Category: Industry
Steady Quarter
Nov 12, 2012 (LBO) – Sri Lanka’s NDB group profits edged 3 percent lower to 678 million rupees in the September 2012 quarter from a year earlier, with interest and staff expenses rising, interim accounts show. The group posted earnings of 4. 13 rupees per share in the quarter. In the nine months to September […]
‘s Udawalawe National Park area gets 4-star resort: report
Nov 11, 2012 (LBO) – A 55-room 4-star class resort will open in the coming winter season in Thanamalwila near Sri Lanka’s Udalawalawe national wildlife park, a media report said. The hotel uses solar energy and has a sewage treatment plant where waste water is cleaned and used to irrigate the garden. The hotel is […]
Sri Lanka gives tax breaks for renewable energy
Nov 09, 2012 (LBO) – Sri Lanka has cut taxes on renewable energy equipment and given accelerated depreciation allowances for renewable energy investments and given tax holiday for wood based energy crops. Industries investing in renewable energy which will cover up to 30 percent of their needs would be given lump sum depreciation for tax […]
Sri Lanka military opens more hotels, creates resort brand
Nov 09, 2012 (LBO) – Sri Lanka’s army has opened its third resort hotel and also created a brand as part of efforts to add more rooms to cater to an influx of tourists and promote soldier welfare. Army chief Jagath Jayasuriya said the army, which opened its first resort to provide rest and recuperation […]
Sri Lanka bank profits for farmer insurance
Nov 08, 2012 (LBO) – Sri Lankan banks will be asked to pay one percent of their profits to a national insurance fund to help farmers from next year, the island’s president Mahinda Rajapaksa said. Rajapaksa, who is also finance minister, said farmers who get a fertiliser subsidy will also be asked to contribute to […]
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 […]