Category: Industry
Sri Lanka Sunshine group June net hit by wage hike
Aug 05, 2011 (LBO) – Sri Lanka’s Sunshine Holdings said June 2011 quarter net profit fell 46 percent to 63 million rupees from a year ago as earnings from plantations were eroded by a wage hike given to workers. Work on two other power projects is to begin soon ensuring the firm achieves its target […]
Sri Lanka city hotel lose Rs2.3mn in June quarter
Aug 05, 2011 (LBO) – Hotel Services (Ceylon) PLC, owners of Continental, the oldest 5-star hotel in Sri Lanka’s capital Colombo said it lost 2.3 million rupees in the June 2011 quarter, though revenues rose 24 percent to 136 million rupees. The new owners have said they planned to expand and upgrade the hotel. The […]
Bank Directors
Aug 05, 2011 (LBO) – Sri Lanka’s NDB Bank has appointed Hemaka Amarasuriya, former chairman of Singer Sri Lanka, and Softlogic group chief Ashok Pathirage as deputy chairman. The appointments were made on August 04, the bank said in a statement. Amarasuriya was also vice president of Singer Asia and Retail Holdings Limited of USA. […]
Margin Play
Aug 05, 2011 (LBO) – Sri Lanka’s Nations Trust Bank group June 2011 quarter profits rose 29 percent to 360 million rupees helped by a provision reversal and lower taxes, despite a squeeze in margins on its loan book, interim accounts showed. The bank reported earnings of 1.55 rupees for the quarter and 2. 58 […]
Fusion Mode
Aug 05, 2011 (LBO) – A service station to repair and maintain hybrid cars in Sri Lanka, whose use has risen sharply after an import tax cut, has been set up in the capital Colombo. About 2,000 hybrid electric vehicles, which combine an internal combustion engine with electric motors to drive them, are already on […]
Sri Lanka Heritance Ahungalla wins top culinary awards
Aug 04, 2011 (LBO) – Heritance Ahungalla, an Aitken Spence group hotel has won the top award for the best hotel team and best culinary team overall in Sri Lanka’s Culinary Art 2011, the islands largest food and trade exhibition and competition. Aitken Spence said its hotels had won 145 medals in the competition where […]
‘s Citrus Leisure buys travel agency
Aug 04, 2011 (LBO) – Sri Lanka’s listed Citrus Leisure said it had bought a 51 percent stake in Lotus Travel International (Pvt) Ltd, a firm incorporated in 2004 to act as a travel agency, for 612,000 rupees. The filing did not say the travel firm had any operating business. The firm said in a […]
Finance Advisory
Aug 04, 2011 (LBO) – Malaysia’s CIMB financial group has formed a joint venture in Sri Lanka to target investors in East Asia as the island’s growth picks up after a 30-year war and opportunities come up in areas including infrastructure, officials said. CIMB Holding group will hold 51 percent of the Sri Lanka venture […]
Logistics Net
Aug 04, 2011 (LBO) – Profits at Sri Lanka’s Expolanka group, whose key business is in logistics, rose 15 percent to 273 million rupees in the June 2011 quarter from a year earlier, helped by lower interest and taxes, interim accounts showed. Finance costs fell 40 percent to 30 million rupees. The firm raised money […]
Port Plants
Aug 04, 2011 (LBO) – The Sri Lankan government has approved the award of contracts for manufacturing plants in a new port in the south where a remaining rock obstacle will be blasted soon to enable big ships to enter. “Port development takes a good 5-10 years to develop. Today we are competing with other […]
Circular Road
Aug 04, 2011 (LBO) – Metallurgical Corporation of China, a Chinese state-run building and engineering firm is to design and build a section of a highway around the capital Colombo that will connect three other expressways now under construction. The Colombo-Katunayake Expressway is to be completed by end of 2012 and the first two phases […]
T20 Champions League loses sponsor: report
NEW DELHI, August 3, 2011 (AFP) – The much-hyped Twenty20 Champions League has lost its title sponsor due to lack of interest in the multi-nation club tournament, Indian media reported on Wednesday. The Champions League was launched by the cricket boards of India, Australia and South Africa in the wake of the hugely popular Indian […]