Category: Industry
Outsource Chances
Feb 03, 2010 (LBO) – Sri Lanka’s software industry has launched a campaign to draw information technology and business process outsourcing work mainly from small and medium firms in the United Kingdom and Europe, an industry body said. The Sri Lanka Association of Software and Service Companies (SLASSCOM) said in a statement it was aiming […]
Sri Lanka Spence Hotel Dec net profit Rs210mn
Feb 03, 2010 (LBO) – Sri Lanka’s Aitken Spence Hotel Holdings made a December quarter net profit of 210 million rupees with total revenues up 20 percent to 1.98 billion rupees from a year ago. According to accounts filed with the stock exchange, the net profit in the quarter, although nominally down 41 percent from […]
Sri Lanka tourism authority gets new boss
Feb 02, 2010 (LBO) – Sri Lanka’s tourism minister has appointed a new chairman, Eranga Basnayake, to the tourism development authority, an official said. In another development reports said Sri Lanka Telecommunications Regulatory Commission director general Priyantha Kariyapperum has resigned. Ministry secretary George Micheal said the new appointment was made by tourism minister Achala Jagoda. […]
Retail Profits
Feb 02, 2010 (LBO) – December quarter profits at Sri Lanka’s largest supermarket chain, Cargills (Ceylon) group, rose 49. 1 percent from a year ago despite flat sales growth, as finance costs fell interim results showed. The group made a net profit in the December quarter of 189. 8 million rupees despite total revenues staying […]
Slow Growth
Feb 02, 2010 (LBO) – Sri Lanka’s Keells Food Products group made a loss of 54 million rupees in the December quarter largely owing to losses in its India business which however it is continuing to expand, interim results showed. Revenues of the company, part of the John Keells conglomerate, fell four percent to 513 […]
Sri Lanka fabric firm hit by lower prices, smaller orders
Feb 01, 2010 (LBO) – Sri Lankan fabric manufacturer Hayleys MGT Knitting Mills said December quarter profit fell sharply owing to lower prices and loss of orders to cheaper competitors. Net profit in the December quarter fell 73 percent to 20.7 million rupees from a year ago while sales fell 17 percent to 1.3 billion […]
Share Split
Feb 01, 2010 (LBO)- Sri Lanka’s Sampath Bank plans to give shareholders an extra share for every 10 held by them in a share split that would increase total listed shares to 75.7 million, it said in a stock exchange filing. The share split is awaiting shareholder approval. The share split would effetely increase Sampath […]
Sri Lanka Galle literary festival opens
Jan 28, 2010 (LBO) – Inside a 17th century Dutch Fort in Sri Lanka’s southern port city of Galle, celebrated writers will talk about their work, debate their ideas and share a drink with all who pass through. Attending the festival will be Ian Rankin and his popular fictional detective John Rebus, who, together, are […]
Even Keel
January 27, 2010 (LBO) – Sri Lankan finance company Vallibel Finance had its long term rating of ‘B+(lka) and stable outlook confirmed by Fitch Ratings Lanka. The rating considers Vallibel’s relatively small asset base, weak asset quality and modest financial profile, Fitch said in a statement. Although the company has successfully expanded its operations while […]
Obituary
January 26, 2010 (LBO) – Sri Lanka’s former governor of the central bank Dr. H Karunatilake died on January 24, the bank said in a statement. He also served on the boards of research institutions, universities, financial institutions, cabinet sub-committees, government sub-commissions and state organizations. Karunatilake served as governor from 1988 to 1992, but has […]
Sri Lanka Navy ship as floating venue
Jan 25, 2010 (LBO) – A refurbished troop transport is being hired out as a conference and wedding venue by the Sri Lanka Navy in a joint move with the island’s tourist promotion agency, officials said. The ship is being marketed as a venue for weddings, conference and corporate events. The ship can be booked […]
Peace Banking
Jan 25, 2010 (LBO) – Sri Lankan banks have opened 25 branches in former war torn areas in the north and the east of the island since the end of an internal conflict, while the Central Bank has given the nod for another 53 branches, an official said. A 30-year war with Tamil Tiger separatists […]