Category: Industry
Road Map
November 3, 2010 (AFP) – Sri Lanka plans to spend a billion dollars in foreign aid to rebuild roads as the island emerges from nearly four decades of ethnic fighting, a top official said Wednesday. Sri Lanka’s Highways Ministry Secretary Wasantha Karannagoda said they had secured funding to rebuild and repair nearly 4,000 kilometres (2,500 […]
Rail Deal
Nov 04, 2010 (LBO) – Sri Lanka is to enter into a credit agreement with India’s Export – Import Bank for an Indian government soft loan of 416 million US dollars to rebuild railways destroyed by war, a spokesman said. Media minister Keheliya Rambukwelle said the funds will be used to rebuild three sections of […]
Toll Collection
Nov 04, 2010 (LBO) – Sri Lanka Telecom is on track to get a deal to install a fibre optic cable for a toll collection system on an expressway linking the island’s south that is now under construction. These will be in the towns of Konawa, Kahatuduwa, Gelanigama, Dodangoda, Welipenna, Kurundugahahetekma, Nayapamula, Pinnaduwa, Deegoda, Kokmaduwa […]
Sri Lanka Aitken Spence hotels boost Sept net profit
Nov 03, 2010 (LBO) – Sri Lanka’s Aitken Spence net profit rose 29 percent to 606 million rupees in the September 2010 quarter from a year ago largely on better earnings from its hotels, a stock exchange filing said. Group sales rose 11 percent to 6.3 billion rupees while earnings per share after subdivision were […]
Finance Purchase
Nov 02, 2010 (LBO) – Sri Lanka’s Asian Finance Ltd, a former Ceylinco group company will be sold to a Malaysian investor who is putting 200 million rupees in to the company, its parent, listed Nations Lanka Finance said. Tiong King Sing, a Malaysian national, had injected 200 million rupees to the firm and will […]
Easier Credit
Nov 03, 2010 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has announced an immediate reduction in the interest rate applicable on all credit cards issued by the bank, a statement said. This reduction is in line with the trend of reducing lending rates, and is even less than the 24 percent rate requested by […]
Credit Quality
Nov 03, 2010 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said net profit for the September 2010 quarter rose 104 percent to 354 million rupees from a year ago as interest margins improved and bad loans fell. Interest income fell 10 percent to 2.6 billion rupees and interest costs fell at a faster 32 […]
Final Stretch
Nov 03, 2010 (LBO) – Sri Lanka’s government is scheduled to wrap up the purchase of liquefied petroleum gas distribution operations of Royal Dutch Shell for 63 million US dollars today, officials said. Another 24 million US dollars had been invested in building other infrastructure. Hiran Seneviratne, a spokesman for Shell said an agreement with […]
Gas Move
Nov 03, 2010 (LBO) – The state-run Sri Lanka Insurance Corporation (SLIC) will help operate a liquid petroleum gas business the government acquired after buying out a majority stake held by Shell, a statement said. The LPG business has been rebranded the ‘Lithro’ gas company, the government statement said. Gamini Senarath, chairman of Sri Lanka […]
Sri Lanka to keep heat on Ponting-less Aussies
MELBOURNE, November 2, 2010 (AFP) – Sri Lanka will keep the heat on an Australia side that will be without their skipper Ricky Ponting for Wednesday’s opening one-day international in Melbourne, captain Kumar Sangakkara said Tuesday. The Sri Lankans received a significant boost ahead of the Melbourne Cricket Ground match when Ponting said he was […]
Sri Lanka in stunning win after record partnership
MELBOURNE, November 3, 2010 (AFP) – Sri Lanka won a stunning one wicket victory over Australia in their opening one-day international Wednesday, courtesy of a record-breaking ninth wicket partnership by Angelo Mathews and Lasith Malinga. Looking dead and buried at 107 for eight and chasing Australia’s 239 for eight in Melbourne, the Sri Lankans roared […]
Tele Status
Nov 03, 2010 (LBO) – Sri Lanka Telecom, the island’s largest fixed access operator, which also has a mobile unit said it made 1,027 million rupees in profits in the September 2010 quarter, against a loss of 189 million rupees a year earlier. At company level, which is mostly fixed access, revenues edged down 1.0 […]