Category: Industry
Sri Lanka hotel group calls for destination marketing
Feb 15, 2013 (LBO) – A top Sri Lankan resort operator which also has overseas operations has again called for tourism authorities to have strong destination promotion in line with regional competitors. Aitken Spence said it had strong results from the Maldives, which is set up as a niche high end destination. “We are keen […]
Sri Lanka economy will be stable with cost-based energy prices: IMF
Feb 14, 2013 (LBO) – Sri Lanka’s economy will be stable and more domestic resources will be available for high value spending if energy prices are adjusted to match import costs, the International Monetary Fund had said.“Step number one could be to adjust prices closer to cost-recovery, if not have cost recovery,” IMF mission chief […]
Diesel Standard
Feb 12, 2013 (LBO) – Indian Oil Corporation’s Sri Lanka unit said a shipment of diesel which had been held up at Colombo port following a quality test was found to be off specification in colour and appearance and not in core chemical properties.In some countries colour is not a criteria and in Sri Lanka […]
‘s Access Engineering net up 65-pct
Feb 12, 2013 (LBO) – Sri Lanka’s Access Engineering Plc, which has interests in construction, real estate and automobiles said net profits in the December 2012 quarter rose 65 percent to 834 million rupees from a year earlier.The group posted earnings of 83 cents per share. In the nine months to December the group reported […]
Tele Chief
Feb 12, 2013 (LBO) – Sri Lanka Telecom said Lalith de Silva, who headed its cellular unit has taken over as the new group chief executive from February 07. He will oversee SLT units other than Mobitel. De Silva said SLT would continue roll out communications technology to benefit customers. “I hope to build and […]
Sri Lanka exports down 7.4-pct in 2012, trade gap shrinks
Feb 09, 2013 (LBO) – Sri Lanka’s exports fell 7.4 percent to 9.7 billion US dollars in 2012 from a year earlier and imports fell 5.8 percent to 19.0 billion dollars, shrinking the trade gap 4.1 percent to 9.3 billion dollars. A trade deficit is caused by additional spending power domestic economic agents receive over […]
Uni Project
Feb 10, 2013 (LBO) – Sri Lanka is on track to build a 100 million US dollar branch campus of Britain’s University of Central Lancashire (UCLan), an 120-acre site leased from the state, a media report said.Many parents spend lifetime savings, sell houses or get into debt to educate their children abroad. Sri Lanka’s The […]
Sri Lanka set up state firms for construction
Feb 10, 2013 (LBO) – Sri Lanka will set up three state companies to bid for construction projects under the road development agency, targeting contracts of less than 100 million rupees.Analysts say the new firms may be able to get contracts that are now going to medium sector businesses. The cabinet of minister had approved […]
‘s over-priced hotel boom ending: equities report
Feb 09, 2013 (LBO) – Sri Lanka is about 500 to 800 US dollars more expensive than alternatives for a 10-day holiday with standards lower than competition, which may hit occupancy in the future, an equities research report has warned.A 10-day holiday in Sri Lanka may cost between 2,000 to 2,600 US dollars with a […]
Tight Quarter
Feb 09, 2013 (LBO) – Sri Lanka’s DFCC Bank group’s fell 15 percent to 795 million rupees in the December 2012 quarter from a year earlier, dragged down by lower fee income, interim accounts showed. A dividend that came from Commercial Bank of Ceylon in which the group has a large stake in the December […]
Sri Lanka Chevron lubricants unit profits flat
Feb 08, 2013 (LBO) – Sri Lanka’s Chevron Lubricants Plc said profits in the December quarter rose 1.7 percent to 571 million rupees from a year arlier, while volume sales dropped amid an economic slowdown.The firm reported earnings of 4.76 rupees per share. For the year to December the firm reported earnings of 19.06 rupees […]
‘s profits surge on stronger margins
Feb 08, 2013 (LBO) – Textured Jersey Lanka Plc, a unit of Sri Lanka’s Brandix apparel group and Hong Kong based Pacific Textured Jersey said profits rose 94 percent to 364 million rupees in the December 2012 quarter from a year earlier. The firm reported profits of 56 cents per share for the quarter. For […]