Category: Industry
New Ship
Aug 21, 2009 (LBO) – Mercantile Shipping Company, a listed company that once had Sri Lanka’s biggest fleet, has taken delivery of the first of a pair of new buildings it ordered built by a Dutch yard.The stock exchange filing showed a gross profit of 17 million rupees in international business in the June 2009 […]
Bunker Share
Aug 20, 2009 (LBO) – The Sri Lanka unit of Indian Oil Corporation has about a third of the bunkering market barely 10 months after starting ship fuel sales at Colombo port, a top official said.“We started last November and we have about 35 percent market shares,” Lanka IOC managing director Suresh Kumar said. “Bunkering […]
New Zealand save follow-on against Sri Lanka
GALLE, August 20, 2009 (AFP) – Resolute batting by New Zealand’s eighth-wicket pair of Jesse Ryder and Daniel Vettori denied Sri Lanka a follow-on in the first Test here on Thursday.The duo, who came together with the Black Caps still needing 30 runs to avoid the follow-on in the rain-hit Test, put on a defiant […]
Sri Lanka apparel firm to make fleece fabric
Aug 20, 2009 (LBO) – Textured Jersey Lanka (TJL), a joint venture between Pacific Textiles and Sri Lankan apparel export group Brandix, said it plans to produce fleece fabric for Victoria’s Secret Pink loungewear brand. The firm also has wide-ranging finishing capabilities such as encapsulation, moisture management, seeding and other customized finishes, the statement said. […]
Sri Lanka Janashakthi Insurance six-month net up 223-pct
Aug 20, 2009 (LBO) – Sri Lanka’s Janashakthi Insurance said net profit in the six-months to June 2009 rose 223 percent to 265.6 million rupees from a year ago mainly on better cost control, lower claims and higher investment income. Janashakthi Insurance paid out 1.14 billion rupees in claims to customers during the first half […]
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 […]