 2013 (LBO) – Profits and Diesel and Motor Engineering Plc, agents for Mercedes and Tata in Sri Lanka slipped 58 percent to 47,590 million rupees in the September 2013 quarter form a year earlier.The firm reported earnings of 5.36 rupees per share for the quarter. For the six months to September profits were […]
New Zealand pull McCullum, Taylor out of Sri Lanka cricket tour
WELLINGTON, October 25, 2013 (AFP) – Senior New Zealand cricketers Brendon McCullum and Ross Taylor will sit out next month’s tour of Sri Lanka so they can prepare for the upcoming home Test series against the West Indies, chief selector Bruce Edgar said Saturday.The pair will return home after the current tour of Bangladesh with […]
Lube Slip
Oct 25, 2013 (LBO) – Sri Lanka’s Chevron Lubricants reported higher profits with falling base oil prices but said the lubricant market was contracting. Revenues in the September 2013 quarter fell 7 percent to 2.7 billion rupees from a year earlier, with cost of sales falling at a faster 15 percent to 1.75 billion rupees, […]
Done Deal
Oct 25, 2013 (LBO) – Sri Lanka’s DFCC Bank has raised 100 million US dollars from an international bond at yield around 9.6 percent, market sources said. The DFCC deal went to the market with a price guidance of 9.625 percent, and faced tough conditions, taking more than two days to close. According to earlier […]
Interest
Oct 25, 2013 (LBO) – Sri Lanka’s Union Bank said a foreign institution had expressed interest in the bank but no firm offer has been made.“A decision bu the said party to make an investment, if any, will be made only upon the completion of a detailed due diligence study on Union Bank and its […]