Category: Industry
‘s late strikes
SHARJAH, November 6, 2011 (AFP) – Off-spinner Saeed Ajmal took two wickets in an over to check Sri Lanka’s victory bids on the fourth day of the third and final cricket Test against Pakistan at Sharjah stadium here on Sunday. The wily-spinner dismissed Angelo Mathews (13) and Kaushala Silva (nought) in the final hour to […]
Earnings tumble as airlines face new turbulence
SINGAPORE, November 6, 2011 (AFP) – Hefty falls in earnings for aviation giants Singapore Airlines and Emirates are the clearest signs yet of fresh turbulence just three years after the 2008 financial crisis wreaked havoc, analysts said. The two companies, regarded as among the industry’s most well-managed carriers, cited escalating fuel expenses and growing unease […]
Cargo Crisis
Nov 06, 2011 (LBO) – Sri Lankan port authorities have agreed to long-standing demands of truckers to open more entrance gates, reduce security checks and provide toilets after a sudden strike disrupted cargo flows through Colombo port. Port officials said some of the restrictions such as checks on cargo and closure of entrance gates had […]
Finance Recovery
Nov 04, 2011 (LBO) – Sri Lanka’s The Finance Company Ltd said it broke even in the September 2011 quarter, recovering from a steep loss a year earlier, helped by provision reversals and lower interest expenses. The firm reported profits of 6.9 million rupees for the September quarter, recovering from a loss of 737 million […]
Sri Lanka Hayleys Knitting Mills in Sept quarter loss
Nov 04, 2011 (LBO) – Sri Lanka’s Hayleys MGT Knitting Mills (HMGT) made a loss of 1.7 million US dollars in the September 2011 quarter compared with a 486,095 dollar profit a year ago. The firm, part of the Hayleys group, said in a stock exchange filing that sales fell 19 percent to 15.5 million […]
Union Status
Nov 04, 2011 (LBO) – Sri Lanka’s Union Bank reported group net profits of 65.8 million rupees for the September 2011 quarter with profits of its asset management subsidiary being consolidated. The group reported earnings of 19 cents for the quarter and 57 cents for the nine months. At stand alone bank level profits rose […]
Supply Link
Nov 04, 2011 (LBO) – Construction of transport infrastructure like ports and airports positions Sri Lanka to be a regional trade hub just like Dubai and Singapore have done for trade between East and West, a logistics expert has said. “It is a prerequisite to be able to berth these ‘mega ships’. If not Sri […]
Wake Up
Nov 03, 2011 (LBO) – Sri Lanka’s banking regulator has urged bank directors to be more diligent and use their skills to ensure the health of their own institutions and that of the financial system. Central bank governor Nivard Cabraal said that although the economy was growing fast with the end of the island’s 30-year […]
Share Issue
Nov 03, 2011 (LBO) – A 70 million US dollar initial public offer of shares by Sri Lanka’s People’s Leasing Company was oversubscribed on the opening day Thursday itself and would close in the afternoon, a stock exchange filing said. People’s Leasing Co., the island’s largest leasing company, offered 390 million shares at 18 rupees […]
Merger Watch
Nov 03, 2011 (LBO) – Fitch Ratings Lanka said it is maintaining Merchant Credit of Sri Lanka’s (MCSL) National Long-Term ‘BBB(lka)’ rating on ‘Rating Watch Evolving’ (RWE) pending a merger. MCSL is a registered finance company (RFC) that accounted for 1.9 percent of total RFC assets at end-2010. It has a network of 11 branches. […]
Sri Lanka recall Tharanga for Pakistan ODI
COLOMBO, November 1, 2011 (AFP) – Sri Lanka Cricket on Tuesday included opener Upul Tharanga, and fast bowlers Dilhara Fernando and Lasith Malinga in the 15-man squad for the one-day series against Pakistan. Selectors led by former skipper Duleep Mendis made seven changes from the Test squad that is currently playing against Pakistan in the […]
Sri Lanka supermarket chain cuts waste with better logistics
Nov 02, 2011 (LBO) – Investing in better logistics and supply chain management helped Sri Lanka’s Cargills group to reduce wastage and improve efficiency at its Food City supermarket chain. Cargills deputy chairman Ranjit Page said the process ensures prices to consumers remain static and its outlets charge one price throughout the island. Farmers get […]