Category: Industry
Angry Sri Lanka deny match-fixing
March 2, 2011 (AFP) – Sri Lanka’s cricket authorities on Tuesday angrily denied allegations of match-fixing made against two of their players in their World Cup defeat to Pakistan. State television channel ITN speculated over whether Mahela Jayawardene and Thilan Samaraweera may have “changed the game” by getting out cheaply. The station added a local […]
‘s losses mount
Mar 02, 2011 (LBO) – Sri Lanka’s Kuruwita Textile Mills said slowing sales and high cotton prices have caused mounting losses that it hopes to mitigate by passing onto customers higher costs and hiring a new chief executive. Interim results filed with the stock exchange showed December 2010 quarter losses of 108 million rupees compared […]
Sri Lankan Airlines to re-start Kochi service, up capacity to Middle East
Mar 02, 2011 (LBO) – Sri Lankan Airlines said it is re-starting operations to India’s Kochi with a daily service and is expanding capacity to Karachi in Pakistan and a number of Middle Eastern destinations from March. The daily service to Kochi will start on March 27, increasing Sri Lankan flights to 63 per week. […]
Cash Call
Mar 02, 2011 (LBO) – Sri Lanka’s Seylan Bank now being restructured under regulatory supervision said will raise 4. 6 billion rupees (42.6 million US dollars) from shareholders by the sale of new voting and non-voting shares. The bank will issue 43.33 million voting shares at 75 rupees in the proportion of one new share […]
‘s Jayawardene mulls action over corruption allegation
March 1, 2011 (AFP) – Sri Lanka’s former skipper Mahela Jayawardene is reportedly considering suing a state-run television network for hinting he may have helped fix a World Cup match against Pakistan. Many Sri Lankan players have been investigated by the International Cricket Council over match-fixing in the past. Jayawardene, who lost his middle stump […]
Downgrade
Mar 01, 2011 (LBO) – Sri Lanka’s Lanka Orix Leasing Company has been downgraded by one notch to ‘A-(lka)’ by Fitch Ratings, with a ‘negative’ outlook on higher debt funded equity investments in group firms. Fitch said it had also downgraded an LOLC’s proposed commercial paper to ‘F2(lka)’ from ‘F(lka)’ and withdrawn the rating. “The […]
Lower Outlook
Mar 01, 2011 (LBO) – Sri Lanka’s Lanka Orix Finance Company outlook has been lowered from ‘stable’ to ‘negative’ on weak capitalization following rapid growth, Fitch Ratings said. It’s national long-term rating has been confirmed at ‘A-(lka). The company’s capitalization, as measured by equity to assets, had decreased to 9.2 percent at year ended March […]
Finance Listing
Mar 01, 2011 (LBO) – Sri Lanka’s Senkadagala Finance, a registered finance company, has been given the nod to list on the second board of Colombo Stock Exchange through the ‘introduction’ process the bourse said in a statement. Sri Lanka’s finance companies have been asked to list on the stock exchange by the Central Bank, […]
Cargo Space
Mar 01, 2011 (LBO) – Colombo port has begun building a facility for export containers north of the habour that will help reduce congestion and provide more space for its main transhipment business, an official said. Sri Lanka Ports Authority chairman Priyath Wickrama said it has acquired land for the ‘cargo village’ at Peliyagoda, a […]
Bank Numbers
Feb 28, 2011 (LBO) – Sri Lanka’s Hatton National Bank said group net profit for the December 2010 quarter was up two percent to 1. 87 billion rupees from a year ago with sharp gains in fee income. A stock exchange filing said HNB’s group net profit for the full financial year ending December 31, […]
Bank Status
Feb 28, 2011 (LBO) – Sri Laka’s Seylan Bank, under regulatory re-structuring reported a 387. 2 million rupee profit for the December quarter from a loss of 30. 4 million a year earlier, helped by foreign exchange profits and cost controls. Full year profits rose 176 percent to 1,207 million rupees. The group reported earnings […]
Bank Rating
Feb 28, 2011 (LBO) – RAM Ratings Lanka has assigned a long-term BBB rating to Union Bank with a stable outlook and a short-term rating of P3, a statement said. “The ratings are premised on the bank’s healthy capitalisation as well as adequate funding and liquidity positions,” the rating agency said. “On the other hand, […]