Category: Industry
Sri Lanka Continental Hotel Dec net up 22-pct
Feb 01, 2012 (LBO) – A boom in tourist arrivals after the end of a war has helped Sri Lanka’s Continental Hotel to increase net profit by 22 percent in the December 2011 quarter, the start of the peak tourism season. The hotel, bought by the Hayleys conglomerate last year, said net profit in the […]
Merger Intention
Feb 01, 2012 (LBO) – Fitch Ratings Lanka has maintained Merchant Credit of Sri Lanka’s (MCSL) ‘BBB(lka)’ national long-term rating on rating watch evolving (RWE), a statement said. MCSL was placed on RWE in May 2011 after Merchant Bank of Sri Lanka’s announcement it got Central Bank approval for a specialised banking license to MBSL […]
Scanned Access
Jan 31, 2012 (LBO) – Sri Lanka Ports Authority plans to install bar code readers at Colombo port to speed up the movement of vehicles moving containers, a senior official said. Truckers have complained of lengthy waiting times of sometimes 6-8 hours to get in or out of the port. The existing gate pass system […]
Lease Business
Jan 30, 2012 (LBO) – Sri Lanka’s Citizens Development Business Finance Plc, a registered leasing firm, said profits fell 25 percent in the December 2011 quarter to 157 million rupees from a year earlier, mainly due to lower non-fund based income. Net assets rose from 1.0 billion rupees to 2.06 billion rupees from March to […]
Tele Trend
Jan 29, 2012 (LBO) – Sri Lanka’s fixed wireless users shrank 1.4 percent to 2.63 million in the third quarter of 2011, from a year earlier, but internet users, which include mobile broad bank rose 100 percent, official data shows. . Fixed wireline grew 4.6 percent to 929,851. Sri Lanka Telecom, the island’s only wireline […]
‘s ITC for hotel: report
Jan 29, 2012 (LBO) – India’s ITC group has paid a 50 percent advance payment for beachfront land in Sri Lanka’s capital Colombo where it plans to build a luxury hotel, a media report said. The Sunday Times newspaper quoted economic development minister Basil Rajapaksa as saying that 73.5 million US dollars or 50 percent […]
Side Effects
Jan 28, 2012 (LBO) – Liquid assets in Sri Lankan banks are falling and loan to deposit ratios are deteriorating, with some banks reaching 100 percent, Fitch Ratings Lanka said as authorities continued to defend a dollar peg creating a liquidity crunch. Fitch said in an report on the outlook on Sri Lankan banks that […]
Terminal Tales
Jan 27, 2012 (LBO) – The Sri Lanka Ports Authority wants to raise its stake in a new container terminal being built in Colombo and can use funds expected from the joint venture concession holder, an official said. The listed Aitken Spence group has said it was selling its entire 30 percent stake in the […]
Sri Lanka Vallibel Power begins hydro electricity supply
Jan 27, 2012 (LBO) – Vallibel Power Erathna, a Sri Lankan mini-hydro power firm, said it has begun commercial operations at a new power plant. A stock exchange filing said the 4. 65 mega watt ‘Kiriwaneliya’ mini hydro power project of its subsidiary Country Energy has begun commercial operations. Country Energy, which has approvals for […]
Bank Outlook
Jan 27, 2012 (LBO) – Sri Lanka commercial bank loans may grow 25 percent in 2012 with more lending to small enterprises and retail customers as banks searched for better margins, Fitch Ratings Lanka said. Fitch said in report on Sri Lankan banks better risk management was needed especially for bank who are lending to […]
Travel Card
Jan 26, 2012 (LBO) – Sri Lanka’s HSBC has launched a credit card for frequent international travellers which can be used to buy discounted air tickets, hotel rooms and use airport lounges, the bank said. Branded ‘HSBC Visa Signature’ the card offers discounts on Cathay Pacific Airways, Jet Airways, Kingfisher Airlines, Malaysia Airline, Qatar Airways, […]
Parting Gift
Jan 26, 2012 (LBO) – Sri Lanka’s Aitken Spence group said it booked a gain of 630 million rupees by selling a 30 percent stake in a container terminal project to China Merchant Holdings International. Aitken Spence bid for the terminal project with China Merchants coming in as 55 percent partner, but it pulled out […]