Category: Industry
Sri Lanka apparel industry shrugs off loss of trade benefit
Feb 03, 2011 (LBO) – Sri Lankan apparel exporters are getting enough overseas orders and not been affected as badly as feared by the loss of duty free access to European Union markets, officials said. “Exports are growing moderately,” said A Sukumaran, chairman of the Joint Apparel Association Forum (JAAF), an industry body. “We have […]
Sri Lankan Airlines starts flights to fourth Chinese city
Feb 03, 2011 (LBO) – Sri Lankan Airlines has begun flights to the Chinese city of Guangzhou (Canton), the national carrier’s fourth destination in China, a statement said. The airline said that operations to more cities in China with good frequencies will assist in promoting business and tourism between the two countries. Besides Guangzhou, the […]
Transport Lease
Feb 03, 2011 (LBO) – Sri Lanka’s SMB Leasing (SMBL) and Lanka Ashok Leyland (LAL) have begun importing luxury tourist coaches amid a boom in tourist arrivals and a shortage of vehicles, a statement said. Leasing facilities have been provided by SMBL to the buyer of the first three imported luxury LAL tourist coaches. The […]
Rating Upgrade
Feb 03, 2011 (LBO) – Fitch Ratings Lanka has upgraded Vallibel Finance’s (VFL) rating to ‘BB-(lka)’ from ‘B+(lka)’ with a stable outlook, a statement said. “The upgrade of VFL’s rating reflects sustained improvements in its credit metrics – in particular its asset quality, profitability and capitalisation,” Fitch said. It also reflects VFL’s increased scale of […]
Red Ink
Feb 03, 2011 (LBO) – Sri Lanka’s The Finance Company, being restructured under regulatory supervision, has managed to reduce losses in the December 2010 quarter but interest costs are still higher than income, a stock exchange filing showed. Net interest income fell 42 percent to 159.3 million rupees, with interest income down 29.6 percent to […]
Sri Lanka fabric maker in Rs626mn December quarter loss
Feb 02, 2011 (LBO) – Sri Lankan fabric maker Hayleys MGT Knitting Mills made a loss of 626 million rupees (5.6 million US dollars) in the December 2010 quarter following provisioning after an audit inquiry into a fraud, a statement said. The company said the discrepancies forced it to make an additional provision of almost […]
Sri Lanka fabric maker rating downgraded
Feb 02, 2011 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills (HMGT) to ‘BBB(lka)’ from ‘BBB+(lka)’ with a negative outlook, a statement said. HMGT’s liquidity was adequate based on unutilised facilities of 8.3 million dollars as at end-September 2010. “The downgrade primarily reflects HMGT’s lower operating margins,” it said. “The company’s inability […]
Bank Issue
Feb 02, 2011 (LBO) – The Colombo Stock Exchange has approved a public share offer by Sri Lanka’s Union Bank to raise 375 million rupees by issuing 15 million ordinary shares at 25 rupees each, a statement said. CSE has approved in principal the application for listing on the main board of the bourse. The […]
Islamic Banking
Feb 02, 2011 (LBO) – The Monetary Board of the Central Bank of Sri Lanka has given a commercial banking license to Amana Bank, a statement said. Islamic banking is an emerging alternative to the interest-based banking practice and is gaining popularity across the world’s communities. “Amana Bank will be Sri Lanka’s first licensed commercial […]
Sri Lanka insurer to invest in leisure sector
Feb 01, 2011 (LBO) – Sri Lanka’s state-owned Sri Lanka Insurance Corporation will invest in the fast-growing tourism sector by building a hotel in the island’s southern coast, a senior official said. “We are in the process of finalizing details for land in Hambantota to build a hotel,” Mohan De Alwis, managing director and chief […]
Leasing Strength
Feb 02, 2011 (LBO) – Sri Lanka’s Fitch Ratings has today confirmed Sri Lanka’s People’s Leasing Company’s long term rating of ‘A(lka)’ with a stable outlook on its potential support from its parent, state-run People’s Bank which is rated ‘AA-(lka)’. Fitch said PLC carries out the incremental leasing business of People’s Bank’s leasing business which […]
Upgraded
Feb 01, 2011 (LBO) – Sri Lanka’s People’s Leasing Finance (PLF), a unit of Peoples Leasing Company by one notch to ‘BBB(lka)’ with a stable outlook, on expected support from its ‘A(lka)’ parent which owns 93 percent of the firm. Fitch said support from the parent was now “more likely” than in the past as […]