Tag: business
Sri Lanka’s Hayleys Q1 profits up 42 pct to Rs522mn
Aug 11, 2015 (LBO) – Profits at Sri Lanka’s diversified Hayleys group rose 42.5 percent to 522 million rupees in the June 2015 quarter, interim accounts showed. The firm reported earnings of 6.97 rupees for the quarter 2015 compared to the last year earnings of 4.89 rupees on profits of 366 million rupees.The group revenue […]
Sri Lanka Watawala Plantation profits drop; palm oil supports bottomline
Aug 07,2015 (LBO) – Sri Lanka’s Watawala Plantations said it made a profit of 131 million rupees in the June 2015 quarter, down 43 percent, compared with 231 million rupees in the same quarter last year, battered by declines in the tea sector.The firm reported earnings of 55 cents per share for the quarter, in […]
Sri Lanka’s budget 2016 targets budget deficit of 5.5 pct- of GDP
Aug 03, 2015 (LBO) – Sri Lanka wants to reduce the budget deficit to 5.5 percent of gross national production over 2016 to 2018, maintaining the state investment at around 6 to 8 percent of GDP, Cabinet Spokesman Minister Rajitha Senaratne said.The Finance Ministry had informed the cabinet that it has begun preparations for the […]
Sri Lanka businesses urged to practice good governance : IFAC President
July 29, 2015 (LBO) – Sri Lanka’s business organization should practice good governance to build next level businesses and to support country to move ahead, Olivia Kirtley, president of the International Federation of Accountants said.“Sri Lanka is one of the fastest growing market in the South Asia region and economic outlook for Sri Lanka seems […]
Sri Lanka’s Carsons profits up, Beverage sector revenues affected: Annual Report
July 23, 2015 (LBO) – Sri Lanka’s Carson Cumberbatch PLC, with investments ranging from oil palms and beer to financial services said revenue were up by 22.8 percent to 785 million rupees in 2014/2015, even though beverage segment of the company was affected due to excise duty. “Some of the tax proposals presented at the […]
Disruptive Innovation, A challenging wave for organizations and leaders
July 21, 2015 (LBO) – Innovation can disrupt an organization, creating a new set of challenges to the leadership which some traditional companies are not aware of even, an official said. “This might completely dislodge you from your present industry,” Deepal Sooriyarachchi, Commissioner and Chairman of Sri Lanka Inventors Commission said. “And some of the […]
Sri Lanka mulls national policy for economy after polls
June 17, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake said that the government plans to bring a national policy for the economy following the scheduled general election and the forming of a new government.“A National policy needs to be brought in.At the moment it is still a fragile situation,” Ravi Karunanayake told LBO […]
‘s Nawaloka Hospital Enters Elder Care Service Business
EJune 4, 2015 (LBO) – Sri Lanka’s Nawaloka Medical Centre (Pvt) Ltd, a subsidiary of Nawaloka Hospital signed a memorandum of understanding with Harmony and Fusion International Pvt Ltd to put up elder care service business.The joint venture will carry out the service under Nawaloka Guardina International (Pvt) Ltd, in which Nawaloka Medical Centre (Pvt) […]
Ceylinco Insurance Separates General And Life Businesses
June 03, 2015 (LBO) – Sri Lanka’s Ceylinco Insurance said that it separated its insurance business to continue as two different entities- Ceylinco Life Insurance and Ceylinco General Insurance. The company said in a filing to CSE that this decision was taken in keeping with section 53 of the regulation of the insurance industry (amended) […]
Sri Lanka’s foreign reserves upsurge to USD7.5bn in April, CB predicts further growth
June 2, 2015 (LBO) – Sri Lanka’s gross foreign reserves rose to 7.5 billion US dollars in April 2015 from 6.8 billion US dollars in March, due to a 400 million US dollar currency swap from the Reserve Bank of India, Central Bank said. The regulator says the reserves likely to increase further helped by […]
‘s foreign reserves moving towards USD 9 bn: Ravi Karunanayake
May 29, 2015 (LBO) – Sri Lanka’s government plans to increase the Island’s foreign reserves to 9 billion US dollars, Finance Minister Ravi Karunanayake said. Sri Lanka’s foreign reserves would be close to 8.3 billion US dollars after proceeds from a 988 million dollar sovereign bond and development bond injection to the economy. “That is […]
Maldivian hotel operator to build a water villa in North West Coast, Sri Lanka
May 27, 2015 (LBO) – A Maldivian Hotel operator, Sun Siyam said that it plans to develop an overwater villa resort in Kalpitiya, Sri Lanka as the hotel plans to expand across the Island.This project comes at the perfect time for overseas expansion of Maldivian brands, Ahmed Siyam Mohamed, Chairman and Managing Director of Sun […]