Category: Industry
Design Economy
Feb 23, 2010 (LBO) – A wooden chair becomes a news paper holder when it is turned over once. When it is turned again, it becomes a small table. A small bench table can be lengthened into one five metres long, allowing more people to sit. A ten metre high mini library has a work […]
Market Reach
Feb 22, 2010 (LBO) – The Sri Lanka unit of HSBC bank said it was launching a personal banking service targeting what it called the ˜mid-market’ customer segment, focusing on convenience to attract clients. HSBC Sri Lanka chief Nick Nicolau said the bank will offer a range of products like currency deposits and unit trust […]
Trading Gains
Feb 22, 2010 (LBO) – Sri Lanka’s National Development Bank’s December 2009 quarter profits fell 10 percent to 484 million rupees from a year earlier, but full year profits were up 30 percent to 2.08 billion rupees. NDB Bank expanded its branch network to northern Jaffna and to eastern Batticaloa, Trincomalee and Ampara in the […]
Slow Traffic
Feb 20, 2010 (LBO) – Sri Lanka’s vehicle imports fell 4.1 percent October 2009 from a year earlier to 21,239 vehicles registered, with most categories showing a decline, according to official data. Dual purpose vehicles were down 58.8 percent to 1,039 and motor cycle imports were down 17.3 percent to 109,738. Import of goods transport […]
Sri Lanka gets more garment factories
Feb 19, 2010 (LBO) – The Board of Investment, Sri Lanka’s investment promotion agency, said it has given approval for investors, including a Hong Kong firm, to set up clothing factories for export. The announcement came just days after the European Union said it will withdraw duty free access given to Sri Lanka because of […]
Sri Lanka Kuruwita Textiles profits up on cost cutting
Feb 19, 2010 (LBO) – Sri Lanka’s Kuruwita Textile Mills said tight cost control helped generate a net profit of 81.7 million rupees in the December quarter although sales were stagnant, signaling a turnaround from losses caused by recession. The firm, which supplies treated fabric to garment manufacturers, said it will reduce reliance on buyers […]
Sri Lanka HNB Assurance 2009 net up 23-pct
Feb 19, 2010 (LBO) – Sri Lanka’s HNB Assurance said net profit for the 2009 financial year rose 23 percent to 202 million rupees from a year ago. Earnings per share went up by the same percentage to 5.38 rupees, the bank, a unit of Sri Lanka’s Hatton National Bank, said in a stock exchange […]
Sri Lanka Spence Hotel seeks funds for expansion
Feb 19, 2010 9LBO) Sri Lanka’s Aitken Spence Hotel Holdings said it plans a rights issue to raise funds for future expansion as the island’s tourist industry recovers from the effects of a long war. The company said in a stock exchange filing that it plans to make a rights issue of one new ordinary […]
Financial Fallout
Feb 19, 2010 (LBO) – Sri Lanka’s registered finance companies, which were shaken last year by the collapse of an unregulated firm, may see consolidation especially among weak smaller firms, the Central Bank said. The profitability of the finance company sector declined and some companies made losses last year because of high interest rates and […]
Volatile Voyage
Feb 19, 2010 (LBO) – Sri Lankan shippers facing rapidly rising freight rates are advised to try to negotiate long-term contracts with shipping lines, an industry official said. Increasing freight rates are a problem for us,†said Gehan Kuruppu, vice president of the Sri Lanka Shippers’ Council. Now rates are not holding even for one […]
Oil Slick
Feb 18, 2010 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation, said it was making ship oil or bunker deliveries from Colombo port through locally registered vessels after barges contracted by the firm were detained by Sri Lanka shipping authorities. Shipping sources say the bunker tankers of other operators are mostly idle […]
Healing Numbers
Feb 18, 2010 (LBO) – Sri Lanka’s Seylan Bank group said losses narrowed to 16.5 million rupees in the December quarter from 689 million a year ago and that it ended the year with a profit. The bank said in a stock exchange filing that it made a full year net profit of 569 million […]