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Sri Lanka Finlay estate profits down 52-pct in March
May 14, 2012 (LBO) – Profits at Udapussellawa Plantations, a unit of Sri Lanka’s James Finlay group fell 52 percent in the March 2012 quarter with revenues hit by weak performance in rubber, interim accounts showed. The firm reported earnings of 55 cents for the quarter. Revenues fell 5 percent to 747 million rupees. Cost […]
Jubilee Party
May 14, 2012 (LBO) – The British High Commission in Sri Lanka on Monday launched an online competition to give people a chance to attend Britain’s Queen Elizabeth’s jubilee party in Colombo. Local fans of the British Royal family have to visit the High Commission’s Facebook page (www.facebook.com/bhccolombo) and write 60 words on its wall […]
Sri Lanka hopes narrow current account gap, despite strong capital flows
May 14, 2012 (LBO) – Sri Lanka’s central bank is expecting to increase foreign reserves in 2012 and narrow the current accounts deficit in the balance of payments, despite strong capital inflows, which will increase domestic spending power. BOP Surplus The bank is projecting a 1.25 billion US dollar ‘balance of payments’ surplus for 2012. […]
Narrow Play
May 13, 2012 (LBO) – Profits at Sri Lanka’s PABC Bank was flat at 196 million rupees in the March 2012 quarter as interest margins narrowed and personnel expenses spiked, interim accounts showed. The bank reported earnings of 67 cents per share for the quarter. The stock closed at 18.90 rupees down 40 cents Friday. […]
‘s Balangdoa Plantations net down 49-pct
May 13, 2012 (LBO) – Profits at Sri Lanka’s Balangoda Plantations, a unit of listed Distilleries Corporation fell 49 percent to 67 million rupees in the March 2012 quarter, hit by falls in rubber sales, interim accounts showed. The firm also paid 19 million rupees in management fees down from 52 million a year earlier. […]
Sri Lanka year-end inflation targeted at below 7-pct
May 13, 2012 (LBO) – Sri Lanka’s central bank is targeting average inflation to be around 6-7 percent and is expecting year end inflation at 7. 0 percent or below Central Bank governor Nivard Cabraal said. While the so-called ‘annual average inflation’, is a number averaged over two years and is difficult for ordinary people […]
Battling Rates
May 12, 2012 (LBO) – Sri Lanka’s Nations Trust Bank group said net profits for the March 2012 quarter rose 8 percent from a year earlier to 405 million rupees, as margins narrowed amid rising interest rates. The group reported earnings of 1. 76 for the quarter. The stock closed at 48.80 down 10 cents […]
Parts Freedom
May 11, 2012 (LBO) – Sri Lankan boat builders say taxes on imported parts are pushing up production costs while they are losing domestic market share to foreign vessels that are allowed duty free. A country with cheaper boats could become bigger player in the vast Indian Ocean. Boat manufacturers however say taxes on imported […]
Financial Talent
May 10, 2012 (LBO) – Priyantha Fernando, a retired deputy governor of Sri Lanka’s central bank has been appointed a director of Commercial Leasing and Finance Ltd, a unit of listed Lanka Orix Leasing group. The firm said Fernando has 35-years of experience and has been charge of financial system stability and was also an […]
‘s Expolanka gains management control of regional travel firm
May 11, 2012 (LBO) – Sri Lanka’s Expolanka Holdings Plc said Friday it had paid 915,000 dollars to buy a 50 percent stake and management control in Akquasun Holidays India Private Limited, a joint venture with Mumbai-based Akquasun Group. Akquasun Holidays India is a business-to-business agency that works with other travel agents, tour operators and […]
” tea imports altogether: Treasury secretary
May 11, 2012 (LBO) – Sri Lanka to ‘ban altogether’ through regulatory controls all imports of tea, finance secretary P B Jayasundera has said as a section of the industry is attempting free the island to become a global blending hub. Treasury secretary P B Jayasundera speaking at a dealer conference of Dilmah, a top […]
Sri Lanka monetary conditions tightening: Central Bank
May 11, 2012 (LBO) – Sri Lanka’s central bank kept its key policy rate unchanged at 9. 75 percent saying monetary conditions are tightening and credit growth will moderate, eventually helping the exchange rate. The March loan totals may include possible forex losses on dollar loans. “With respect to monetary developments, market interest rates have […]