Category: Industry
Anderson unable to bowl again in Sri Lanka opener
CARDIFF, May 28, 2011 (AFP) – England’s James Anderson will be unable to bowl again in the remainder of the first Test against Sri Lanka, a team spokesman said Saturday. And the 28-year-old Lancashire seamer is also now doubtful for the second of this three-Test series starting at Lord’s this coming Friday. Ashes hero Anderson […]
Debenture Rating
May 27, 2011 (LBO) – Fitch Ratings said it had rated a proposed one billion rupee subordinated debenture ‘AA-(lka)’ by National Development Bank one notch below the bank’s long term ‘AA(lka)’ credit which has a stable outlook. Core profitability as measured by return on assets (adjusted for gains on equities and government securities) had increased […]
SriLankan Air Taxi launches daily flights to central hills
May 26, 2011 (LBO) – SriLankan Airlines has begun daily flights to Kandy in the central hills, using float planes to cut a three-hour road journey to 30 minutes for 4,900 rupees one-way and 9,800 rupees return. Flights from Colombo which now operate from the Kelani River to the city’s north are to be shifted […]
Cold Comfort
May 26, 2011 (LBO) – Sri Lanka’s Ceylon Cold Stores said net profit for the financial year ending March 2011 fell 13 percent to 200 million rupees from a year ago with its ‘Keells Super’ supermarket chain still in the red. Annual group sales rose 16 percent to 16. 6 billion rupees, the company said […]
Sri Lanka Keells Hotels net up 9-pct in March
May 26, 2011 (LBO) – Sri Lanka’s Keells Hotels’ profits rose 9 percent to 521 million rupees in the March 2011 quarter with most of the profits coming from its Maldivian operations, interim accounts showed. It had also slightly increased investment in John Keells Hotels Mauritius. Revenues rose 11 percent to 1.9 billion rupees in […]
Finance Rating
May 26, 2011 (LBO) – Sri Lanka’s Multi Finance Company Limited (MFCL) has been rated ‘B+(lka)’, four notches below investment grade, by Fitch with a ‘stable’ outlook. “MFCL’s rating reflects its small size, weak franchise, modest capitalisation and low profitability in its core business,” Fitch Ratings said in a statement. “The rating factors in the […]
Law wants Sri Lanka to be hard case for England
CARDIFF, May 25, 2011 (AFP) – Stuart Law has warned England against taking Sri Lanka lightly even though he concedes they face “the toughest deal on the planet” playing the Ashes-winners in a Test series starting here on Thursday. Former Australia batsman Law is the interim coach of Sri Lanka following the decision by compatriot […]
Broad Spectrum
May 25, 2011 (LBO) – Sri Lanka’s broadband use is lagging the region due to low penetration of personal computers and expensive mobile handsets, though the sector has now started to grow especially in the wireline segment, a sector study said. Sri Lanka had 574,000 broadband customers by end December 2010, including 294,000 mobile broadband […]
Fashion Profit
May 25, 2011 (LBO) – Sri Lankan fashion retailer Odel said March 2011 quarter group net profit rose 29 percent to 33 million rupees from a year ago with sales growing as it expanded its network of stores. Sales for the quarter rose 22 percent to 817 million rupees from a year ago. Earnings per […]
Sri Lanka Taj profits recover
May 25, 2011 (LBO) – Sri Lanka’s Taj Lanka Hotels, which owns a five star rated property in Colombo’s Galle Face area said profits rose to 52 million rupees in the March 2011 quarter from 3.2 million rupees a year earlier. Sri Lanka is recovering from a three decade war which ended in May 2009 […]
Capital Raising
May 24, 2011 (LBO) – Sri Lanka’s Commercial Bank wants to raise 9.7 billion rupees through a rights issue that would be followed by a share split to strengthen its capital base for future growth. The bank said in a stock exchange filing that the issue is subject to regulatory and shareholder approval. It expects […]
Dicey Deals
May 24, 2011 (LBO) – Sri Lanka is continuing its legal defence in action filed by international banks over petroleum derivatives sold to a state-run oil distributor, the government’s top legal officer said. Fitch Ratings said the fine was bigger than the local branch’s capital but its rating was unaffected due to expected support from […]