Category: Industry
‘l Airlines
Aug 11, 2016 (LBO) – SriLankan Airlines has entered into a “wet lease” agreement with Pakistan International Airlines (PIA), owned by the government of Pakistan, whereby an Airbus A330-300 aircraft will be leased by SriLankan to PIA on Aircraft Crew Maintenance & Insurance (ACMI) basis. This means that the aircraft will remain under SriLankan registry and […]
Sri Lanka’s Hemas Holdings profits surge 68-pct in June quarter
Aug 11, 2016 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure and healthcare, has posted a equity holder profit of 696 million rupees in the June 2016 quarter, up 68 percent from a year earlier, interim accounts showed. The group reported basic earnings of 1.22 rupees per share for the quarter, […]
Sri Lanka’s HNB net up 41-pct in June quarter amid income growth
Aug 11, 2016 (LBO) – Group profits at Sri Lanka’s Hatton National Bank surged 41 percent to 3.3 billion rupees in the June 2016 quarter from a year earlier amid strong income growth, interim accounts showed. The group reported basic earnings of 8.56 rupees per share for the quarter, up from 6.19 rupees per share […]
Sri Lanka to get Singapore technical assistance for Megapolis
Aug 11, 2016 (LBO) – Sri Lanka’s government will sign a Memorandum of Understanding with Singapore’s International Enterprise Singapore to get assistance for the Megapolis project. “Some of the projects are complex and technically sophisticated projects and require the support of international experts,” a statement on cabinet decisions said. Therefore, considering the importance of exchanging […]
Sri Lanka Tanzania Investment Chamber launched in Dar es Salaam
Aug 11, 2016 (LBO) – Sri Lanka and Tanzania look set to expand business and investment promotion between the two countries with the launch of the Sri Lanka Tanzania Investment Chamber in Dar es Salaam, Tanzania last week. The chamber was inaugurated by Minister of Tourism Development, Christian Religious Affairs and Lands, John Amaratunga. “With […]
Sri Lanka’s Distilleries June net up 10-pct with beverage revenues
Aug 11, 2016 (LBO) – Profits at Sri Lanka’s Distilleries group, the island’s largest alcohol maker, rose 9.55 percent to 1.9 billion rupees in the June 2016 quarter from a year earlier, interim accounts showed. In the June quarter, net revenues rose 35 percent to 25.9 billion rupees and sales related costs rose 25 percent […]
Sri Lanka’s Financial City to build client deposit base 10-pct of GDP
Aug 10, 2016 (LBO) – Sri Lanka’s proposed Financial City aims to attract a client deposit base worth 10 percent of the island’s GDP within a period of 5 years, a cabinet approved proposal said. Cabinet Spokesman Rajitha Senaratne said it has also been decided to commence the initial operations of the Financial City after […]
No more aircraft for Sri Lankan; reports not submitted: COPE
Aug, 10, 2016 (LBO) – The Committee on Public Enterprises (COPE) of Sri Lanka’s parliament has recommended that SriLankan airlines officials not to go ahead with the purchase of new aircraft while also calling them to submit several other reports on irregularities. “The transaction of purchasing new aircrafts without conducting a cost basis analysis should […]
Sri Lanka’s Hela Clothing joins IFC’s trade supplier finance program
Aug 10, 2016 (LBO) – IFC, a member of the World Bank Group, has partnered with leading local apparel manufacturer Hela Clothing (Pvt) Limited to boost trade opportunities for Sri Lanka’s apparel industry through a trade-supplier finance facility. Hela Clothing is the latest apparel company in Sri Lanka to join IFC’s Global Trade-Supplier Finance program. […]
Mackwoods says Agalawatte share sale had shareholder approval
Aug 09, 2016 (LBO) – Sri Lanka’s Mackwoods Plantations (Private) Limited says the recent share sale of Agalawatte Plantations had been unanimously approved by the shareholders of the company. In a stock exchange filing, Agalawatte Plantations said they have been notified that all the shareholders of Mackwoods Plantations (Private) Limited unanimously approved and executed an […]
Expolanka Holdings top line grows 7 pct in June quarter
Aug 09, 2016 (LBO) – Expolanka Holdings, which operates in areas including logistics and leisure, said it recorded seven percent growth in revenue to 14.96 billion rupees in the June quarter, which was a resilient performance amidst challenges. With its strategic shift towards growth sectors in logistics and leisure, operating profit increased 20 percent to […]
Sri Lanka needs to accelerate broadband development: Harin
Aug 09, 2016 (LBO) – Sri Lanka’s government says that as the island embarks on a journey of transformation to become a digitally enabled and empowered society, the importance of having a robust fixed-broadband base to build upon is critical. “We strongly believe that this is indeed the ripe time to accelerate broadband development in […]