Industry – Page 539 – Lanka Business Online

Retail Trend

Feb 06, 2013 (LBO) – Sri Lanka’s Odel Plc, a unit of Parkson Retail Asia Limited, Malaysia said profits in the December 2012 quarter rose 50 percent to 81 million rupees, while warning about the effects of a value added tax imposed from January.The company is sitting on 2.0 billion rupee cash reserve after the […]

Sri Lanka hotel lose Rs349mn during refurbishment

Feb 06, 2013 (LBO) – Hotel Services (Ceylon) Plc, the oldest five star rated hotel in Sri Lanka’s capital Colombo, which has been given a colonial-style make-over and re-named ‘The Kingsbury’ has lost 341 million rupees in the past nine months.Hotel Services (Ceylon) Plc, which is now controlled by Sri Lanka’s Hayleys group went through […]

Appointments

Feb 06, 2013 (LBO) – HSBC has appointed Patrick Gallagher as chief executive for Sri Lanka and Maldives replacing Nick Nicolaou. The new appointment will take effect from April 30, 2013, subject to regulatory approval, the firm said in a statement. Martin Tricaud, currently managing director, global head of multinationals, global banking and markets, will […]

Bond Sale

Feb 06, 2013 (LBO) – Sri Lanka’s Seylan Bank said it will sell up to 2.0 billion rupees in 5-year debt unsecured debt yielding as much as 15.5 percent a year, which will be free of withholding tax under new budget proposals. The bank is selling unsecured, subordinated debt which can be used to boost […]

Sri Lanka hydro generation recovers in November, demand flat

Feb 05, 2013 (LBO) – Sri Lanka’s hydro power generation has doubled in November 2012 on improving rains allowing the utility to cut thermal generation by 25 percent, while demand remained flat, official data shows. Sri Lanka has generated 959 million units of electricity (GigaWatt hours) in November 2012 barely changed from 958 GWh a […]

Sri Lanka knit fabric maker reduces losses

Feb 05, 2013 (LBO) – Sri Lanka’s Hayleys MGT Knitting said it lost 110 million rupees in the December 2012 quarter down from a loss of 156 million rupees a year earlier.The firm reported a loss of 73 cents per share. For the nine months to December the firm reported a loss of 196 million […]

Sri Lanka expects 27 cruise calls this year

Feb 05, 2013 (LBO) – Sri Lanka is expecting 27 cruise calls in 2013 with ocean liner Queen May 02 leading the way, docking at Colombo on February 04, the island’s tourism promotion office said. Sri Lanka’s tourism promotion office said the liner canned 2,300 tourists from the US, UK, Australia, New Zealand, South Africa […]

Capital Boost

Feb 05, 2013 (LBO) – International Finance Corporation, a unit of the World Bank has injected 75 million US dollars (9.6 billion rupees) as a subordinated loan to Commercial Bank of Ceylon which will boost its debt capital. The money will come as a 10 year loan from IFC Capitalization Fund, an asset management company […]

Doodle Celebration

Feb 04, 2013 (LBO) – Google has helped users in sri Lanka celebrate the country’s Independence Day on 2013 with a ‘Google Doodle’ on its homepage with a stylized lion and three colours found in the national flag. The doodle is visible on the google.lk home page worldwide and google.com pages viewed in Sri Lanka. […]

Midsea Rescue

Feb 03, 2013 (LBO) – Sri Lanka’s Navy has rescued 127 Bangladeshi and 11 Myanmar nationals from a wooden vessel that has been drifting 50 nautical miles off the eastern coast of the island.Sri Lanka’s Navy said 132 males, 03 females and 03 children were taken off an overcrowded wooden vessel and brought to Oluvil […]

Sri Lanka state carrier launches holiday booking engine

Feb 02, 2013 (LBO) – State-run SriLankan Airlines said it launched a booking engine to allow guests to book both hotel accommodation and holidays online through its website. “[W]we place great emphasis on providing our customers with convenient, customised holiday packages,” SriLankan Holidays manager, Gayan Peiris said in a statement. “The booking engine enables them […]

Small Business

Jan 02, 2013 (LBO) – Sri Lanka’s Credit Information Bureau (CRIB) and World Bank arm International Finance Corporation is boosting credit access to small businesses by making it easier to offer movable assets as collateral. “This initiative will make it easier for small businesses and entrepreneurs with few fixed assets to obtain the financing they […]