Category: Industry
Tighter Margins
Feb 25, 2012 (LBO) – Profits of Sri Lanka’s Nations Trust Bank rose 54 percent in the December 2011 quarter to 363 million rupees from a year earlier, helped by non-interest income and a lower tax bill, despite narrower interest margins. The bank reported earnings of 1.60 rupee per share for the quarter. In the […]
Sri Lanka Shangri La hotel construction starts
Feb 24, 2012 (LBO) – Hong Kong-based leisure group Shangri-La has begun construction work on its first hotel in Sri Lanka which is experiencing a boom in tourism after the end of its 30-year ethnic war. Basil Rajapaksa, Sri lanka’s minister of economic development, broke ground Friday for work on the 661-room Shangri La Colombo […]
Sri Lanka December 2011 exports up 24-pct
Feb 24, 2012 (LBO) – Sri Lanka’s exports in December 2011 went up 24 percent to 906 million US dollars from year ago with sharp gains in textiles and rubber products, the central bank said. Imports during the month went up 34 percent to 1.9 billion dollars with spending on investment goods like transport equipment […]
Sri Lanka Singapore hotel investments under Thai brand
Feb 24, 2012 (LBO) – A joint venture between Singaporean and Sri Lankan investors has begun work on a hotel in the island’s capital Colombo with plans for up to six hotels with initial investments of 4. 5 billion rupees. Ground breaking work on the 140-roomed Galle hotel is expected to start in next two […]
Tele Trend
Feb 22, 2012 (LBO) – Sri Lanka Telecom Plc group said net profit for the December 2011 quarter fell 17 percent to 1.26 billion rupees from a year earlier, with revenues at core wireline business slowing, interim accounts showed. The group reported earnings of 71 cents per share. In the year to December the group […]
Fast Way
Feb 23, 2012 (LBO) – Dialog Axiata has provided an on-line system for Sri Lanka’s first expressway enabling real time ticket transactions at all entry and exit points and traffic and revenue monitoring. Its subsidiary, Dialog Enterprise partnered with Access Telecommunications Services which provided the required application platform and all Point of Sales machines for […]
‘s Kuruwita Textile Mills back in profit
Feb 20, 2012 (LBO) – Sri Lanka’s Kuruwita Textile Mills returned to profit in the December 2011 quarter helped by lower cotton prices and lower costs from a revamp that included shedding staff. The firm, which supplies treated fabric to garment manufacturers, said it made a December 2011 quarter net profit of 13 million rupees […]
Capital Cushion
Feb 20, 2012 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB and P2 to Sri Lanka Savings Bank with the long-term rating having a stable outlook. The ratings are upheld by the bank’s state ownership and the ongoing support from the government and reflect SLSB’s strong capital cushioning […]
Private Equity
Feb 20, 2012 (LBO) – Dubai based Abraaj Capital, said it has bought Aureos Capital, a private equity firm that has invested over 1.3 billion dollars in small and medium enterprise in Latin America, Africa and Asia. “The integration with the Abraaj Group is a testament to Aureos’ success and investment proposition in the high-growth […]
Shipping Woes
Feb 20, 2012 (LBO) – Sri Lanka’s Mercantile Shipping Company said it made a net loss of 12 million rupees in the December 2011 quarter compared with a profit of 4. 4 million a year ago. Mercantile Shipping Company, through a subsidiary, acquired two new ships in recent years and the accounts showed it provided […]
Chat Margins
Feb 18, 2012 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia’s Axiata and the islands largest mobile firm said group profits for the December 2011 quarter rose 11 percent to 1. 4 billion rupees, from a year earlier. Fixed broadband operations earned 2.3 billion rupees and lost 942 million rupees at gross level […]
Retail Parley
Feb 17, 2012 (LBO) – Retail professionals from some of the world™s top department stores are due in Sri Lanka this month for a three-day conference that is expected to generate valuable exposure for the island’s retail sector. Among the association™s members are some of the top department stores in the world including Selfridges, Saks […]