Category: Industry
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 […]
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 […]
Glass Act
Nov 02, 2010 (LBO) – Piramal Glass Ceylon made a net profit of 157 million rupees in the September 2010 quarter as domestic sales rebounded after the end of a war and exports grew sharply, the company said. Chief executive Sanjay Tiwari said all the sectors in the domestic market, namely food and beverage, pharmaceuticals, […]
Sri Lanka seeks international hotel chain to manage heritage property
Nov 02, 2010 (LBO) – Sri Lanka’s state-owned Bank of Ceylon is seeking an international hotel chain to manage its subsidiary, Grand Oriental Hotel (GOH), a landmark built during British times overlooking Colombo port. Sri Lanka is experiencing a tourism boom with a sharp upturn in visitors following the end of its 30-year ethnic war […]
Finance Listing
Nov 02, 2010 (LBO) – Sri Lanka’s Singer Finance Ltd is planning to raise 400 million rupees in an initial public offering by selling 25 percent of its shares to the public, a stock exchange filing said. Singer Finance has 106.6 million shares in issue and it will sell 26.6 million shares at 15 rupees […]
Dockyard Deal
Nov 02, 2010 (LBO) – Sri Lanka’s Colombo Dockyard has been short-listed in a contract to build more passenger ferries for an Indian government customer, having completed delivery of two vessels, officials said. The new vessels to be ordered are bigger, being capable of carrying 400 passengers and 250 tonnes of cargo. Jitendra Kumar Dadoo, […]