Category: Industry
Japan gains Sri Lanka auto market share with hybrids
Mar 01, 2012 (LBO) – Japan has increased its share in Sri Lanka’s auto market to 36 percent from 33 percent in value with a surge in hybrid vehicles, amid a boom coming after a cut in taxes, Sri Lanka’s main business chamber said. More than 100,000 petrol driven three wheelers have been imported in […]
‘s AirAsia cuts pre-booked meal prices
Mar 01, 2012 (LBO) – AirAisa, a Malaysia based budget carrries said it had cut in-flight meals as much as 30 percent in the wake of a cut in check-in baggage fees two weeks earlier. “AirAsia always strives to listen to our guests, and take into account their feedback on how we can make their […]
Asset Quality
Mar 01, 2012 (LBO) – Sri Lanka’s Sampath Bank said December 2011 quarter net profit fell 34 percent from a year ago but a rapid growth in staff and branches should help boost profits in future despite falling interest margins. He said 78 percent of the bank’s funding was generated from deposits compared with an […]
Buying Access
Feb 29, 2012 (LBO) – Sri Lanka’s Access Engineering bought 60 percent of vehicle importer Sathosa Motors from Japan’s Itochu Corp. for 846 million rupees paying 235 rupees a share, its chairman Sumal Perera said. “We believe there will be steady growth in the commercial vehicle and construction machinery business in the coming years. ” […]
Margin Squeeze
Feb 29, 2012 (LBO) – Sri Lanka’ Hatton National Bank group December 2011 profits rose 21 percent from a year earlier to 2. 254 rupees helped by lower tax charges though core banking margins tightened, accounts showed. The bank reported earnings of 5.80 rupees for the quarter. For the year ending December it reported earnings […]
Bank Boss
Feb 28, 2012 (LBO) – Sri Lanka’s Commercial Bank said Ravi Dias, its deputy chief executive, would take over as managing director and chief executive of the bank on the retirement of incumbent Amitha Gooneratne in April 2012. A statement said Dias was appointed acting chief executive from Monday, February 27, as Gooneratne is on […]
Bank Trend
Feb 28, 2012 (LBO) – Sri Lanka’s Commercial Bank said December 2011 quarter net profit rose 12 percent to almost two billion rupees from a year ago with sharp gains in foreign exchange income while interest income fell. A stock exchange filing said interest income grew 10 percent to 10 billion rupees and interest expenses […]
Sri Lanka state airline losses financed by petroleum retailer: report
Feb 27, 2012 (LBO) – Sri Lanka’s loss making state-run airlines have been mainly financed by Ceylon Petroleum Corporation, to which they owe 18 billion rupees (150 million dollars) in unpaid dues for fuel, a media report said. Losses for the current year so far at Mihin Air, a state-budget carrier are not known but […]
Credit Trends
Feb 27, 2012 (LBO) – Loans to business from Sri Lanka’s commercial banks rose 34.5 percent to 2,005.9 billion rupees in the year to December 2011, with credit to the state hitting a new monthly high, official data showed. Credit to business in December remained at a high 60.2 billion rupees in December 2011, slightly […]
Income Gains
Feb 27, 2012 (LBO) – Sri Lanka’s National Development Bank (NDB) said December 2011 quarter net profit shot up 69 percent to almost a billion rupees with a sharp increase seen in other income and lower tax costs. A note to the accounts said NDB provided 165 million rupees during the year ended December 31, […]
‘s Ceylinco Insurance Dec net up 27-pct
Feb 26, 2012 (LBO) – Sri Lanka’s listed Ceylinco Insurance said it had earned profits of 929 million rupees in the December 2011 quarter up 27 percent from a year earlier partly helped by other income. The firm reported earnings of 35 rupees for the quarter. In the year to December the group reported earnings […]
Sri Lanka Shangri-La investment a message for investors: economic minister
Feb 25, 2012 (LBO) – Starting construction of a 550 million dollar hotel investment by Shangri-La, a Hong Kong based leisure group in Sri Lanka is a signal for other international investors, economic development minister Basil Rajapasksa said. “Not only are they managing the hotel, they are investing the total amount so it’s a very […]