Category: Industry
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 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 […]
SriLankan Airlines gets second floatplane
Apr 28, 2011 (LBO) – SriLankan Air Taxi, the domestic arm of SriLankan Airlines, has acquired its second floatplane as island-wide operations expand and it plans to start daily flights to another town. The twin-engined aircraft De Havilland Twin Otter aircraft was flown in to Bandaranaike International Airport, north of Colombo, from Canada on April […]
Bank Numbers
Apr 28, 2011 (LBO) – Sri Lanka’s Pan Asia Bank said March 2011 quarter net profit shot up 190 percent to 196 million rupees from a year ago with sharp gains in both interest and non-interest income. Earnings per share for the quarter went up to 1.33 rupees from 0.61 rupees, according to interim results […]
New Bank
Apr 28, 2011 (LBO) – India’s Axis Bank has been given preliminary approval to set up a unit in Sri Lanka, with a formal license to be given after the bank meets regulatory requirements, an official said. State Bank of India and Indian Bank already have branches in Sri Lanka. Indian Bank has been expanding […]
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 […]
Finance Listing
Apr 27, 2011 (LBO) – Commercial Credit Ltd. , a registered finance company based in Sri Lanka’s central hill town of Kandy, has been given regulatory approval to list on the stock exchange. The Colombo stock exchange said it has approved the finance comapny’s application to list 218,074,365 ordinary shares on its ‘diri savi’ or […]