Category: Industry
Cargo Lift
Nov 18, 2011 (LBO) – Container terminals at Colombo port run by state-owned Sri Lanka Ports Authority (SLPA) have received a second batch of new cranes to replace aging equipment, a statement said. Three gantry cranes and eleven rubber tired yard gantry cranes to transfer cargo were delivered this week by Chinese manufacturer ZPMC. They […]
Rail Link
Nov 18, 2011 (LBO) – Sri Lanka has signed a deal with India to restore part of a northern railway line that was damaged during the ethnic war under project funded by soft loans from New Delhi. The agreement between Sri Lanka Railways and the Indian government owned IRCON was for the restoration of the […]
Tele Outlook
Nov 17, 2011 (LBO) – Sri Lanka telecom operators are likely continue spend on fiber optics and network upgrades next year to meet post-war demand, though the sector is facing tighter margins and regulatory risk, Fitch Ratings said. Fitch said large operators would be stable but the outlook for smaller operators was negative and regulatory […]
Asset Play
Nov 17, 2011 (LBO) – Asia Asset Finance Limited (AAFL), a Sri Lankan registered finance company that is part of the Asia Capital group, plans to go public with an initial public offer of 120 million shares at 2. 50 rupees each. The issue opens on November 28, 2011 with the shares to be listed […]
Leasing Appetite
Nov 17, 2011 (LBO) – An initial public offer of 390 million shares by Sri Lanka’s People’s Leasing Company at 18 rupees each has seen lower than expected demand in most investor categories. The IPO by the island’s largest leasing company to raise 7. 0 billion rupees was oversubscribed by 1.3 times, drawing 9,843 applications […]
Tar Imports
Nov 17, 2011 (LBO) – Sri Lanka has allowed the state Road Development Agency to directly import bitumen for road building in addition to buying from state-run Ceylon Petroleum Corporation, minister Keheliya Rambukwelle said. Delays could results in contractor’s machinery lying idle resulting in losses which can escalate project costs. He said the cabinet of […]
Highway Hopes
Nov 17, 2011 (LBO) – Sri Lanka’s first high-speed expressway that is to be opened this month lacks adequate roadside space to park vehicles during emergency stops, journalists taken on a tour were able to observe. The southern expressway also has lights only on bridges and at intersections with ramps connecting the highway with other […]
Quarterly Snap
Nov 16, 2011 (LBO) – Profits at Sri Lanka’s NDB Bank fell 20 percent to 620 million rupees in the September 2011 quarter from a year earlier, on weaker non-interest income, interim accounts showed Earnings per share for the quarter are 3. 78 rupees. For the 9-months the bank is reporting earnings of 10. 40 […]
Sri Lanka apparel exporter sees faster lead times
Nov 16, 2011 (LBO) – Brandix, one of Sri Lanka’s top apparel exporters, expects lead times to deliver new designs to shrink rapidly in future given fast changing consumer fashions within the next two years. Rapidly shrinking lead times would be one of the biggest challenges for the apparel industry, Brandix chief executive Ashroff Omar […]
National Aim
Nov 16, 2011 (LBO) – Sri Lanka’s Nations Trust Bank plans to become a ‘nationwide’ bank with a fast branch expansion targeting both savers and small businesses, replicating a banking model tried on rich retail and corporate clients. Renuka Fernando, NTB’s deputy chief executive, said the bank will rapidly expand outside Colombo, setting up 15 […]
Petroleum Prospects
Nov 15, 2011 (LBO) – The Sri Lanka unit of Indian Oil Corporation’s profit for the September 2011 quarter fell sharply from a year ago with sales staying virtually stagnant, interim accounts filed with the stock exchange showed. Lanka Indian Oil Corp. said net profit fell 44.6 percent to 277.8 million rupees in the quarter […]
Sri Lanka board dissolved for election
November 15, 2011 (AFP) – The Sri Lankan government on Tuesday cleared the way for the national cricket board committee to be elected for the first time in seven years in line with International Cricket Council (ICC) rules. Sports Minister Mahindananda Aluthgamage said he was dissolving Sri Lanka Cricket’s interim managing committee and hoped there […]