Category: Industry
Sri Lanka consumer durables sales up
Aug 02, 2011 (LBO) – Singer Sri Lanka, a top consumer durables retailer said profits rose 79.9 percent in the June 2011 quarter from a year earlier as sales grew rapidly after the state cut taxes on electrical home appliances. The firm reported earnings per share of 2. 34 rupees for the quarter. Revenues in […]
Sri Lanka 400-room resort proposal by Four Seasons: minister
Aug 02, 2011 (LBO) – Canada based Four Seasons leisure group has proposed building a 400-room resort on an islet off Kalpitiya in Sri Lanka’s north western coast, deputy economic development minister Lakshman Abeywardene said. A team from Four Seasons had visited the site on July 27. The islands owned by the state are offered […]
Solid Franchise
Aug 02, 2011 (LBO) – Fitch Ratings Lanka has confirmed Commercial Bank’s (CB) national long-term rating at ‘AA(lka)’ with a stable outlook and also confirmed its subordinated debentures at ‘AA-(lka)’. “CB’s ratings reflect its solid domestic franchise, sound profitability and its strong capital position,” a statement said. Fitch noted that the bank has arrested the […]
Bow Wave
Aug 02, 2011 (LBO) – A newly started ferry service between India and Sri Lanka is becoming more popular and the group which operates the ferry from the Indian side, Flemingo Liners plans to add more services, an official said. Some passengers have also started to make use of a facility to take their cars […]
Sri Lanka Finco exits apparel firm
Aug 01, 2011 (LBO) – Sri Lanka’s Finco group has sold a controlling stake in listed Orient Garments to PC House Holdings, an unlisted firm and its chairman Mohamed Rishan for 600 million rupees, officials said. Finco vice president Priyanjith Weerasooriya said the group wanted to focus on the leisure sector. The group is building […]
Alternative Finance
Aug 01, 2011 (LBO) – Amana Bank, Sri Lanka’s first licensed commercial bank to operate under Islamic ‘Shariah’ laws has opened its doors in Colombo and fourteen other branches, the firm said. The bank has 14 branches with its main office in Colombo 03 and other branches in Colombo’s Pettah commercial area, Kandy, Kurunegala, Akurana, […]
Leasing Level
Aug 01, 2011 (LBO) – Sri Lanka Citizens Development Business Finance’s net profit shot up 132 percent to 80 million rupees in the June 2011 quarter from a year ago, according to a Colombo stock exchange filing. Interim accounts showed sharp increases in interest income and earnings from leasing and hire purchase amid loan growth […]
Financial Strength
Aug 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) national long-term rating at ‘AAA(lka)’ with a stable outlook. “SCBSL’s rating is at the highest end of the national rating scale and reflects the financial strength of Standard Chartered Bank PLC (SCB),” a statement said. “The rating is […]
Port Call
Aug 01, 2011 (LBO) – Singapore-based carrier Pacific International Lines (PIL) has added Sri Lanka’s Colombo port on its East Africa – Far East Service, with a weekly frequency calling on Fridays. The new service connects the Far East and East Africa and transshipment cargo from the Indian sub-continent, a Sri Lanka Ports Authority statement […]
Winning Reports
July 31, 2011 (LBO) – Sri Lanka’s Smart Media, an annual report publishing consultancy has won gold at an international competition coming within the top two in the world, while its local and foreign clients have also won 39 awards. “Readers would like to see annual reports saying something useful; and saying it in a […]
Port Revival
July 31, 2011 (LBO) – An American salvage company has begun clearing wrecks from a port in Sri Lanka’s former northern war zone ahead of dredging and repair work that will enable resumption of commercial activity. Resolve Salvage and Fire (Asia), a Singapore subsidiary of US-based Resolve Marine Group, said it was awarded the contract […]
Sri Lanka name T20 squad for Australia series
July 30, 2011 (AFP) – Sri Lanka Cricket on Saturday named a 16-man squad for the Twenty20 games against Australia next month. The teams will play two Twenty20 games on August 6 and 8 at the newly-built Pallakelle International Stadium in the central town of Kandy, which will also host the opening one-dayer and the […]