Category: Industry
Fashion Statement
Oct 20, 2010 (LBO) – Sri Lankan retailer Odel’s net profit rose 18 percent to 63. 6 million rupees in the September 2010 quarter from a year ago with sales strong but costs also rising sharply, a stock exchange filing said. Sales rose 50 percent to 836 million rupees in the quarter, its first as […]
Sri Lankan exporters said not making use of free trade deals
Oct 20, 2010 (LBO) – Sri Lankan exporters are still not making enough use of free trade deals giving duty free or preferential access to big markets, a senior trade official said. “It appears some exporters and importers are paying a few million dollars in duty for which they are entitled to duty free access. […]
Sri Lanka signs US$82mn hydro power deal with China
Oct 20, 2010 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has awarded a 35MegaWatt 82 million US dollar hydro power plant deal to China, power minister Champika Ranawaka said. Another smaller diversion weir 48 meters long and 19 meters high will be built across the Kehelgamu Oya and water brought through an 850 meter […]
Sri Lanka state power utility to lose less than expected
Oct 20, 2010 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board may lose only half the originally expected 40 billion rupees in 2010 with the utility already covering operation costs in June, July and August, power minister Champika Ranawaka said. A 155 billion rupee loan taken from China Export Import Bank to build a 900 […]
SriLankan Airlines adds flights to India
Oct 19, 2010 (LBO) – SriLankan Airlines plans to improve connections to major Indian cities by adding several flights to Mumbai, Chennai and Bangalore, a statement said. Also, large numbers of Indian travellers transit Colombo to destinations as far as North America, Europe and the Far East, as well as nearer regions such as the […]
Hospital Strategy
Oct 19, 2010 (LBO) – Sri Lanka™s Asiri Hospital has bought a 10 percent stake in Asiri Surgical Hospital for 500 million rupees increasing its stake to 40 percent, managing director, Ashok Pathirage said. State-run Sri Lanka Insurance Corporation sold the stock for 9.50 rupees a share Tuesday, he said. SLIC had a 22 percent […]
Bitumen Packer
Oct 18, 2010 (LBO) – Sri Lanka’s state-run Ceylon Petroleum which has a 95 percent market share in bitumen, is looking for an investor to set up and run a plant to pack tar into barrels petroleum minister Susil Premajayantha said. “We are looking for an investor who can open a plant to pack barrels,” […]
Sri Lanka picks up Asian nominations in World Travel Awards
Oct 18, 2010 (LBO) – Sri Lanka’s has been nominated under few regional categories for Asia region in the World Travel Awards, but lost to countries like India, Singapore, China, Vietnam, Thailand and Indonesia which swept the boards. Sri Lanka is recovering from 30 years of war and the country has been named the top […]
Sri Lanka land delays seen holding up hotel projects
Oct 18, 2010 (LBO) – Delays in getting land are holding up new hotel projects in Sri Lanka which needs more rooms for an anticipated boom in arrivals with the end of a war, an official said. Hiran Cooray, chairman of the Jetwing hotel and travel group, said there was much pressure for new investments […]
Credit Trend
Oct 18, 2010 (LBO) – Credit to Sri Lanka’s businesses from commercial banks rose 12.6 percent in August 2010 to 1,226.5 billion rupees from a year earlier while credit to government fell, official data shows. Sri Lanka’s petroleum firms for example are taxed till they run losses and prices are politically controlled. Growth in loans […]
Viable Proposition
Oct 18, 2010 (LBO) – Sri Lanka’s Hatton National Bank aims to increase lending under its micro-finance portfolio as it has been found to be good business although misunderstood by many, chief executive Rajendra Theagarajah said. “Micro-finance is part of the ‘DNA’ of HNB, even though it accounts for only two percent of our balance […]
Hotel Sale
Oct 17, 2010 (LBO) – Depositors of Sri Lanka’s failed Golden Key Credit Card Company, an unregulated finance firm, may get some cash when a part of the money from a hotel connected to the firm is sold, a media report said. President Mahinda Rajapaksa is due to meet two Golden Key depositor associations on […]