Category: Industry
Sri Lanka Eagle Insurance profits up 552-pct
May 16, 2009 (LBO) – Profits of Sri Lanka’s Eagle Insurance, a unit of Aviva, increased 552.2 percent to 98.3 million rupees in the March 2009 quarter on strong investment income growth, accounts released to the stock exchange show. Gross written premium increased 2.0 percent to 1,547 million rupees, re-insurance premiums fell 7.0 percent to […]
Sri Lanka Janashakthi continues to pay claims; talking to regulator
May 16, 2009 (LBO) – Sri Lanka’s Janashakthi Insurance said it had made submissions to the regulator to end a three week suspension of its license and the firm would continue to pay claims, while it awaited a response. Janashakthi said the Insurance Board of Sri Lanka (IBSL) had “responded positively” to proposals given by […]
‘s 2008-09 profit slumps
May 15, 2009 (LBO) – Sri Lanka’s Hayleys MGT Knitting Mills said net profit slumped 45 percent to 3.2 million US dollars in the 2008-09 financial year from a year ago as orders and profit margins fell. The firm, the cotton and synthetic fabric manufacturing unit of the Hayeys group, said in a statement that […]
Cost Savings
May 15, 2009 (LBO) – Sri Lanka’s Dialog Telekom said it expects to make an annual cost saving of 500 million rupees by shedding staff through a voluntary retirement scheme in an effort to stem losses. Nushad Perera, Dialog’s Chief Marketing Officer, told ETV’s Lanka Business Report programme in a recent interview that the VRS […]
Cyber Warfare
May 14, 2009 (LBO) – Sri Lanka’s information technology (IT) security market is poised to grow given rising computer use among business and government, online transactions and number of broadband subscribers, a new study says. Some of the key areas like the evolving role of the Chief Information Security Officer, enterprise best practices in security […]
Weak Data
May 14, 2009 (LBO) – Sri Lanka’s Dialog Telekom, a unit of Telekom Malaysia said it had lost 1.86 billion rupees in the March 2009 quarter against a profit of 888 million rupees a year ago, though losses were less than in the December quarter. In the December 2008 quarter, the firm lost 3.9 billion […]
Sri Lanka Janashakthi on negative rating watch
May 14, 2009 (LBO) – The ‘BBB+’ claims-paying-ability rating of Sri Lanka’s Janashakthi Insurance has been put on watch with a negative outlook following the suspension of its license by the regulator, Ram Rating Lanka said. A ‘positive’ outlook indicates that a rating may be raised while a ‘negative’ outlook indicates that a rating may […]
Sri Lanka Janashakthi says confident of getting ban lifted
May 13, 2009 (LBO) – Janashakthi Insurance said it was confident of getting a ‘sudden and unexpected’ suspension of its licence by the Insurance Board of Sri Lanka (IBSL) revoked soon. Janashakthi Insurance Managing Director Prakash Schaffter said that the public quoted company was totally transparent in its operations and has always fully complied with […]
Leaner Model
May 13, 2009 (LBO) – Benefits of Dialog Telekom’s six month long cost reduction program, including retrenching 280 staff, will start kicking in by the fourth quarter of this year, one of the Sri Lankan firm’s top managers said. A group wide re-branding of operations took place recently. œ’Dialog’ will also be a single ˜Dialog’. […]
Bank Trends
May 13, 2009 (LBO) – Sri Lanka’s Hatton National Bank (HNB) said its group net profit for the March quarter fell four percent to 712 million rupees from a year ago. Total assets of the HNB group were 268 billion rupees, up two percent from a year ago. Total group income rose 13 percent to […]
Sri Lanka Janashakthi Insurance licence suspended for three weeks
May 12, 2009 (LBO) – Sri Lanka’s Insurance Board said it has suspended Janashakthi Insurance’s licence for three weeks from Tuesday and prohibited it from issuing new insurance policies. The suspension is in respect of Janashakthi’s Long Term Insurance Business and General Insurance Business, the Insurance Board of Sri Lanka (IBSL) said in a statement. […]
Sri Lanka Janashakthi appeals against suspension of insurance licence
May 12, 2009 (LBO) – Janashakthi Insurance said it had appealed against the suspension of its licence by the Insurance Board of Sri Lanka which was due to non-compliance with the solvency ratio as the regulator had not accepted previously accepted assets.. “The company is in the process of appealing against this sudden and unexpected […]