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Sri Lanka state water board makes operational profit
April 24, 2012 (LBO) – State-run National Water Supply and Drainage Board has made a 1.9 billion rupees operational profit with higher revenues and a slight decline in non-revenue distribution. The Central Bank’s annual report said Water Board has given 95,728 new connections in 2011 growing total connections 7. 1 percent to 1.4 million. Revenues […]
Sri Lanka rupee weak, money markets liquid -Update
Apr 23, 2012 (LBO) – Sri Lanka’s currency weakened Monday to above 131 rupees to US dollar after opening at 129.90/130.20 levels against the US dollar in the spot market while money markets were liquid, dealers said. In late afternoon trade the rupee was quoted as low at 131. 50/70 near historic lows, after recovering […]
Sri Lanka shares end down
April 23, 2012 (LBO) – Sri Lankan shares closed lower Monday and turnover fell back to low levels despite some enthusiasm seen last week after regulators lifted price restrictions that triggered a knee-jerk rally, brokers said. Citrus Leisure W0018 warrants were also actively traded, ending at 2.10 rupees, down 1.70 while Environmental Resources Investments close […]
Port Gains
April 23, 2012 (LBO0 – The state-owned authority which runs Sri Lanka’s ports increased operating profits last year as its spending fell and ship traffic and cargo volumes grew despite the global economic slowdown. The total cargo handled by the SLPA increased by 6.2 percent to 65.1 million metric tons in 2011 from the year […]
Chairman
Apr 23, 2012 (LBO) – Mohan Pieris, a former attorney general of Sri Lanka has been appointed chairman of Seylan Bank, a listed bank which was put under a state management following a run. Seylan Bank said he has 37 years of experience as lawyer. In 1978 he qualified as a solicitor of the supreme […]
Sri Lanka bank credit fall from peak in February
Apr 23, 2012 (LBO) – Sri Lanka’s commercial banks loaned 55.3 billion rupees to private business in February 2012 higher than in January and state credit also remained strong but eased from records volumes a month earlier, official data showed. The data also contains the effects of currency depreciation after authorities allowed the rupee to […]
Sri Lanka state airline loses Rs19.1bn in 2011
Apr 22, 2012 (LBO) – State-run SriLankan Airlines has made an operating loss of 19. 1 billion rupees in 2011, up from a group net loss of 6.03 billion rupees in 2010, a budget carrier has lost 455 million rupees, official data shows. SriLankan Airlines’ revenues had grown 16.3 percent to 78.9 billion rupees in […]
Branch Benefit
April 21, 2012 (LBO) – Sri Lanka’s biggest lender, state-owned Bank of Ceylon, has reported a sharp increase in the profits of its two overseas branches in neighbouring south India and the Maldives last year. Bank of Ceylon group after tax profit in 2011 was 11. 5 billion rupees, up 66 percent from 2010. Deposits […]
New ILO-World Bank study suggests tools to tide over economic shocks
April 21, 2012 (LBO) – Policymakers across the world should to develop a more robust labour market and expand workers social insurance cover, to tide over future economic shocks, a new report said. With a sample of 77 countries significantly affected by the crisis, representing 89 percent of global GDP and 86 percent of world […]
Sri Lanka shares end down 0.6-pct
April 20, 2012 (LBO) – Sri Lankan shares slumped Friday after a short-lived rally the day before in a knee-jerk reaction to the lifting of price restrictions by regulators, brokers said. The main All Share Price Index fell 0.64 percent (35.11 points) to 5,483.61, while the more liquid Milanka index fell 0. 30 percent (14.81) […]
Ferry Builder
Apr 20, 2012 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has laid the keel for the first of a pair of passenger vessels for the government of India to be deployed to connect its Lakshadweep islands with the mainland. The vessel will have a crew of 69. Colombo Dockyard earlier built two passenger vessels for […]
Sri Lanka, Seychelles joint holiday packages mooted
Apr 20, 2012 (LBO) – Tour operators in the Seychelles want to promote joint holiday packages for tourists with Sri Lanka and establish direct air links between the two Indian Ocean islands. Visiting foreign minister of Seychelles Jean Paul Adams said in Colombo they expect 350,000 tourists in the coming year. “Most tour operators in […]