Category: Industry
Finance Loss
Nov 17, 2009 (LBO) – Sri Lanka’s The Finance Company, a firm being re-structured under regulatory supervision, said it lost 835 million rupees in the September quarter, while interest income fell 37 percent to one billion rupees. The Finance, a member of the troubled Ceylinco group, is a registered finance company and is under supervision […]
Counter Action
Nov 16, 2009 (LBO) – Sri Lanka has declared several state utilities ‘essential services’ the government said, as industrial unrest threatened to increase following the assault of some workers and rejection of higher salary offers.The government said petroleum, water, ports and electricity services were declared essential services from midnight Sunday. Both power and water are […]
Strong Numbers
Nov 16, 2009 (LBO) – Sri Lanka’s NDB Bank said net profits for the September 2009 quarter was up 75-pct to 615 million rupees from a year earlier, while revenues grew 14.4 percent to 3.62 billion rupees. Interest income grew 5.3 percent to 2.89 billion rupees, interest expese fell 0.3 percent to 1.80 billion allowing […]
Tight Numbers
Nov 16, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon group’s profit fell 63.3 percent to 256.7 million rupees in the September 2009 quarter from a year earliers, while revenues rose 2.7 percent to 15.86 billion rupees. Interest income grew 4.0 percent to 13.46 billion rupee, interest expenses grew at a faster 10.8 percent […]
Harbour Moves
Nov 16, 2009 (LBO) – Labour unions at Colombo port, Sri Lanka’s main harbour, Monday ended a ‘go-slow’ action that had caused delays to shipping lines, after striking a deal on a pay hike with the authorities. “This caused a loss of confidence in Colombo among foreign shipping lines.” He said one line was supposed […]
Tele Status
Nov 16, 2009 (LBO) – Sri Lanka Telecom group, the island’s larges fixed access provider which also owns Mobitel a celco, said it lost 186 million rupees in the September 2009 quarter against a profit of 1,235 million rupees a year earlier.In the 9-months to September the group had spend 13.2 billion rupees in capital […]
Slippery Oil
Nov 13, 2009 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp., has said it made a loss of 203 million rupees in the September 2009 quarter, partly on losses from hedging in oil imports.The firm has been lobbying for lower import duties on fuel or higher retail prices which are government […]
Tight Quarter
Nov 13, 2009 (LBO) – Sri Lanka’s Commercial Bank’s profits grew 3.5 percent to 971 million rupees in the September quarter from a year earlier with lower provisioning, while total revenues fell 6.1 percent to 10.5 billion rupees. The bank’s interest income fell 6.1 percent to 8.87 billion rupees, interest expenses fell at a slower […]
Bank Margins
Nov 13, 2009 (LBO) – Sri Lanka Nation’s Trust Bank, a unit of John Keells Holdings said net profits grew 28 percent to 173.9 million rupees in the September 2009 quarter from a year earlier, while revenues fell 3.0 percent to 3.5 billion rupees. Interest income fell 4.0 percent to 2.97 billion rupees, interest expenses […]
Ship Building
Nov 13, 2009 (LBO) – Sri Lankan ship builder Colombo Dockyard said net profit for the September 2009 quarter almost doubled from a year ago with earnings boosted by orders to build new vessels for overseas customers.The yard, which is majority owned by Japan’s Onomichi Dockyard, said in a stock exchange filing that September quarter […]
Sri Lanka Charter House clinches Maldives hotel deal
Nov 12, 2009 (LBO) – Sri Lanka’s Charter House International, a marketing and distribution group, said it has won an order to supply a new resort hotel run by Mount Lavinia Hotel Resorts in a Maldivian atoll.The company said in a statement it will supply bathware and sanitary fittings and hotel equipment for the TClub […]
Sailing Away
Nov 12, 2009 (LBO) – Delays at Colombo port caused by disruptive labour union action might prompt international shipping lines to shift their hard-won custom to competing ports, the Sri Lanka Ports Authority (SLPA) has warned. The SLPA had promised “efficient and fast port services” and “higher productivity” to win the custom of the shipping […]