Category: Industry
Net Economy
Nov 08, 2012 (LBO) – Sri Lanka will halve taxes on high-speed broadband services to 10 percent to make the service cheaper in an effort to develop the island’s budding information communications technology industry, President Mahinda Rajapaksa said. Income tax on the ICT sector will be kept at a maximum 16 percent, Rajapaksa, who is […]
Retail Tax
Nov 08, 2012 (LBO) – Sri Lanka has extended value added tax to the retail trade starting with supermarkets with a turnover above 500 million rupees a quarter, President Mahinda Rajapaksa said presenting a budget for 2012. Supplies made by the Central Bank, some services of public corporations have also been exempted from tax. A […]
Sports Break
Nov 08, 2012 (LBO) – Sri Lanka will cut taxes on racing cars and give valued added and turnover based tax relief to sports related economic activities according to a budget for 2013 presented to parliament. President Mahinda Rajapaksa who is also finance minister said in a prepared budget speech that the foreign income from […]
Top Lender
Nov 07, 2012 (LBO) – Sri Lanka’s Commercial Bank’s profits rose 11. 5 percent to 2.3 billion rupees in the September 2012 quarter from a year earlier, despite a steep rise in interest expenses, interim accounts showed. Performing loans grew 12 percent to 310 billion rupees in the nine months to September. Non-performing loans grew […]
Sri Lanka hydro capacity up to 58-pct – Update
Nov 06, 2012 (LBO) – Storage at Sri Lanka’s reservoirs have risen to 58 percent of capacity or enough to generate 738 million units of electricity during the first week of November from 22 percent a month earlier, official data shows. On November 04, state-run Ceylon Electricity Board generated 61.4 percent of the daily energy […]
Sri Lanka knitted fabric maker cuts losses
Nov 06, 2012 (LBO) – Sri Lanka’s Hayleys MGT Knitting Mills Plc, knitted fabric marker said it has cut losses and improved gross margins after going through a restructuring process over the past year. The firm which files US dollar denominated accounts and statements translated into rupees, lost 43 million rupees in the September 2012 […]
Fashion Trend
Nov 06, 2012 (LBO) – Sri Lanka’s Odel Plc, a 44 percent owned by Parkson Retail Asia said profits fell 15 percent to 104 million rupees, from a year earlier as a higher interest bill hit the bottom line though revenues continued to grow. The fashion retailer reported earnings of 72 cents per share for […]
Global Spread
Nov 05, 2012 (LBO) – MillenniumIT, a Sri Lanka based unit of the London Stock Exchange group said its automated trading system (ATS) has replaced a manual open outcry system at the stock exchange in Botswana. MillenniumIT says its software is now live at over 30 customer sites and securities exchanges around the world. Tony […]
Slower Growth
Nov 05, 2012 (LBO) – Profits at Sri Lanka’s Pan Asia Bank fell 6 percent to 195 million rupees in the September 2012 quarter from a year earlier, amid flat net interest income growth, interim accounts showed. Deposits grew 18 percent to 41. 8 billion rupees. Bad loans grew 7 percent to 2.7 billion rupees […]
Half Astern
Nov 05, 2012 (LBO) – Ships calling at Sri Lanka’s ports fell by 38 to 350 in August 2012 from a year earlier and domestic container handling fell sharply as the economy slowed amid a trade contraction, but transshipment volumes were steady, official data shows. In August 83,974 containers (twenty foot equivalent units) were handled […]
Sri Lanka exports, imports fall, trade gap shrinks September
Nov 05, 2012 (LBO) – Sri Lanka’s exports fell 6. 6 percent to 801.5 million US dollars in September 2012 from a year earlier while imports fell at a faster 25.4 percent to 1.31 billion US dollars, official data showed. Sri Lanka ran into a balance of payments crisis from mid 2011 when authorities printed […]
Sri Lanka utility buys power from community hydro plant
Nov 05, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has started to purchase electricity from a community hydro power plant after the village was supplied with grid power, the island’s power ministry said. The 18kiloWatt plant, located in Kaduruwandola, Athuraliya in Sri Lanka’s Ratnapura district will generate 15,000 units (kiloWatt hours) of energy […]