Category: Industry
Unhedged
Nov 02, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has lost a 60 million dollar arbitration claim over oil derivatives against Deutsche Bank, a media report said. Reuters a news agency said a US based arbitrator has rule in favour of Deutsche Bank. “It’s against us,” the agency quoted Sri Lanka’s Attorney General […]
Sri Lanka hydro power generation up on cyclonic rains
Nov 02, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has upped hydro power generation and stored more water as cyclonic rains lashed the island, while irrigation tanks in several areas were also filling up, data from state agencies show. Data on the CEB website (www.ceb.lk) shows that daily hydro power generation had risen […]
Sri Lanka forum highlights paperless trade benefits
Nov 01, 2012 (LBO) – Reducing red tape and adopting paperless systems will improve competitiveness of South Asian countries whose intra-regional trade costs are almost 50 percent higher than those of East Asia, a UN trade official said. And getting importers and exporters involved in designing such systems is essential as government initiatives without private […]
Chat Margins
Nov 01, 2012 (LBO) – Profits at Dialog Axiata, Sri Lanka’s largest cellco surged 273 percent to 4.7 billion rupees in the September 2012 quarter from a year earlier, partly due to a tax reversal, interim accounts showed. Dialog has opted for a 2.0 percent tax based on turnover at the end of a tax […]
Tele Biz
Nov 01, 2012 (LBO) – Dialog Television, a direct-to-home pay television service run by the Sri Lanka’s unit of Malaysia’s Axiata group said subscribers rose 50,000 over the past year to top 250,000 by end September 2012. Revenues had grown 29 percent to 2.2 billion rupees for the nine months ending September 2012, and earnings […]
Sri Lanka to lease islet for resort for a billion rupees
Nov 01, 2012 (LBO) – Sri Lanka will lease an islet off the Western coast of the island for a 1,070 million rupee upfront payment to a developer to build an integrated tourist resort, information minister Keheliya Rambukwelle said. The cabinet of ministers had approved a proposal by economic development minister Basil Rajapaksa to lease […]
Steady Rate
Nov 01, 2012 (LBO) – Sri Lanka’s Nations Trust Bank’s ‘A(lka)’ rating has been confirmed by Fitch Ratings with a stable outlook, on a stable credit profile and efforts to improve its franchise, the rating agency said. “Continued consolidation of NTB’s franchise alongside sustained improvements to its credit profile may result in a rating upgrade,” […]
Flat Quarter
Nov 01, 2012 (LBO) – Profits at Sri Lanka’s People’s Leasing and Finance group, the country’s largest non-bank lender was 795 million in the September 2012 quarter rupees barely changed from 790 million rupees a year earlier. Leasing and higher purchase rentals outstanding were also flat at 79 billion rupees by end September from 78.9 […]
Mixed Gains
Oct 31, 2012 (LBO) – Net profits of Sri Lanka’s Union Bank of Colombo rose 7.46 percent to 79.7 million rupees in the September 2012 quarter from a year earlier, with interest margins narrowing, interim accounts showed. The bank made 20 cents of earnings per share in the quarter based on 349 million shares in […]
Distress Call
Oct 31, 2012 (LBO) – Rescuers are still looking for four missing crewmen from a Vietnamese cargo vessel that sank in heavy seas 150 nautical miles off Sri Lanka’s eastern coast, an official said. Sri Lanka’s navy had tried to send a ship to the distressed vessel yesterday but could not reach the area due […]
Lube Sentiment
Oct 30, 2012 (LBO) – Sri Lanka’s Chevron Lubriants unit said profits fell 13 percent to 521 million rupees in the September 2012 quarter from a year earlier poor market sentiment and a price hike due to currency depreciation hurting consumption. Revenues grew by a marginal 2.9 percent to 3.0 billion rupees from a year […]
Tiger Airways ups Sri Lanka flights to four
Oct 30, 2012 (LBO) – Singapore-based Tiger Airways, a low cost has increased flights to Colombo to four starting from the last week of October, after launching with three weekly frequencies in June 2012. From October 28, the airline also increased frequencies to Hong Kong (up to 26), Taipei (up to 09), Bangkok (39), Guangzhou, […]