Category: Industry
Browns Investments Plc buys Sri Lanka hotel
Apr 05, 2013 (LBO) – Browns Investments Plc said it had bought a 51 percent stake in a 67-room luxury hotel in Dambulla in Central Sri Lanka for 500 million rupees.. The 67-roomed hotel, operated by Green Paradise (Pvt) Ltd, in Kambukkanwala, Dambulla, is close to ancient cities in Sigiriya, Anuradhapura and Polonnaruwa, the firm […]
‘s Insurance Sri Lanka says profits surge
Apr 04, 2013 (LBO) – People’s Insurance Limited, a unit of People’s Leasing and Finance, Sri Lanka’s largest non-bank lender said profits rose 226 percent to 235 million rupees, helped by underwriting profits and investment income. “The insurance market has not completely penetrated; therefore we don’t need to eat in to other company’s markets,” he […]
Fashion Tech
Apr 04, 2013 (LBO) – Sri Lanka’s MAS Holdings is investing 20 million US dollars in attune Consulting, an information technology firm that caters to the apparel and fashion industry, said. Attune said it was looking to aggressively expand its technology offering to fashion and lifestyle value chain, up to the retail. “Our exclusive focus […]
Tele Credit
Apr 04, 2013 (LBO) – HSBC said it had arranged a 100 million US dollar export credit from Belgium for Etisalat Sri Lanka to expand its network with equipment made by Alcatel-Lucent. “The strong partnership with HSBC, ONDD and Alcatel-Lucent will now enable us to offer the best in technology and services to our customers.” […]
Withdrawn
Apr 04, 2013 (LBO) – Fitch Ratings has confirmed and withdrawn a ‘BB-(lka)’ rating of Sri Lanka’s Vallibel Finance Plc.Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for VFL.The rating has a negative outlook.Fitch said it had withdrawn the rating as […]
‘s murky power utility costs under fire
Apr 04, 2013 (LBO) – Costs claimed by Sri Lanka’s power monopoly Ceylon Electricity Board are murky, the efficiency of expensive plants and other costs are not independently audited, respondents at a public hearing on a proposed tariff hike said. Disallowing around 30 billion rupees from the tariff filing also raised more questions about cost […]
Sri Lanka should push harder to cut peak power demand: think tank
Apr 04, 2013 (LBO) – Sri Lanka should push harder on cutting peak power demand as ‘average’ costs are meaningless and trimming the most expensive 5.0 percent of energy has the potential to eliminate losses at Ceylon Electricity Board, a think tank has said.About 17 percent of the generation costs of state-run Ceylon Electricity Board […]
‘s CEB should not subsidize places of worship: power users
Apr 04, 2013 (LBO) – Sri Lanka’s power utility should stop subsidizing places of religious worship which had their own methods of deriving income and some were operating commercial businesses, respondents at a hearing on a tariff hike said. “Places of worship are given power at very low rates and I do not think it […]
Changeover
Apr 03, 2013 (LBO) – Rajendra Theagarajah, managing director and chief executive officer of Hatton National Bank will retire from June 20, to be replaced by deputy chief executive Jonathan Alles.HNB said in stock exchange filing that he will also resign from the board of director of the bank. Subject to central bank approval, Alles […]
Sri Lanka exports slump 18.2-pct in Jan, trade deficit narrows
Apr 02, 2013 (LBO) – Sri Lanka’s exports fell 18.2 percent to 726.7 million US dollars in January 2013 from a year earlier, with apparel exports falling 8.9 percent to 333.9 million US dollars, Central Bank data showed.Sri Lanka has a trade deficit because domestic economic players get money abroad through means other than merchandise […]
Sri Lanka industries to get biggest subsidy after tariff hike
Apr 02, 2013 (LBO) – Industries will get an annual subsidy of nearly 15 billion rupees even after a tariff hike proposed from April, hotels will be marginally subsidized and customers classified as general purpose pay in excess of costs, an analysis by the regulator shows. A document prepared ahead of a public consultation scheduled […]
Sri Lanka hydro power output up, demand weak
Apr 02, 2013 (LBO) – Hydro power generation has picked up sharply in Sri Lanka allowing state-run Ceylon Electricity Board to cut thermal power, while demand was barely growing in January 2013, official data shows.Total power generation in the month rose just 0.6 percent to 987 GigaWatt hours (millions of units of electricity) from a […]