Category: Industry
Sri Lanka Browns to increase hydropower generation
Aug 31, 2011 (LBO) – Sri Lanka’s Browns Investments has said it plans to make use of its plantations to generate more hydropower and increase capacity to 16 megawatts and sell electricity to the national grid. Free Lanka Capital Holdings, a joint venture between Browns and Perpetual Holdings, is the holding company of Pussellawa and […]
Ferry Orders
Aug 31, 2011 (LBO) – Sri Lanka’s Colombo Dockyard said it has won an order to build two passenger ferries for India’s Laskshadweep island administration, on the wake of an earlier delivery to the same customer. The contract comes a year after delivery of two passenger vessels, Arabian Sea and Lakshadweep Sea, for the Administration […]
Freight Fortunes
Aug 31, 2011 (LBO) – New freight forwarding businesses in east Asia helped improve sales and profits for Sri Lanka’s Expolanka Holdings, which aims to further expand overseas and penetrate emerging markets. The group is looking at expanding by increasing its overseas stations and penetrating developing markets and also buying small and medium-sized freight companies […]
Aussies, Sri Lanka set for tough Test battle
GALLE, August 29, 2011 (AFP) – Rival captains Michael Clarke and Tillakaratne Dilshan will look to lead their young teams from the front when Australia and Sri Lanka begin their three-Test series on Wednesday. Dilshan will miss the experience of prolific off-spinner Muttiah Muralitharan, Test cricket’s leading bowler with 800 wickets, who retired from the […]
Radiation Warning
Aug 30, 2011 (LBO) – Sri Lanka’s power ministry has warned the public against using unlicensed x-ray machines saying they could expose patients to excessive radiation that could affect their health. Patients using unlicensed machines may not be able to get correct x-ray images and may expose themselves to unnecessary doses of radiation when repeating […]
Sri Lanka could boost Indian tourists 6-fold over decade: equities report
Aug 30, 2011 (LBO) – Sri Lanka could attract 750,000 tourists from India over the next decade, or six fold if Sri Lanka can capture just 2. 4 percent of that country’s outbound market, an equities research report said. Even if Sri Lanka maintains its current market share of 1. 4 percent, the island could […]
Sri Lanka Browns to build hotels on tea plantations
Aug 30, 2011 (LBO) – Sri Lanka’s Browns Investments plans to build boutique hotels on two tea estates in the island’s central hills as it diversifies into the rapidly growing tourism industry. The island’s tourism industry has been growing rapidly with a sharp increase in arrivals after the end of the 30-year ethnic war in […]
Vessel Hire
Aug 30, 2011 (LBO) – Sri Lanka’s Mercantile Shipping Company is renegotiating vessel hire fees and trying a profit-share deal after slipping into the red last year when it was forced to reduce charter rates. But the company also managed to reduce loan repayments, has stable cash flows and anticipates a market recovery, chairman A […]
Petrol Fiasco
Aug 29, 2011 (LBO) – A Sri Lanka government committee probing the import of substandard petrol which damaged vehicles has recommended payment of compensation to affected motorists. The report by the committee, handed over to petroleum minister Susil Premajayantha Monday, said the fiasco was caused by government officials not following essential procedures for fuel imports, […]
Sri Lank June exports up 32% to $816mn
Aug 29, 2011 (LBO) – Sri Lanka’s June 2011 exports rose 32 percent to 816 million US dollars from a year ago helped up strong growth in shipments of apparel as well as tea and rubber, the central bank said. Imports in June 2011 shot up 50 percent to 1.7 billion US dollars with a […]
Top Rating
Aug 29, 2011 (LBO) – HSBC Sri Lanka’s ‘AAA(lka)’ rating has been confirmed by Fitch Ratings Lanka with a stable outlook based on the strength of its parent which has a rating higher than the island’s sovereign rating. Fitch said HSBC Sri Lanka branch was part of the same legal entity of Hong Kong & […]
Asset Quality
Aug 29, 2011 (LBO) – Fitch Ratings Lanka has confirmed Sampath Bank’s (SB) National Long-Term rating at ‘AA-(lka)’ with a positive outlook. “The affirmation reflects SB’s strong asset quality and profitability, its comfortable equity buffer maintained against future loan losses, as well as its rapid growth from 2010,” the rating agency said in a statement. […]