Category: Industry
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 […]
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 […]
Sri Lanka power firm net up 9-pct on thermal sales
Aug 04, 2011 (LBO) – Sri Lanka’s Hemas Power said profits for the June 2011 quarter rose 9-pct to 86. 8 million rupees with thermal revenues making up for hydro energy generation which was hit by low rainfall. Revenues rose 37 percent to 1,000 million rupees but generation costs rose 51 percent to 885 million […]
Sri Lanka Union Assurance net up 21 percent
Aug 04, 2011 (LBO) – Sri Lanka’s Union Assurance said net profits rose 21 percent to 64. 5 million rupees in the June 2011 quarter with gross written premium rising 27 percent to 1.89 billion rupees. The firm reported 86 cents of earnings per share for the quarter and 1. 64 rupees for the six […]
Mobile Momentum
Aug 04, 2011 (LBO) – Sri Lankan mobile phone operator Dialog Axiata group said June 2011 quarter net profit was stagnant at 1. 4 billion rupees from a year ago with sales up 8.9 percent to 11 billion rupees. Losses from the group’s television operations were also reduced to 12 million rupees from a loss […]
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 […]