Category: Industry
Electronic Books
Feb 16, 2012 (LBO) – Etisalat’s Sri Lankan unit has teamed up with booksellers and a software firm to launch an electronic book store for local publishers and authors, officials said. The online e-book store, called ‘Book Hub’ to be commercially launched by end of March, will be in all three languages and available on […]
Orix Net
Feb 16, 2012 (LBO) – Sri Lanka’s LOLC group which has interest in financial services, plantations, trading and leisure said net profits for the December 2011 quarter fell 6 percent to 673 million rupees. The group reported earnings of 1.42 rupees for the quarter. For the nine months ended December 2011 the group reported earnings […]
Sri Lanka raises power prices
Feb 14, 2012 (LBO) – Sri Lanka’s power regulator has approved surcharges of between 15 to 40 percent on the bills of power users to recover a part of the cost of a steep fuel price increase, an official said. State run Ceylon Electricity Board still received some fuels below market price, PUCSL officials said. […]
Sri Lanka draws Indian clothing retailer
Feb 15, 2012 (LBO) – Sri Lankan clothing retailer Hameedia has tied up with India’s Madura Fashion & Lifestyle to sell its clothing brands and also open retail stores in the island. We’re going a step further and will make these brands available at several national apparel retail chains in major cities.” Madura Fashion & […]
Provision Pattern
Feb 14, 2012 (LBO) – Sri Lanka’s Seylan Bank December 2011 quarter net profit rose 72 percent to 664 million rupees from a year ago, helped by lower loan loss provisioning. Interest income rose 12 percent to 4.2 billion rupees while interest expenses rose at a faster 15 percent resulting in net interest income going […]
Managing Wealth
Feb 14, 2012 (LBO) – NDB Aviva Wealth Management, a Sri Lankan asset management firm, has chosen Advent Software to provide a wealth management system for portfolio, client relationship and trade order management. NDB Aviva wanted to improve operational efficiency and achieve industry best practices to develop its institutional investor client base and improve service […]
Asset Quality
Feb 14, 2012 (LBO) – Fitch Ratings Lanka has confirmed Pan Asia Banking Corporation’s (PABC) proposed subordinated debentures of up to 2.0 billion rupees at ‘BBB-(lka)’. The issue is rated one notch below PABC’s national long-term rating of ‘BBB(lka)’ with a stable outlook reflecting its debt-like features, a statement said. “PABC’s ratings reflect continued improvements […]
Auto Outcome
Feb 14, 2012 (LBO) – December 2011 quarter net profit at Sri Lankan auto importer and distributor Diesel and Motor Engineering Company (Dimo) fell 27 percent to 713 million rupees from a year ago as sales slowed. A stock exchange filing said Dimo’s sales fell 12 percent to 10. 6 billion rupees in the quarter […]
Fuel Protests
Feb 13, 2012 (LBO) – A steep fuel price increase in Sri Lanka to correct mounting economic imbalance and pressure on a currency peg has seen protests by bus operators and fishermen, reports said. Fishermen blocked a road on the main road to the capital Colombo from Negambo, a fishery centre, a media report said. […]
Sri Lanka power utility CEB, to raise tariffs
Feb 13, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has asked the regulator for a tariff hike or a fuel surcharge to cover part of an estimated 79 billion rupee loss in 2012, power ministry secretary M M C Ferdinando said. The CEB has budgeted for expenses of 179. 05 billion with revenue […]
Sri Lanka tourist arrivals up 15.7-pct in January
Feb 13, 2012 (LBO) – Tourist arrivals to Sri Lanka increased 15.7 percent to 85,874 in January 2012 from a year earlier, maintaining growth but at a slower pace than last year, official data showed. East Asian arrivals rose 28 percent to 9,334 with Chinese tourists rising 21. 5 percent to 1,952. Visitors from Japan […]
Bus Tariff
Feb 13, 2012 (LBO) – Sri Lanka’s bus fares will be raised by 20 percent and striking buses will return to the streets from Tuesday, Gemunu Wijeratne, head of the Sri Lanka Private Bus Operators’ Association said. The new fares will be in effect for at least a year unless fuel prices are raised by […]