Category: Economy and Markets
Teejay’s 6-month net profit up 75-pct to Rs.1.24Bn
Oct 31, 2019 (LBO) – Textile manufacturer Teejay Lanka PLC has announced top and bottom line growth in the first half of 2019-20, with investments in expansion and internal measures continuing to generate anticipated improvements to net profit margins and other key performance indicators. Noteworthy revenue and profit improvements in the second quarter of the […]
Ceylon Chamber advocates 12 focus areas to accelerate economic growth
Oct 30, 2019 (LBO) – The Ceylon Chamber of Commerce has identified twelve (12) areas as priority areas for Sri Lanka’s economic development in the 2020-25 period. The chamber launched the working draft of the Sri Lanka Economic Acceleration Framework (SEAF) 2020-25 on 17 September 2019 with the aim of identifying key areas for the […]
Asian Hotels (AHPL) reports a profit, tourism recovery taking hold
October 29, 2019 (LBO) – Colombo Stock Exchange listed Asian Hotels and Properties (AHPL) reported a modest profit in the quarter ended September 30th. AHPL is the subsidiary of market bellwether John Keells Holdings (JKH) which owns two large city hotels. Profits in the quarter were down 95% year over year to just Rs10mn, however […]
‘s cabinet approves MCC grant of USD 480 Million
Oct 29, 2019 (LBO) – Sri Lanka’s Cabinet of Ministers today approved the implementation of 480 million US dollars MCC grant that consists of grant funds for traffic management in Colombo, road construction Island wide, and land administration improvements covering the whole country. These compact programmes to be funded by this project have been developed […]
Advocata supports recommendation to allow AG dept representation at COPE
Oct 29, 2019 (LBO) – Advocata, a local think tank has welcomed the recommendation to include representatives of the Attorney General’s (AG) Department at Committee on Public Enterprises (COPE) proceedings and urges the government to prioritise this suggestion. The third report of the COPE was presented to the parliament on the 23rd of October, 2019. […]
Sri Lanka calls for collective action to address global challenges
Oct 28, 2019 (LBO) – Sri Lanka’s Foreign Minister Tilak Marapana reaffirmed Sri Lanka’s commitment to the founding principles of the Non-Aligned Movement and called for the group’s collective attention to the need to address contemporary global challenges, highlighting in particular, poverty and terrorism. He was addressing the 18th Summit of the Non-Aligned Movement (NAM) in […]
The Finance Company looking at a new investor
Oct 25, 2019 (LBO) – The Finance Company (TFC) is currently working with a company that has expressed its interest to invest at TFC as a shareholder through a private placement, the company today said in a stock exchange filing. “The investor is pursuing his actions to provide the proof of funds and also TFC […]
John Keells Hotels (KHL) reports losses of Rs470mn on 27% drop in revenue
October 25, 2019 (LBO) – Colombo Stock Exchange (CSE) listed John Keells Hotels PLC (KHL), the subsidiary of John Keells Holdings (JKH) which owns resort hotels in Sri Lanka and the Maldives, reported sharp losses for the quarter ended September 30, 2019. KHL lost Rs470mn (US$2.6mn) in the three month period with revenues down 27% […]
Otara Gunewardene resigns from Singer Sri Lanka board
Oct 25, 2019 (LBO) – Otara Gunewardene has tendered her resignation from Singer Sri Lanka board which will be effective from 31 December 2019. The company said in a stock exchange filing that she does not have any relevant interests in shares of the Company as specified in the listing rules as at date. Joined […]
Sri Lanka ranked 99th in new Doing Business Index
Oct 24, 2019 (LBO) – Sri Lanka is ranked as 99th out of 190 countries with a score of 61.8 in Doing Business 2020 report released by the World Bank. The Doing Business report presents quantitative indicators on business regulations and the protection of property rights that can be compared across economies. As per the […]
First Capital recommends investors to increase exposure in mid-long tenor bonds
Oct 24, 2019 (LBO) – First Capital Research recommends investors to increase overall fixed income portfolio exposure to 50 percent from 45 percent. The firm also recommends cutting carrying portfolio to 15 percent from 30 percent and to increase trading portfolio to 35 percent from 15 percent. “We recommend cutting short tenor maturities of the […]
Central Bank to issue license cancellation notice to The Finance Company
Oct 23, 2019 (LBO) – Monetary Board of the Central Bank has decided to issue a Notice of Cancellation of the License issued to The Finance Company (TFC), with effect from today to safeguard the interests of the depositors and other creditors. Accordingly, the interest due for deposits will be paid continuously to the depositors […]