Category: Industry
Sri Lanka HNB Assurance March net up 23-pct
May 02, 2011 (LBO) – Sri Lanka’s HNB Assurance’s profits in the March 2011 quarter rose 23 percent to 24. 7 million rupees from a year earlier and gross written premium rose 27 percent to 684 million rupees interim accounts showed. The firm paid 198 million rupees in net claims and benefits net. The firm […]
Sri Lanka hotel profit margins on the rise: report
May 01, 2011 (LBO) – Profit margins of Sri Lanka’s tourist hotels are widening with an influx of arrivals and rising room rates after the end of its 30-year ethnic war, a report said. RAM Ratings also noted that despite the recent rate hikes, Sri Lankan hotel rates are still lower than those of the […]
Sri Lanka Sunshine links with Singapore travel firm
Apr 29, 2011 (LBO) – Sri Lanka’s listed Sunshine Holdings said it was forming a joint venture with SilverNeedle hospitality of Singapore to build and manage hotels in a venture that could see up to 50 million dollars being invested. Sunshine Holdings, which has interest in healthcare, plantations, packaging and power, will make the investment […]
Profit Support
Apr 29, 2011 (LBO) – Sri Lanka’s Sampath Bank group profits rose 63.8 percent to 980 million rupees in the March 2011 quarter, helped by provisional reversals and other income despite an easing of net interest income, interim accounts showed. The group reported earnings per share of 6.41 rupees for the quarter. Interest income fell […]
Steady State
Apr 29, 2011 (LBO) – Sri Lanka’s Seylan Bank group net profits in the March 2011 quarter rose 27 percent to 195 million rupees from a year earlier, helped by loan loss provision reversals and steady margins on its fund book, interim accounts showed. The bank reported earnings per share of 3. 93 rupees for […]
Loan Limits
Apr 29, 2011 (LBO) – Sri Lanka’s banking regulator has imposed limits on commercial bank exposure to the stock market which has been among Asia’s top performing bourses in the last two years. New guidelines issued by the central bank limits bank lending to buy stocks to less than 05 percent of total loans, with […]
Rural Access
Apr 29, 2011 (LBO) – The United Kingdom’s Cleveland Bridge UK Ltd has won a contract to build 210 permanent steel bridges in Si Lanka in a project partly funded with a loan of 35 million sterling pounds (6. 2 billion rupees). A government statement said the Cabinet of ministers approved a proposal made by […]
‘s Tillakaratne alleges rampant match fixing
April 29, 2011 (AFP) – Sri Lanka’s former cricket captain Hashan Tillakaratne has claimed that his country had been fixing games since 1992, once again raising the spectre of corruption in the sport. The left-handed batsman, who played 83 Tests and 200 one-dayers for Sri Lanka during his 15-year career, said he was prepared to […]
Sri Lanka draws Al-Futtaim insurance unit
Apr 29, 2011 (LBO) – Dubai’s Al-Futtaim group is setting up an insurance company through a subsidiary in Sri Lanka, which is recovering from a war, and is looking to hire staff including a chief executive. Arab Orient Insurance Company, part of the Al-Futtaim group, said it is setting up a company in Sri Lanka […]
Sri Lanka Expo Aviation to revive domestic air service
Apr 29, 2011 (LBO) – Sri Lanka’s Expo Aviation plans to revive a domestic air service between the capital Colombo and northern Jaffna that was once a profitable business when the land route was cut by Tamil Tiger separatists. The company plans to acquire an aircraft for the passenger service in response to growing demand […]
Sri Lanka exports up 37-pct in February
Apr 28, 2011 (LBO) – Sri Lanka’s exports rose 36. 8 percent to 860.3 million US dollars in February with apparel exports rising 47.5 percent to 366.6 million US dollars while imports rose 27 percent to 1. 23 billion US dollars, the Central Bank said. Industrial exports rose 45.4 percent to 658.4 million US dollars. […]
Sri Lanka insurers in campaign to raise awareness
Apr 28, 2011 (LBO) – Sri Lankan insurance companies are to launch a campaign to raise public awareness of their products, saying they were not understood properly by people and penetration was far too low. The industry comprises of 18 insurance companies offering either life insurance, non life of general insurance or both classes together […]