Category: Industry
Sri Lanka fabric maker makes US$7mn annual loss
May 12, 2011 (LBO) – Sri Lankan fabric maker Hayleys MGT Knitting Mills made a loss of seven million US dollars in the financial year ended March 2011 following provisioning after an audit inquiry into a fraud. Annual sales rose 17 percent to 58 million US dollars,according to interim results filed with the stock exchange […]
Mobile Numbers
May 12, 2011 (LBO) – Sri Lankan mobile phone operator Dialog Axiata group said March 2011 net profit rose 64 percent to 1.2 billion rupees from a year ago with subscribers growing and lower losses from TV and broadband units. The profit was slightly lower than the 1.3 billion rupee net profit made in the […]
Sri Lanka tourist arrivals up 67-pct in April
May 12, 2011 (LBO) – Tourist arrivals into Sri Lanka rose 66. 7 percent to 63,835 in April 2011 from a year ago with sharp increases in visitors from south Asia and the traditional Western European markets. Total arrivals were up 40.4 percent to 278,959 in the four months to April, data from the tourist […]
Bangladesh mulls clothes factories in jails
DHAKA, May 11, 2011 (AFP) – Bangladesh’s prison authorities on Wednesday announced plans to set up garment factories in the country’s overcrowded jails in a bid to help convicts acquire skills and make money. The project, which has not yet been approved by the government, aims to set up factories first in major prisons before […]
Fresh Capital
May 11, 2011 (LBO) – Sri Lanka’s Hatton National Bank has changed plans to raise fresh capital by dropping a private placement and increasing a rights issue for existing shareholders, a stock exchange filing said. The amount of funds to be raised, to strengthen its capital and balance sheet and to support growth, has been […]
Shipping Costs
May 11, 2011 (LBO) – Hong Kong-based Orient Overseas Container Line has become the latest container shipping line to announce a freight rate hike in what carriers call ‘rate restoration’ programmes. OOCL has told shippers it is raising rates on Asia-Europe trade lanes as present rates were not sustainable. “The ocean freight rate for Asia […]
Auto Trends
May 11, 2011 (LBO) – KIA Motors of South Korea plans to begin selling small cars in Sri Lanka by July 2011 following the introduction of its KIA Optima car in the island, an official said. KIA Optima cars with 2.0 litre petrol engines will begin arriving by September and will be sold at an […]
Sri Lanka, Australia lodge 2018 bid books
KUALA LUMPUR, May 11, 2011 (AFP) – Australia’s Gold Coast and Sri Lanka’s Hambantota lodged their bid books Wednesday in the contest to host the 2018 Commonwealth Games. The two cities, which are the only contenders for the right to hold the event, both vowed to spend billions of dollars to build new accommodation, hotels […]
Sri Lanka Vallibel Power March net up 57-pct
May 10, 2011 (LBO) – Vallibel Power Erathna, a Sri Lankan mini-hydro power firm, said March 2011 quarter net profit rose 57 percent to 44. 6 million rupees from a year ago. Annual sales rose 22 percent to 534 million rupees while basic earnings per share for the year were 56 cents compared with 55 […]
Telco Trends
May 10, 2011 (LBO) – Sri Lanka Telecom’s March 2011 quarter net profit rose 114 percent to 1,295 million rupees from a year ago with sharp gains from value-added services and the traditional fixed line business. Group sales rose two percent to 12. 4 billion rupees in the quarter ending March 31, 2011, according to […]
Finance Listing
May 10, 2011 (LBO) – Bimputh Lanka Investments, a registered finance company in Sri Lanka, has been given regulatory approval to list on the Colombo stock exchange. The firm is to list 20.2 million ordinary voting shares on the CSE’s ‘Diri Savi’ second board through the ‘introduction’ process which does not require companies to make […]
Bank Numbers
May 10, 2011 (LBO) – Sri Lanka’s Union Bank said net profit rose 212 percent to 60 million rupees in the March 2011 quarter from a year ago with sharp gains in both interest and non-interest income. Interest income rose 7.5 percent to 458 million rupees while interest expenses fell 22 percent to 221 million […]