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Sri Lanka shares up 0.2-pct
May 25, 2011 (LBO) – Sri Lankan shares closed firmer Wednesday with heavy trading once again in a property firm in which a big stake changed hands last week, brokers said. John Keells Holdings was also actively traded, closing at 300.10 rupees, up 40 cents with over 1.75 million shares changing hands. There were three […]
Sri Lanka Taj profits recover
May 25, 2011 (LBO) – Sri Lanka’s Taj Lanka Hotels, which owns a five star rated property in Colombo’s Galle Face area said profits rose to 52 million rupees in the March 2011 quarter from 3.2 million rupees a year earlier. Sri Lanka is recovering from a three decade war which ended in May 2009 […]
Fashion Profit
May 25, 2011 (LBO) – Sri Lankan fashion retailer Odel said March 2011 quarter group net profit rose 29 percent to 33 million rupees from a year ago with sales growing as it expanded its network of stores. Sales for the quarter rose 22 percent to 817 million rupees from a year ago. Earnings per […]
Broad Spectrum
May 25, 2011 (LBO) – Sri Lanka’s broadband use is lagging the region due to low penetration of personal computers and expensive mobile handsets, though the sector has now started to grow especially in the wireline segment, a sector study said. Sri Lanka had 574,000 broadband customers by end December 2010, including 294,000 mobile broadband […]
Sri Lanka warned against alienating India
May 25, 2011 (LBO) – India will destabilise Sri Lanka again if the island endangers her big neighbour’s geo-strategic interests in future just like New Delhi initially sponsored Tamil separatists, an international terrorism expert has warned. He referred to how India is seen to have supported violent groups in Pakistan and Bangladesh as well as […]
Law wants Sri Lanka to be hard case for England
CARDIFF, May 25, 2011 (AFP) – Stuart Law has warned England against taking Sri Lanka lightly even though he concedes they face “the toughest deal on the planet” playing the Ashes-winners in a Test series starting here on Thursday. Former Australia batsman Law is the interim coach of Sri Lanka following the decision by compatriot […]
Sri Lanka shares becalmed
May 24, 2011 (LBO) – Sri Lankan shares closed barely changed Tuesday with heavy trading in a property firm in which a big stake changed hands last week, brokers said. The main All Share Price Index closed at 7,431.97, down 0.10 percent (7.18 points) while the more liquid Milanka index rose 0.06 percent (4.22 points) […]
Capital Raising
May 24, 2011 (LBO) – Sri Lanka’s Commercial Bank wants to raise 9.7 billion rupees through a rights issue that would be followed by a share split to strengthen its capital base for future growth. The bank said in a stock exchange filing that the issue is subject to regulatory and shareholder approval. It expects […]
Sri Lanka Watawala tea net up 50-pct in year to March
May 24, 2011 (LBO) – Sri Lanka’s listed Watawala Plantations said profits rose 49. 6 percent to 642 million rupees in the year to March 2011 with revenues growing 9.0 percent amid higher commodity prices and profits from its retail unit. Managing director Vish Govindasamy said higher rubber prices pushed profits from the division to […]
Sri Lanka tea production on the rise
May 24, 2011 (LBO) – Sri Lankan tea production is increasing despite a downturn in April compared with a year ago with annual output expected to hit a new high. Tea production fell 5.6 percent to 28.5 million kilos in April from a year ago when output had been boosted by favourable weather and high […]
Profit Pressure
May 24, 2011 (LBO) – Sri Lanka’s mobile phone industry is ‘overcrowded’ and ripe for consolidation with intensifying competition eroding profitability, Fitch Ratings said in a new report on the telecoms sector. Overcrowding remains the key medium-term risk to telecom operators (telcos) in Sri Lanka, the rating agency said. It expects competition among local telcos […]
Sri Lanka among elephant countries in action group
NEW DELHI, May 24, 2011 (AFP) – Eight countries with the largest number of elephants met for the first on Tuesday in New Delhi to plot new strategies to protect the animal. “Delegates here represent two-thirds of the world’s wild elephant population,” Indian Environment Minister Jairam Ramesh told the inaugural gathering of the Elephant-8 group. […]