Category: Industry
Reverse Gear
Aug 20, 2009 (LBO) – Sri Lanka’s United Motors Lanka (UMLL) made a 132 million-rupee loss in the June 2009 quarter as sales almost halved owing to weak orders from government ministries and the private sector. UMLL’s June quarter revenues plummeted 45.1 percent to almost 990 million rupees, while cost of sales dropped 50 percent […]
Power Deal
SYDNEY, August 19, 2009 (AFP) – Australia touted itself as a “global energy superpower” after shrugging off diplomatic tensions with China to sign a record 41.3 billion US dollar resources deal.In Australia’s biggest ever trade agreement, PetroChina ordered 2.25 million tonnes of liquefied natural gas (LNG) a year over two decades from ExxonMobil’s share of […]
Mobile Google
Aug 19, 2009 (LBO) – Mobitel, a unit of fixed access provider Sri Lanka Telecom, is offering Google’s mobile email, calendar and document reading services to its mobile subscribers in a partnership launched in Colombo Wednesday. Leisha de Silva Chandrasena, head of Sri Lanka Telecom, said the Google service would help Sri Lanka on the […]
Retail Plan
Aug 19, 2009 (LBO) – Sri Lanka’s supermarket chain Cargills (Ceylon) said it plans to invest in the former northern war zone as its retail and consumer goods businesses lifted June 2009 quarter profits.The company said in a stock exchange filing that group net profit grew 36.6 percent to 162 million rupees in the June […]
Sri Lanka flay New Zealand in first Test
GALLE, August 18, 2009 (AFP) – Mahela Jayawardene and Tillakaratne Dilshan pulverised New Zealand’s bowlers to help Sri Lanka make a spectacular start in the first cricket Test on Tuesday. Jayawardene hit an unbeaten 108 and Dilshan smashed 92 off 72 balls in his new role as opener as Sri Lanka, sent in to bat […]
Shipping Costs
Aug 18, 2009 (LBO) – Sri Lankan shippers face the prospect of an increase in transportation costs to export markets with loss-making global carriers beginning to raise freight rates in an effort to restore profitability.The line, which controls about 15 percent of the global container market, has also announced rate hikes on other trade routes. […]
Tough Streak
Aug 17, 2009 (LBO) – Sri Lanka’s The Finance Company, a unit of the troubled Ceylinco group, said it lost 693 million rupees in the June 2009 quarter as net interest income remained negative and loan loss provisions continued to rise. The company had made a net profit of 45 million rupees in the same […]
Brand Building
Aug 16, 2009 (LBO) – Sri Lanka known as a manufacturing hub for leading international brands and a commodity producer should develop a strategy to build its own brands to earn more and cope with rising costs, a marketing expert said. According to Business Week magazine, in 2008Coco-Cola’s brand value was 66 billion dollars, while […]
Sri Lanka Insurance Corp upgraded by Fitch on taxpayer support
Aug 15, 2009 (LBO) – Fitch Ratings said it has upgraded the rating of Sri Lanka’s largest insurer following its nationalisation on a court order, saying it implied state support if required. Fitch said in a statement that Sri Lanka Insurance Corp’s (SLIC) National Long-term Issuer Default Rating (IDR) has been upgraded to ‘AA-(lka)’ from […]
Fibre Backbone
Aug 15, 2009 (LBO) – Sri Lanka telecom regulator is evaluating expression of interest from seven investors who responded to a call to build a fibre optic backbone for Sri Lanka in partnership with state rail and power utilities, a top official said. Pre-qualified parties would be expected to submit applications by the end of […]
Transport Costs
Aug 15, 2009 (LBO) – Asian shippers meeting in Colombo said they would lobby governments in the region to reform laws to prevent price fixing by shipping lines acting like cartels which they said hurts export-based economies.Sri Lanka Shippers’ Council chairman Randolph Perera said the island lacked the laws to prevent anti-competitive practices by shipping […]
Fuel Loss
Aug 14, 2009 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, said it lost 856.7 million rupees in the June 2009 quarter, down from a profit of 1.0 billion rupees a year earlier, as it was squeezed between high taxes and government mandated prices.The import price of diesel and also kerosene is higher […]