Category: Industry
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 […]
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 […]
Lost Gains
Feb 18, 2010 (LBO) – Sri Lanka’s Commercial Bank said dividends not claimed by shareholders after six years are to be considered forfeited from March. Any interim or final dividend declared by Commercial Bank from February 2000 to February 2004 which remains unclaimed will be considered as fortified by the owners and considered as the […]
Fuel Fortunes
Feb 17, 2010 (LBO) – The Sri Lanka unit of Indian Oil Corporation said it made a ˜nominal’ profit in the December quarter compared with a loss a year ago on higher petrol prices and other products like marine fuel and lubricants. Government-mandated retail petrol prices were cut by 15 rupees a litre on December […]
Sri Lanka gets ADB, Japan help to improve electricity services
Feb 17, 2010 (LBO) – The Asian Development Bank (ADB) and Japan will provide support to Sri Lanka to improve its power transmission system and expand rural electrification, an ADB statement said. It is also expected to reduce poverty by improving access to electricity in rural areas, and enhance energy efficiency and renewable energy development, […]
Sri Lanka negotiating with Emirates to buy national carrier stake
Feb 17, 2010 (LBO) – Sri Lanka’s government is negotiating with Dubai-based Emirates to buy its stake in Sri Lankan Airlines, the island’s state-run national carrier, chairman Nishanta Wickremasinghe said. But with a revival in tourist arrivals to Sri Lanka after the end of a 30-year war, the airline is expecting a turnaround later in […]
Sri Lanka Airlines upgrades product to boost margins
Feb 17, 2010 (LBO) – SriLankan Airlines, Sri Lanka’s state-run national career, is upgrading its product to boost margins following a revival in tourism traffic and is expecting to turnaround later in 2010, an official said. In the financial year ending March 2009 Sri Lankan lost 9.99 billion rupees as global air travel slumped and […]
Pirate Peril
Feb 17, 2010 (LBO) – Software piracy by private sector companies in Sri Lanka is the main problem facing software developers, the Business Software Alliance (BSA), an industry body said. The organization, which represents the commercial software industry and its hardware partners, said in a statement it has taken legal action against companies using pirated […]
High Capacity
February 17, 2010 (LBO) – Sri Lankan computer hardware distributor eSys Technologies has launched a range of high capacity, eco-friendly network storage devices. The products include Universal Tech’s NoTouchâ„¢ Elite 2800 External Storage and MyXerverâ„¢ MX3600 Network Storage devices, eSys said in a statement. Universal Tech is an Asian brand for external storage devices, offering […]