Category: Industry
State Facts
Dec 01, 2008 (LBO) – Net profits of state-run Bank of Ceylon fell 5.6 percent in the 9-months to September while revenues grew 20.6 percent to 43.9 billion rupees, interim accounts published by the bank showed. Deposits grew to 325.6 billion rupees from 310.4 billion rupees in the nine months. Savings accounts grew to 141.3 […]
Standard Numbers
Dec 01, 2008 (LBO) – Sri Lanka’s Standard Chartered Bank unit has reported a net profit increase of 55 percent to 1,803 million rupees in the 9-months ended September 2008, while revenues climbed 29 percent to 7,338 million rupees. The bank had gross assets of 78.9 billion rupees and net assets of 12.7 billion rupees […]
Citi Profits
Dec 01, 2008 (LBO) – Profits of the Sri Lanka unit of Citibank soared 134 percent in the 9-months to September 2008 to 1,276 million rupees, driven by a steep increase in fee income, while revenues grew 38.9 percent to 2,247 million rupees, its interim accounts showed.Citibank Sri Lanka had gross assets of 20.7 billion […]
Still There
Nov 30, 2008 (LBO) – Sri Lanka’s petroleum ministry has not yet been taken over by President Mahinda Rajapaksa, following a court ruling by the Supreme Court, a media report said Sunday. The Sunday Times newspaper, quoting petroleum minister A H M Fowzie said he had not received any instructions from the country’s president. The […]
Hedge Saga
Nov 29, 2008 (LBO) – Sri Lanka’s Standard Chartered Bank unit says it was not directly affected by a court order which halted payments due under a hedge it arranged for a state-run oil distributor and said it welcomed a probe into the deal.Sri Lanka’s Supreme Court Friday ordered the country’s central bank to probe […]
Tricky Position
Nov 28, 2008 (LBO) – Sri Lanka’s supreme court said petroleum minister A H M Fowzie should be removed, in a case where controversial oil hedges by a state-run petro firm were challenged in a public interest petition. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Oil Bets
Nov 28, 2008 (LBO) – Sri Lanka’s supreme court has ordered the state-owned oil refiner, Ceylon Petroleum Corporation (CPC), to suspend controversial hedge payments to banks until a central bank probe into the matter is over. CPC chairman Ashantha de Mel has maintained that the deals were done on cabinet instructions which had not allowed […]
Tele Performance
Nov 28, 2008 (LBO) – Profits of Sri Lanka Telecom (SLT) group, the island’s largest fixed access carrier, fell 31 percent to 1,235 million rupees with revenues growing 4 percent to 11,691 million in the quarter ended September 2008. The stand alone fixed access unit, which excludes the cellular subsidiary Mobitel, saw profits fall 45 […]
Sri Lanka hoteliers brace for tough winter
Nov 28, 2008 Sri Lanka’s hoteliers are bracing for a tough winter season with occupancy levels being hit by cancellations amid global turmoil while the industry was already struggling with weak arrivals, officials said. Though hotels are pressured to bring down room rates, officials say they are hoping to give value added services and improve […]
Steady State
Nov 28, 2008 (LBO) – Sri Lanka’s National Development Bank’s net profits for the September 2008 quarter rose 18 percent to 351 million rupees, interim accounts showed, while revenues climbed 20 percent to 3,169 million rupees. During the 9-months to September, performing loans and advances had growth 15 percent to 57.2 billion rupees. Total deposits […]
Hatton Profits
Nov 28, 2008 (LBO) – Sri Lanka’s Hatton National Bank group profits were up 6 percent to 807.3 million rupees with revenues up 16 percent to 9,665.3 million rupees in the 9-months to September, accounts filed with the Colombo Stock Exchange showed. Group gross assets were 256.5 billion rupees, up 6 percent from December 2007 […]
Hedge Probe
Nov 27, 2008 (LBO) – A team of Sri Lankan ministers is probing an oil hedge that could lose hundreds of millions of dollars to a state-run oil retailer amidst claims that the oil retailer had not informed the cabinet clearly about risks of derivatives trading. To receive instant alerts from LBO on your Dialog […]