Category: Industry
Equity Gains
March 07, 2008 (LBO) – Lanka Orix Leasing Company (LOLC) December quarter profits were boosted 250 percent with unrealized equity gains, while revenues grew 77 percent, its interim accounts and officials said. Group assets were 32 billion rupees, while LOLC’s own gross assets were 26.5 billion rupees. Group net profits grew to 485 million rupees […]
Fuel Pricing
March 07, 2008 (LBO) – Sri Lanka’s state-owned petroleum utility aims to hold retail fuel prices at current levels for the time being despite crude oil prices hitting record highs, its chairman Ashantha de Mel said. Ceylon Petroleum Corporation (CPC) is hoping income from oil futures hedging and its refinery resuming production after a shut […]
Grease Pal
March 07, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) is looking for a joint venture partner to start a lubricant retailing business, a senior government minister said. Information minister Anura Yapa said the ministry of petroleum has told Sri Lanka’s cabinet of ministers that lubricants would be sold under the brand Ceypetco. […]
Hayden a liar and Gilchrist no saint, says Harbhajan
NEW DELHI, March 7, 2008 (AFP) – Controversial spinner Harbhajan Singh further deepened the animosity between India and Australia on Thursday when he called Matthew Hayden “a big liar” and Adam Gilchrist “no saint.” Harbhajan has been a thorn in Australia’s flesh since 2001 when he claimed 32 wickets in three home Tests to play […]
Tough Times
Mar 06, 2008 (LBO) – Fitch Sri Lanka has downgraded the national long term rating of Sinhaputhra to ‘BB- (lka)’ from ‘BB (lka)’ with a negative outlook, as defaults increased amid tough economic conditions. “The downgrade reflects the significantly weakened asset quality and solvency at the regulatory six-month level,” Fitch Ratings said in a statement. […]
Long Wait
March 06, 2008 (LBO) – Container transporters in Sri Lanka Thursday announced plans for a protest action and work stoppage that could disrupt the flow of cargo to and from Colombo port. The Joint Council of Transporters (JCT) said in a statement their members would commence a protest combined with work stoppage from March 10 […]
Sri Lanka apparel makers struggle to find workers
March 5, 2008 (LBO) – Sri Lanka’s key clothing industry is rolling out a publicity blitz to attract shop floor workers to fill nearly 12,000 vacancies in plants across the island, industry officials said.A 280,000-dollar campaign will hit the local airwaves this week, as a team of recruiters and animators target 150 rural villages to […]
Skating Tower
March 05, 2008 (LBO) – Sri Lanka’s Ceylinco Consolidated has inked an agreement with the country’s investment promotion agency to set up its second shopping and apartment complex in the suburbs of Colombo. The 33 million US dollar project, “Realty Tower”, has 18 floors and will be built in the Colombo suburb of Nawala, on […]
Asset Class
Mar 05, 2008 (LBO) – Borrowing for day to day government spending has increased the cost of money for Sri Lankan companies and families struggling to get their first mortgage. A Malaysian economist says experience from his country suggests that the government could start a specialist infrastructure bonds, and create a market among pension funds, […]
Oil Skills
Mar 04, 2008 (LBO) – Sri Lanka’s petroleum exploration unit has started to build up its staff as the island waits for offshore exploration work to get underway, a senior official said. . The petroleum resources development secretariat (PRDS), set up under the petroleum ministry to search for oil, has begun to look for oil […]
Sri Lanka CEB needs overhaul, says chairman
Mar 04, 2008 (LBO) — Sri Lanka’s state-run power utility needs a management overhaul with input from finance, legal and information technology disciplines and tariff reforms to shift demand, its chairman has said in a detailed report.If tariffs could be used to shift demand, the CEB’s overall capital costs would come down and industry would […]
Sri Lanka Eagle Insurance 2007 profits flat
Mar 04, 2008 (LBO) – Sri Lanka’s Eagle Insurance group net profit for the 2007 financial year was flat at 527 million rupees although revenue went up 23 percent to 5.9 billion from 4.8 billion rupees. Total assets of the group grew to almost 17 billion from 14.9 billion rupees while net assets grew 16 […]