Category: Industry
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. ” […]
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 […]
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, […]
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 […]
‘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 […]
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 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 […]
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 […]