Category: Industry
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 […]
SriLankan Airlines flights to Europe on schedule
May 24, 2011 (LBO) – All SriLankan Airlines flights to Europe will depart as scheduled with contingency plans to fly to alternate airports if Iceland’s volcanic ash clouds spread further into Europe, Sri Lanka’s national carrier said. “Passengers to our European destinations London, Frankfurt, Paris, Rome and Milan are advised to call our contact centre […]
Profit Pressure
May 24, 2011 (LBO) – Sri Lanka’s mobile phone industry is ‘overcrowded’ and ripe for consolidation with intensifying competition eroding profitability, Fitch Ratings said in a new report on the telecoms sector. Overcrowding remains the key medium-term risk to telecom operators (telcos) in Sri Lanka, the rating agency said. It expects competition among local telcos […]
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 […]
SriLankan Airlines ground handling, catering monopoly extended by 10 years
May 24, 2011 (LBO) – Sri Lanka’s airports authority has extended by 10 years a ground handling and catering monopoly given to the national carrier SriLankan Airlines at the international airport, a statement said. “Airport & Aviation Services (Sri Lanka) Limited has awarded SriLankan Airlines the long term exclusive franchise for ground handling and catering […]