Category: Economy and Markets
Sri Lanka@100 opens new application round for advisory services
Sri Lanka@100, a private sector-led business development platform supported by the United States Agency for International Development (USAID), announces its third round of applications for mid-market companies looking for business advisory services to accelerate revenue growth, optimize internal operations, access new markets, and attract smart capital. Mid-market firms registered as companies in Sri Lanka with […]
Sri Lanka records highest-ever export figure in any October
Sri Lanka’s merchandise exports increased by 35.9% to US$ 1,160.62 Million in October 2021 compared to October 2020 as per the data released by the Sri Lanka Customs. Exports maintained above one billion for the fifth time this year. “This is the highest-ever merchandise export figure in any October in our history,” EDB Chairman, Suresh […]
CB Governor & Treasury Secretary outlines govt’s recovery plan at CA Sri Lanka Budget Seminar
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) organised the Annual Budget Seminar where top government officials and business leaders came onto a single platform to share their views on the government’s national budget for 2022. The keynote speech was delivered by Ajith Nivard Cabraal, Governor of Central Bank who outlined the […]
YTD 9M results exceed historical 12M earnings to record LKR 292bn by Sept: Softlogic Stockbrokers
Corporate earnings recorded a phenomenal increase up +98% YoY from LKR 190bn to LKR 377bn on a Trailing 12 months (TTM) basis despite the impact of the 2nd, 3rd and 4th wave of covid-19 during the reporting period, Softlogic Stockbrokers said. Releasing the Corporate Earnings Snapshot, Softlogic Research said that 3Q 2021 earnings have improved […]
ACL Cables PLC posts 189-pct profits at end of Q2
ACL Cables PLC, Sri Lanka’s No.1 cable manufacturer has posted a phenomenal 189% year-on-year profit increase at the end of its second quarter demonstrating strong financial performance and stability as a group. Noteworthy are the resounding strong figures despite challenging economic conditions seen locally as well as globally due to the Covid19 pandemic. ACL Cables […]
JICA extends support for Sri Lanka’s socio-economic development
The Japan International Cooperation Agency (JICA) is ready to support the socio-economic development needs of Sri Lanka, said JICA, Director General South Asia Mr. Sakamoto Takema. Mr. Sakamoto Takema made these remarks when he met President Gotabaya Rajapaksa at the President’s House in Colombo, today (16). President Rajapaksa recalled that when he was the Secretary […]
CSE revises index calculation methodology of All Share Price Index
The Board of Directors of the Colombo Stock Exchange (CSE) has approved the revision of the index calculation methodology of the All Share Price Index (ASPI) at a Board meeting held on 15 November 2021 to change its calculation basis from full Market Capitalization-weighting to free float-adjusted Market Capitalization-weighting with effect from January 2022 following […]
Sampath and NDB Bank underwrite Sarvodaya Development Finance IPO
The Initial Public Offering (IPO) of Sarvodaya Development Finance (SDF) will open to the public on 23rd November and will comprise an initial issue of 22,727,273 shares raising LKR 500 Mn followed by a green shoe issue of a further 22,727,273 shares for an additional LKR 500 Mn. Two of Sri Lanka’s most prominent banks, […]
Budget 2022 Proposals: Reactions from IPS Researchers
Dr Dushni Weerakoon Budget 2022 appears to be more of a stop-gap budget rather than one that sets out a framework on how revenues will continue to be mobilised and deficit financing requirements met over time. It seems that the government is hedging its bets on economic growth creating revenues, but with inflation set to […]
Loops, Truecaller partners to enable safety and efficiency to daily life business communications
Loops Integrated enters into a landmark partnership with Truecaller. Loops Integrated – a creative-led integrated marketing agency acclaimed for their creative and digital marketing excellence, will now be an authorized reseller for Truecaller for Business. Truecaller is well known in Sri Lanka for identifying contacts and blocking unwanted communication. Businesses, particularly the services sectors, reach […]
Aitken Spence records Rs. 2.9 Bn EBITDA across all sectors for 2Q with a 388% growth
The leading blue-chip conglomerate, Aitken Spence PLC reported an impressive growth of 388% from its earnings before interest expense, tax, depreciation and amortisation (EBITDA) of Rs. 2.9 Bn compared to Rs. 595 Mn in the 2Q of the previous year. During the 2Q the Group’s non-tourism sectors recorded a growth of 35% from its EBITDA […]
Finance Minister proposes to release all vehicles seized at Customs subject to taxes
Finance Minister proposes to release all vehicles seized at the Sri Lanka Customs owing to non-payment of applicable taxes and other reasons. Such release will be subject to the applicable taxes and fines. It is also proposed to impose a fee on vehicles meeting with accidents with the opportunity of reimbursing this fee from the […]