Category: Industry
Auto Profits
May 30, 2012 (LBO) – Sri Lanka’s Diesel and Motor Engineering Company Plc, which has agencies for Mercedes Benz and Tata, said profits fell 36 percent to 427 million rupees in the March 2012 quarter. The firm reported earnings of 48. 14 rupees for the quarter. The closed at 590 rupees up 18. 70 Thursday. […]
Sri Lanka Singapore businesses in trade push
May 30, 2012 (LBO) – Business chambers of Sri Lanka and Singapore has inked a deal to push trade and economic links between the two countries in the wake of visit by foreign minister K Shanmugam to the Indian Ocean island. Singapore Business Federation (SBF) and the Sri Lanka Singapore Business Council (SLSBC) affiliated to […]
Sri Lanka exports drop 10.2-pct in March, import growth slows
May 30, 2012 (LBO) – Sri Lanka’s exports dropped 10.2 percent to 835.7 million US dollars in March, a month that saw the steepest depreciation in years, while imports grew just 3. 9 percent to 1,697 million US dollars, pointing to a slowing economy. The central bank said industrial exports dropped 10.9 percent to 624.2 […]
‘s mini hydro firm hit by drought
May 29, 2012 (LBO) – Sri Lanka’s Vallibel Power Erathna Plc, a mini hydro firm, said it lost 13. 04 million rupees in the March 2012 quarter as revenues fell amid drought and a tariff paid by the state power utility also decreased. The firm reported losses of 2 cents per share for the quarter. […]
Increased Bookings
May 29, 2012 (LBO) –Sri Lanka’s e-Channelling Plc, which runs a booking engine for doctors, said its profits rose nine-fold to 73.88 million rupees in the year to March 2012 from a year earlier, on the back of higher revenues. The firm reported earnings of 60-cents per share 2012. The stock closed down 10-cents to […]
Tough Course
May 29, 2012 (LBO) – Sri Lanka’s Expolanka Holding Plc, whose main business is in logistics said net profits rose 2. 68 percent to 286 million rupees in March 2012 quarter from a year earlier, though full year profits were sharply down. The group reported earnings of 15-cents for the quarter. The stock closed at […]
Financial Stability
May 28, 2012 (LBO) – Sri Lanka’s Central Bank said, The Finance Company, a firm that is being bailed out under regulatory supervision is stable and expressed confidence that it will return to profits. The Central Bank said The Finance has increased its deposits by 5.36 percent and its lending portfolio by 11 percent in […]
Farm Lending
May 28, 2012 (LBO) – Sri Lanka’s Treasury secretary P B Jayasundera said banks should lend more to agriculture and slammed lenders for financing too much trade and consumption activities. He said only about 3.0 percent of total credit is given to the tea sector, about 0.5 percent to fisheries. “Instead money goes to consumption […]
Cloud Computing
May 27, 2012 (LBO) – Adopting ‘cloud’ technology where computers are knitted together to process and deliver services as demand fluctuates, can help Sri Lankan business and the state to serve customers faster and more cheaply, officials said. Sri Lanka’s government is also pushing the use of information communications technology to provide services to the […]
Fast Growth
May 26, 2012 (LBO) – Sri Lanka DFCC Vardhana Bank’s profits in the March 2012 quarter rose 161 percent to 150 million rupees from a year earlier, helped by higher business volumes and provision reversals, interim accounts showed. The bank’s gross non-performing loan ratio grew to 4.54 percent by end March from 4.35 percent in […]
Sri Lanka textile maker eyes acquisition, new energy sources
May 25, 2012 (LBO) – Sri Lanka’s Textured Jersey Plc, said it wants aquire another plant in South Asia to expand production and is looking to move away from furnace oil after a tariff increase, though operating profits increased with falling cotton prices. “Acquisition of operational facilities, which may now be available at a reasonable […]
Malaysia budget carrier Air Asia profits up 4-pct, demand strong
May 25, 2012 (LBO) – Makaysia’s AirAsia, a low cost carrier said profits for the March 2012 rose 4 percent to 167.97 million Ringgit, with revenues growing 11 percent to 1.17 billion rigging. “We have defied industry trends again by achieving a 4 percent growth in net operating profit,” chief executive Tony Fernandes said in […]