Category: Industry
Sri Lanka knitwear firm lose Rs171mn
Aug 03, 2011 (LBO) – Sri Lanka’s Hayleys MGT, a knitwear maker, said it lost 171 million rupees in the June 2011 quarter from a year erarlier, as revenues fell 9 percent to 1. 43 billion rupees. Gross profits fell to 111 million rupees in the quarter from 246 million rupees a year earlier and […]
Sri Lanka to revive handloom craft
Aug 03, 2011 (LBO) – Sri Lanka plans to revive its handloom textile industry in the war-torn north-east with a project modelled on the Rwandan Peace Collection where baskets woven by war-widows were sold at Macy’s department stores. “Local handloom producers need to develop and use natural dyes, such as spices, flowers and wood chips. […]
Sri Lanka Insurance to split firm before listing
Aug 03, 2011 (LBO) – State-run Sri Lanka Insurance Corporation will split its general and life businesses as required by the sector regulator, before a public listing, chief executive Mohan de Alwis said. The composite firm earned gross written premiums of 15. 2 billion rupees up from 13.54 billion rupees a year earlier. In 2010 […]
Mobile Banking
Aug 03, 2011 (LBO) – Dubai-based Etisalat’s Sri Lanka unit said it had inked a deal with with OpenArc, a Colombo-based information technology company to provide a mobile banking service. OpenArc Systems Management started in 1991 and deals in banking and finance, securities and stock market and enterprise resource management solutions. OpenArc chief Daya Hettiarachchi […]
Costly Call
NEW DELHI, August 3, 2011 (AFP) – India’s top mobile phone firm Bharti Airtel reported Wednesday a worse-than-expected 28 percent plunge in quarterly profit, hit by costs of its Africa acquisition and investments in 3G. Net profit slid to 12.15 billion rupees ($273.8 million) for the fiscal first quarter to June from a year earlier […]
Sri Lanka tourism training expanded
Aug 03, 2011 (LBO) – State-run Sri Lanka Institute of Tourism & Hotel Management (SLITHM) has increased its intake and is also franchising its courses to private institutions to cater to an expanding industry after the end of a 30-year war, an official said. The hotel school runs a four year hotel management program and […]
Port Forum
Aug 04, 2011 (LBO) – Sri Lanka is to host an annual meeting of the international ports association alongside an air freight and shipping exhibition to promote the island as a logistics hub after the end of a war. “South Asia including Sri Lanka is expected to increase container throughput at a faster speed than […]
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 […]
Harbour Traffic
Aug 02, 2011 (LBO) – The Sri Lanka Ports Authority has started work on widening a bridge inside Colombo port to ease traffic congestion within the harbour caused by an influx of cargo as trade recovers after a war. We have fulfilled a long awaited requirement of purchasing new operation equipment. Currently, 03 new gantry […]