Category: Industry
Sri Lankan Airlines reduces losses
Apr 20, 2011 (LBO) – Sri Lankan Airlines managed to sharply reduce losses in 2010 as revenue rose with a recovery in air travel and the end of a war increased tourist arrivals. Arrivals rose 43.5 percent in March 2011 to 75,130, with steep increases seen from South Asia and several European generating markets. The […]
Sri Lanka airport to acquire land for runway as traffic grows
Apr 19, 2011 (LBO) – Sri Lanka’s international airport is to acquire 100 hectares of land to build a parallel runway required to handle growing aircraft traffic that could soon saturate existing capacity, an official said. Aircraft now fly to Sri Lanka with extra fuel in case they have to divert to airports in India […]
Listing Move
Apr 19, 2011 (LBO) – The Multi Finance Company, a finance company once part of the troubled Ceylinco financial services group, is to list on the Colombo stock exchange by June to conform with regulatory requirements. Under the new management of Entrust Limited the company has now branched out into prime locations such as the […]
Cost Overrun
Apr 19, 2011 (LBO) – A new port being built in southern Sri Lanka could cost 41 percent or 148 million US dollars more because of additional rock blasting, re-shaped breakwaters and rising raw material prices, a newspaper report said. The additional cost of having to blast and remove bedrock found in the harbour amounts […]
Sri Lanka names Dilshan new skipper
April 18, 2011 (AFP) – Sri Lanka’s cricket authorities on Monday named big-hitting all-rounder Tillakaratne Dilshan as captain for the upcoming tour of England. Dilshan will lead the side in all three formats of the game — Tests, one-day internationals and Twenty20s — on the tour, Sri Lanka Cricket said in a statement. The 34-year-old, […]
Sri Lankan Airlines goes rural for cabin crew
Apr 18, 2011 (LBO) – SriLankan Airlines said it has hired young women from rural areas who will be given a chance to join the Sri Lankan national carrier’s cabin crew. “If chosen, they would go into the Cabin Crew Training Programme and would need to pass several tests before qualifying,” the statement said. Recruitment […]
Loan Profile
Apr 18, 2011 (LBO) – RAM Ratings Lanka has confirmed Bartleet Finance’s BBB- long-term rating and raised its outlook to stable from negative, a statement said. The rating agency also confirmed the short-term financial institution rating of Bartleet Finance (BFL) at P3. The revision of the outlook was prompted by the improvement in the profile […]
Lucky Thirteen
Apr 18, 2011 (LBO) – Sri Lanka’s Commercial Bank has been chosen as the ‘Best Bank in Sri Lanka’ for the 13th successive year by the Global Finance magazine. It chose winners through a broad-based assessment of growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products, a bank statement said. Commercial […]
Mumbai lose despite Tendulkar century
MUMBAI, April 15, 2011 (AFP) – Brendon McCullum and Mahela Jayawardene hit robust half-centuries as Kochi Tuskers Kerala posted an eight-wicket win over Sachin Tendulkar’s Mumbai Indians in the Indian Premier League (IPL) on Friday. Skipper Tendulkar hammered an unbeaten 100 off just 66 balls for his maiden IPL hundred to help his side reach […]
IPL reignites country or club debate
NEW DELHI, April 16, 2011 (AFP) – A Sri Lanka cricket board demand that national players involved in the Indian Premier League (IPL) return to prepare for an England tour has reopened the long-running club versus country debate. Eleven Sri Lankan cricketers are playing in the money-spinning IPL, including Tillakaratne Dilshan, who is likely to […]
Freight Factor
Apr 15, 2011 (LBO) – Increased freight transport has helped Sri Lanka’s state-owned railway department sharply reduce losses in 2010, according to the central bank. “The railway network coverage, reliability and the service delivery should be improved in line with the emerging transport demand of the country,” the report said. It said the performance of […]
Bus Losses
Apr 15, 2011 (LBO) – Sri Lanka’s over-staffed state-run bus services lost 8.4 billion rupees in 2010, up 4. 9 percent from the 8.4 billion rupees a year earlier, eating up billions of rupees of taxes extracted from the people from other means. There was no mention of depreciation charges. The SLTB owned 7,746 buses […]