Category: Industry
Rating Action
Feb 08, 2013 (LBO) – An ‘AAA(lka)’ rating of Sri Lanka’s Standard Chartered Bank has been confirmed by Fitch Ratings, with a stable outlook, based on it being part of a lender that has a higher international rating.Fitch says an appeal on a 27 billion rupee fine, which is higher than its equity, imposed by […]
‘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 […]
Sri Lanka AIA insurance unit net up 12-pct
Feb 08, 2013 (LBO) – Sri Lanka’s Aviva NDB Insurance, a unit of American International Assurance, said profits rose 7 percent to 514 million rupees helped by strong investment income and better underwriting.The firm reported earnings of 17.13 rupees per share. For the full year to December the insurer reported earnings of 26.01 rupees per […]
Mob Attack
Feb 08, 2013 (LBO) – A 15-strong mob who stormed into a branch of state-run Bank of Ceylon has left two injured, Sri Lanka’s foreign ministry said, calling for extra security for other entities connected to the island.A mob armed with knives, clubs, and iron rods had stormed the Bank of Ceylon branch at Poonamallee […]
Global Grouping
Feb 07, 2013 (LBO) – A newly established Sri Lanka chapter of The International Association of Outsourcing Professionals (IAOP), a body with over 200,000 members will help raise standards and attract new business, officials said. The International Association of Outsourcing Professionals (IAOP) with over 200,000 associate members worldwide already has 60 local chapters, sets standards […]
‘s Serendib Hotels boosted by online sales
Feb 07, 2013 (LBO) – Serendib Hotels Plc, a unit of Sri Lanka’s Hemas group which reported a surge in profits in the peak December quarter said occupancy was boosted by online sales and profits were helped by cost controls. European visitors led by Germany were the mainstay at Serendib group hotels. “However, it is […]
Canal Project
Feb 07, 2013 (LBO) – Sri Lanka will rehabilitate a colonial era canal north of the capital Colombo for tourism promotion and to improve the livelihoods of people living in the area, information minister Keheliya Rambukwelle said.Negombo beach area is a popular tourist area. State-run Sri Lanka Land Reclamation and Development Company had been awarded […]
Sri Lanka visit by US trade mission
Feb 06, 2013 (LBO) – The first American trade mission to Sri Lanka since the end of a three decades war in 2009 will visit the country from February 7 to 9, the US embassy in Colombo said.The multi-sector trade mission which is arriving after visiting South India will have firms in education, food, healthcare, […]
‘s Janashakthi Insurance launches pension product
Feb 06, 2013 (LBO) – Janashakthi Insurance has launched a pension market with a retirement product, as the island’s population ages rapidly, officials said. The money will be locked in for a minimum of 5 years. “Or you can tailor this policy for a variety of needs other than retirement, such as education needs of […]
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Feb 06, 2013 (LBO) – Sri Lanka’s Deccan Aviation Lanka said it had been re-named Millenium Airlines Ltd, and will operate under the brand ‘Simplifly’.The firm operates a Bell Jet Ranger helicopter, a GippsAero GA8 Airvan, a Cessna 206 amphibian and says it plans to bring in a Bell 407 VIP transport. The firm was […]
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 […]