Category: Industry
Quarterly Profit
May 06, 2008 (LBO) – Sri Lanka’s Commercial Bank’s group profits grew 11.4 percent to 1,024 million rupees in the March quarter with revenue growing 37.7 percent, accounts filed with the stock exchange showed. Group revenue was up 37.7 percent to 10.2 billion rupees and interest expense grew 49.7 percent to 5.89 billion while net […]
Eastern Anchorage
May 05, 2008 (LBO) – Construction work on a new port in Oluvil on Sri Lanka’s east coast is to start on Tuesday as part of government efforts to revive the region’s economy, the Port Ministry said in a statement Monday. The main objective of the project is to develop a harbour with appropriate shore […]
Mainland China leg of Olympic torch relay begins in Sanya
SANYA, China, May 4, 2008 (AFP) – The Olympic torch began the mainland China leg of its relay here Sunday in front of thousands of flag-waving supporters, after a global journey marred by protests over Tibet and other controversies.Amid heavy security, winter Olympic speed skating champion Yang Yang was the first to carry the torch, […]
‘s budget airline grounded by lack of planes
May 4, 2008 (AFP) – Sri Lanka’s state-run budget carrier has suspended operations indefinitely because of a lack of planes, an aviation official said Sunday.The budget airline, Mihin Lanka, has been dogged with financial trouble since it began commercial operations last April. “They (Mihin) don’t have an aircraft to fly passengers since the beginning of […]
Emirates profits rise by half despite high fuel costs
May 02, 2008 (LBO) – Dubai’s Emirates Airlines, which owns a big stake in Sri Lanka’s national carrier, has reported group net profits increased 54.1 percent to 1.45 billion dollars for the financial year ended March 31, 2008. Group revenues rose 32.3 percent to 10.8 billion dollars during the period, the airline said in a […]
Ship Building
May 02, 2008 (LBO) – Colombo Dockyard, Sri Lanka’s sole listed ship builder, said it plans to invest 473 million rupees this year to upgrade yard infrastructure to meet growing demand for ship building and repair work. The yard, a subsidiary of Japan’s Onomichi Dockyard Co., which provides management. and technical expertise, anticipates it will […]
Port Race
May 02, 2008 (LBO) – The Asian Development Bank (ADB) said Friday it has reached agreement with the Sri Lankan government on a 300 million dollar loan to go ahead with a long-delayed project to expand Colombo port. Although the new south port project was approved by ADB early last year, changes in government bidding […]
Toll Expressway
May 02, 2008 (LBO) – The highway from the Sri Lankan capital Colombo to hill country town of Kandy will be developed into a toll expressway at a cost of 30 billion by a Malaysian contractor, a senior government official said Friday.“We have an offer from Malaysia, a consultancy firm, and they have prepared their […]
Record Numbers
April 30, 2008 (LBO) – Sri Lanka’s inflation hit an all-time high of 25.0 percent in the 12-months to April 2008 on a new index to measure consumer prices in Colombo, while an older index showed an increase of 29.9 percent, the government’s statistics office said. . The new Colombo Consumer Price Index (CCPI-N) grew […]
‘s Murali plans to teach magic to young spinners
April 30, 2008 (AFP) – Record-breaking Sri Lankan bowler Muttiah Muralitharan said Wednesday he plans to team up with Indian counterpart Anil Kumble to coach spinners when he retires from international cricket.“I will do a little bit for the game, not for money but for enjoyment,” Muralitharan told the Mumbai-based Daily News and Analysis newspaper. […]
Sri Lankan Airlines to give cut price tickets to state workers
April 30, 2008 (LBO) – Sri Lankan Airlines is giving a 25 percent discount for state-workers and their families who go abroad, the state-run national carrier said “This offer is valid year round for government servants, their spouses and dependent children under 21 years of age,” the airline said in a statement. Sri Lankan Airlines […]
Energy Projects
April 29, 2008 (AFP) – Iranian President Mahmoud Ahmadinejad on Tuesday launched a 1.2-billion-dollar project largely funded by Tehran to upgrade Sri Lanka’s sole oil refinery, officials said. Ahmadinejad and Sri Lankan President Mahinda Rajapakse planted an ebony sapling to launch work at the Sapugaskande refinery, just outside the capital Colombo. The four-year upgrade will […]