Category: Technology

Aug 04, 2011 (LBO) – Sri Lankan mobile phone operator Dialog Axiata group said June 2011 quarter net profit was stagnant at 1. 4 billion rupees from a year ago with sales up 8.9 percent to 11 billion rupees. Losses from the group’s television operations were also reduced to 12 million rupees from a loss […]

Aug 03, 2011 (LBO) – Dubai-based Etisalat’s Sri Lanka unit said it had inked a deal with with OpenArc, a Colombo-based information technology company to provide a mobile banking service. OpenArc Systems Management started in 1991 and deals in banking and finance, securities and stock market and enterprise resource management solutions. OpenArc chief Daya Hettiarachchi […]

NEW DELHI, August 3, 2011 (AFP) – India’s top mobile phone firm Bharti Airtel reported Wednesday a worse-than-expected 28 percent plunge in quarterly profit, hit by costs of its Africa acquisition and investments in 3G. Net profit slid to 12.15 billion rupees ($273.8 million) for the fiscal first quarter to June from a year earlier […]

July 26, 2011 (LBO) – Sri Lanka’s mobile users grew 18. 5 percent in the first quarter of 2011 to 17.8 million, a lower pace than in previous years, but there was strong growth in internet users, official data showed. A category called ‘internet and email’ users which the central bank said included mobile broadband […]

July 20, 2011 (LBO) – Fitch Ratings has upgraded Sri Lanka Telecom’s (SLT) long-term foreign currency rating to ‘BB-‘ from ‘B+ with a stable outlook. At the same time, Fitch confirmed its long-term local currency rating at ‘BB-‘ and national long-term rating at ‘AAA(lka)’. The action follows Fitch’s upgrade of Sri Lanka’s sovereign long-term foreign […]

July 19, 2011 (LBO) – Sri Lanka Telecom, a firm in which Malaysia’s UT group is a key shareholder, will invest 6. 0 billion rupees over the next two years to migrate fully into a digital network, chief executive Greg Young said. Earlier in the week, SLT’s mobile unit Mobitel said it was investing 5. […]

July 18, 2010 (LBO) – Sri Lanka’s Telecommunications Regulatory Commission has fared poorly in a recent telecom regulatory and policy framework survey conducted by think tanks Lirne Asia and Institute of Policy Studies. “But the uncertainty reduces the investment. It also creates an opportunity for what in economics politely is called rent seeking.” Sri Lanka’s […]

July 13, 2011 (LBO) – Sri Lanka Telecom is to invest five billion rupees in its mobile phone subsidiary for modernisation and expansion, a stock exchange filing said. “This investment will be on a staggered basis and is expected to be made within a period of six months,” SLT said. The investment will be for […]

July 8, 2011 (LBO) – Virtusa a US based firm which has a development centre in Sri Lanka, has bought ALaS, a New York based consultancy for banking, financial services, insurance and capital market industries. The acquisition will allow the firm to “take on the downstream technology implementation and strengthen Virtusa’s strategic position across its […]

July 08, 2011 (LBO) – Singer Sri Lanka, a consumer durables firm with a nation-wide network says laptop sales are overtaking the desk top market, and computers are now the fourth largest revenue earner for the firm. “In 2010 desktop and note book sales were about equal,” chief executive Asoka Peiris said. “But in 2011, […]

July 5, 2011 (LBO) – Sri Lanka’s information technology and business process outsourcing firms have started to expand out of the capital, to lower costs and also be closer to the residents of potential workers, officials said. Dinesh Saparamadu, head of HSenid, a software developer said his firm had set up a research and development […]

July 05, 2011 (LBO) – Sri Lanka is evaluating two sites to set up an information technology park for firms to quickly set up shop, where two foreign universities are also likely to be located, an official said. Reshan Dewapura, head of the government’s Information Communications Technology Agency said the government evaluating two sites outside […]