Category: Industry
Duopoly
July 30, 2011 (LBO) – Dubai-based Flemingo International, which has won a concession to operate a second duty free shop in Sri Lanka’s main international airport, is aiming at a 55 million dollar annual market, an official said. Better pricing and availability of more brands can make passengers spend more in Colombo and prevent them […]
‘s Finco builds two east coast resorts
July 29, 2011 (LBO) – Sri Lanka’s Finco group, which has interests in construction, export manufacturing and real estate is building two resorts in the island’s eastern coast investing nearly 16 million US dollars to expand its leisure arm, an official said. Finco, a privately held business group listed an export apparel making unit, Orient […]
Indian Caution
July 29, 2011 (LBO) – India’s central bank has asked regional banks to be careful when dealing with people and entities from Sri Lanka after an international anti money laundering body listed the island as having insufficient compliance, a media report said. India’s Hindu newspaper said the country’s regional rural banks have been advised to […]
Somaliland
DUBAI, July 28, 2011 (AFP) – A petrol tanker belonging to the United Arab Emirates hijacked by Somali pirates on July 16 has been released, state news agency WAM reported Thursday. Last month, the UN Security Council warned that Somali pirates were attacking growing numbers of ships in the Indian Ocean and that the attacks […]
Bank Profits
July 28, 2011 (LBO) – Sri Lanka’s Sampath Bank group’s net profits in the June 2011 quarter rose 52 percent to 1. 13 billion rupees from a year earlier partly helped by a provision reversal amid strong loan growth, provisional accounts showed. The group reported 7.26 rupees of earnings per share for the quarter. Interest […]
VRS Hit
July 28, 2011 (LBO) – Sri Lanka’s Seylan Bank group lost 303. 9 million rupees in the June 2011 quarter against 311 million profits a year earlier hit by a 700 million rupee voluntary retirement charge. The group said it made a loss of 4. 79 rupees per share. Seylan Bank group said interest income […]
Volume Growth
July 28, 2011 (LBO) – Sri Lanka’s Pan Asia Bank net profits for the June 2011 quarter rose 152 percent to 210 million rupees driven by strong loan growth including gold backed loans and leases, the bank said. The bank reported earnings of 71 cents per share for the quarter. Interest income for the quarter […]
Sri Lanka to recapitalize state airlines with US$500mn
July 28, 2011 (LBO) – Sri Lanka’s loss making state airlines will be recapitalized with equity of 500 million US dollars over five years to improve their gearing and allow them to acquire new aircraft, information minister Keheliya Rambukwelle said. The airline has also leased a fleet of newer A320s to upgrade its fleet. Sri […]
Sri Lanka tour firm moves to SUVs
July 28, 2011 (LBO) – Sri Lanka’s Walkers Tours, a tour operator of the John Keells Holdings group said it had added a fleet of sports utility vehicles which will allow tourists to explore remote attractions. “[T]he ultimate objective of this scheme is to benchmark our service levels against the best in the region,” JKH […]
Sri Lanka develops 5-year tourism strategy
July 28, 2011 (LBO) – Sri Lanka has formally approved a five year strategy to develop the tourism sector including domestic tourism as arrivals go up after a 30-year war, the government’s information office said. The cabinet of ministers had approved the plan submitted by the ministry of economic development, headed by minister Basil Rajapaksa. […]
Bunker Biz
July 27, 2011 (LBO) – Mc Marine (Pvt) Ltd, a newly incorporated bunkering unit of Sri Lanka’s McLarens shipping group which is planning to cater to ships off the south of the island, has recruited Channa Abeyagunewardena as its chief executive. Sri Lanka started to make greater inroads into bunkering after a state monopoly and […]
Sri Lanka May 2011 imports up on aircraft, cars
July 27, 2011 (LBO) – Sri Lanka’s exports rose 34 percent in May 2011, to 832 million US dollars and imports rose at a faster 67 percent to 1. 76 billion dollars partly due to strong imports of cars and a aircraft, the Central Bank said. Agricultural exports rose 19 percent to 182 million US […]