Category: Industry
Box Move
Sept 03, 2010 (LBO) – The Sri Lanka Ports Authority (SLPA) is building a new yard for storing containers next to its main transhipment facility in Colombo port to ease congestion caused by increasing cargo flows, an official said. SLPA chairman Priyath Wickrama said the yard, next to the Jaya Container Terminal, will also have […]
Sri Lanka LOLC cuts grid use with solar power
Sept 02, 2010 (LBO) – Sri Lanka’s LOLC financial group commissioned a 48 kiloWatt solar power array that will supply 15 percent of energy needs at its head office in Colombo, reducing its ‘carbon footprint’, officials said. The LOLC head office uses about 50,000 units (kilowatt hours) of energy a month. The firm already had […]
Sri Lanka Janashakthi Insurance hit by flood claims
Sept 02, 2010 (LBO) – Sri Lanka’s Janashakthi Insurance said net profit in the six months to June 2010 fell 45 percent to 145 million rupees from a year ago mainly because of a flood of claims for damage caused by recent floods. The company has an asset base of over 11 billion rupees with […]
Sri Lankan Airlines cuts losses
Sept 02, 2010 (LBO) – SriLankan Airlines, Sri Lanka’s state-run national carrier said it lost 6. 06 billion rupees in the year to March 2010, down from a 9.99 billion loss notched up an year earlier. The airline said it had cut cost and improved revenue under turnaround plan and losses in the second half […]
Sri Lanka Renuka Holdings mulls hotels ventures
Sept 02, 2010 (LBO) – Sri Lanka’s Renuka Holdings is considering developing property is owns in the north and east as tourist resorts and is in talks with potential partners, an official said. Turnover for the period grew to 1. 5 billion rupees from a restated 136 million rupees the previous year, before the acquisition […]
Island Deal
Sept 02, 2010 (LBO) – Sri Lanka’s Acuity and Millennium Capital Management (MCM) Holdings of Maldives is partnering to provide investment banking services in the archipelago with deals worth 55 million US dollars in the pipeline, officials said. Acuity, a unit of Sri Lanka’s listed DFCC Bank and Hatton National Bank is working with MCM […]
Port Matters
Sept 02, 2010 (LBO) – A Sri Lankan conglomerate, part of the consortium selected to build a new container terminal in Colombo port, warned against surcharges by shipping lines and also creating excess capacity ahead of demand. “I recommend we should not try to create additional capacity – then there can be a price war,” […]
Expanding Gas
Sept 01, 2010 (LBO) – Sri Lankan liquid petroleum gas (LPG) supplier Laugfs Gas is to expand with plans for regional storage facilities in the north and south, an official said. Laugfs has said recently that it is also keen on buying the local assets of its competitor Shell Gas Lanka which wants to sell […]
Sri Lankans seen deprived of free trade benefits by protectionist lobby
Sept 01, 2010 (LBO) – Protectionist lobbies holding up a new free trade deal with India are putting Sri Lanka at risk of being left out of emerging regional trade blocs and depriving consumers the benefits of free trade, an official said. “Sri Lanka is rather insignificant in the larger calculations of world powers except […]
Credit Lift
Aug 31, 2010 (LBO) – The outlook on Sri Lanka’s Sampath Bank’s ‘AA-(lka)’ ratinghs been lifted to ‘positive’ from ‘stable’ on improving risk management ahead of other banks, Fitch Ratings has said. Its subordinated debenture rating (one notch lower) reflected the relatively lower recovery prospects for investors of this instrument compared to the bank’s senior […]
Offshore Focus
Aug 31, 2010 (LBO) – Sri Lanka’s Colombo Dockyard has delivered the second of a series of four Multipurpose Platform Supply Vessels (MPSV) for Singapore’s Greatship Global Offshore Services, a statement said. Colombo Dockyard has said it will deliver a total six vessels this year and will focus more on offshore work with the search […]
Cutting Flab
Aug 31, 2010 (LBO) – The Sri Lanka Ports Authority plans to shed staff with a voluntary retirement scheme and change worker attitudes to ensure a better service, its chairman Priyath Wickrama said. “Within five years we will convert this to a better port, with better attitudes. ” “We plan to release 4,000 employees by […]