Category: Industry
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 […]
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 […]
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. […]
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 […]
Risky Voyage
RIYADH, August 2, 2010 (AFP) – A Saudi insurance company is to pay Somali pirates a 20-million-dollar ransom to free a hijacked ship and its 14-member crew held hostage for five months, a newspaper reported on Monday. “The owner of the Al-Nisr Al-Saudi ship, which was hijacked by Somali pirates, said the insurance company has […]
Business Guidance
Aug 02, 2010 (LBO) – Sri Lanka’s Lanka Orix Leasing Company (LOLC) and a micro financier attached to a charity are teaching relatives of foreign migrant workers to set up and run small income generating businesses. “People themselves hand carry or they send through their friends and family members,”Nanayakkara said. “So what happened is the […]
Credit Trends
Aug 02, 2010 (LBO) – The number of credit cards issued by Sri Lanka’s banks picked up slightly in May 2010 from the previous month but total credit contracted as banks remained cautious, latest data showed. Total credit given through cards fell to 29.9 billion rupees in May 2010 from 30.2 billion in April 2010 […]
Rights Issue
Aug 02, 2010 (LBO) – People’s Leasing Finance Company wants to raise 568 million rupees via a one-to-one rights issue to meet capital adequacy requirements, a stock exchange filing said. The 22.7 million rights issue will be priced at 25 rupees per share, to raise 568 million rupees to boost the firm’s core capital. “The […]