Category: Industry
Hobbling Laxman hits ton to secure India Test win
August 7, 2010 (AFP) – Venkatsai Laxman overcame back spasms to hit an unbeaten 103 as India defeated Sri Lanka by five wickets in the final Test on Saturday to draw the three-match series 1-1. Sachin Tendulkar chipped in with 54 and Suresh Raina made 41 not out to help India surpass a challenging target […]
Sri Lanka Sunshine estates to yield tourism, hydro power revenue
Aug 07, 2010 (LBO) – Sri Lanka’s Sunshine Holdings said it has struck a deal to supply hydro power and is refurbishing company estate bungalows to accommodate tourists. The group’s net profit for the June 2010 quarter rose 51 percent to 116 million rupees from a year ago with sales up 24 percent to 2. […]
City Links
Aug 06, 2010 (LBO) – The Sri Lankan government said it has got Asian Development Bank funding to start work on an expressway between Colombo and Kandy in the central hills that will cut travel time to less than an hour. Transport ministry secretary Wasantha Karannagoda said the ADB had promised 500 million dollars over […]
Capital Injection
Aug 06, 2010 (LBO) – Sri Lanka’s Nawaloka Hospitals group June 2010 quarter profits rose 1,350 percent to 902 million rupees on a one-off extraordinary gain from the sale of a stake in a hotel, a stock exchange filing said. At the end of June quarter, the hospital group’s gross assets rose six percent to […]
Sri Lanka gets Maldivian investment for east coast resort
Aug 06, 2010 (LBO) – Maldivian investors are to set up a 150-room tourist resort at Passikudah, in Sri Lanka’s eastern Batticaloa district with an investment of six million US dollars, the investment promotion agency said. The Board of Investment said it gave approval for the venture by Blue Continent to set up the resort […]
Lube Attraction
Aug 05, 2010 (LBO) – The Sri Lankan government has decided to further open up the lubricant market by allowing more suppliers with the aim of increasing competition and reducing prices, a spokesman said. Lubricant sale and production is a regulated industry in Sri Lanka. The local lubricant market was opened up in January 2007. […]
Tech Lure
Aug 05, 2010 (LBO) – An initial public offering by PC House, a Sri Lankan information technology company, was oversubscribed on its opening day Thursday, August 05, a stock exchange filing said. After the IPO total shares will go up to 228.9 million. PC House is raising 630 million rupees by selling 57 million shares […]
Margin Growth
Aug 05, 2010 (LBO) – Sri Lanka’s Nations Trust Bank’s (NTB) net profit for the June 2010 quarter rose 86 percent to 280 million rupees as interest margins improved, a stock exchange filing said. “The second quarter 2010 represents the fourth consecutive quarter since September 2009 in which NTB has reported continued growth,” chief executive […]
Sri Lanka May exports up 15% to $620mn, garments recover
Aug 03, 2010 (LBO) – Sri Lanka’s exports in May 2010 rose 15 percent to 620 million US dollars from a year ago, helped by industrial exports, mainly apparel, and tea, the central bank said. Exports of apparel, the island’s main industrial export, rose 11 percent to 263 million dollars in May 2010 from the […]
Fashionable Results
Aug 03, 2010 (LBO) – Sri Lankan retailer Odel group’s June profits rose 187 percent to 37 million rupees from a year ago owing to better margins despite higher tax and operating costs, its interim results showed. Odel group’s June quarter sales were up 62 percent to 692 million rupees, while cost of sales had […]
Sri Lanka Aitken Spence June net up 50-pct
Aug 03, 2010 (LBO) – Sri Lanka’s Aitken Spence group net profit in the June 2010 quarter rose 50 percent to 440 million rupees from a year ago, a stock exchange filing said. “We have aggressive plans to strengthen our tourism interests in the island to position Sri Lanka as a high-end sustainable tourism destination, […]
Strong Profile
Aug 03, 2010 (LBO) – Fitch Ratings Lanka said it has confirmed National Development Bank’s (NDB) National Long-term rating at ‘AA(lka)’ with a stable outlook. The agency has also confirmed NDB’s subordinated debentures at ‘AA-(lka)’. “The ratings reflect NDB’s strong financial profile relative to its peers,” a statement said. “The ratings are however constrained by […]