Category: Economy and Markets
Central Bank suspends business activities of NatWealth Securities Limited
May 31, 2019 (LBO) – Central Bank having considered the continuous failure to comply with directions applicable to primary dealers has decided to suspend NatWealth Securities Limited (NWSL) from carrying on the business and activities of a Primary Dealer for a period of six months. The Central Bank, however, said it will take necessary measures […]
Competition cuts Asian Hotels (AHPL) annual profit in half
May 31, 2019 (LBO) – Profits at Sri Lanka’s leading city hotel operator, Asian Hotels and Properties (AHPL), were down more than 50% for the year ended March 31, 2019. For the year, profits came in at Rs1.83/share as opposed to Rs3.81 a year earlier. Shares currently trade at a price just above Rs30/share. AHPL […]
Vidullanka commissions its first ever biomass based power project
May 31, 2019 (LBO) – Vidullanka in its latest announcement to the CSE, disclosed the commissioning of the development of the 3.3MW Dehiattakandiya Dendro power plant to the national grid through its joint venture company, Vidul Biomass (Pvt) Ltd. The project is a 1.45 billion rupees investment jointly undertaken by Vidullanka and OC Energy Lanka […]
Sunshine Holdings PAT down 36.5-pct; top-line growth 6.9-pct in FY18/19
Divestiture of Tea plantation business in May 2019 Consolidated revenue of Rs. 22.6 billion, an increase of 6.9% YoY PAT amounted to Rs. 1.1 billion, down 36.5% YoY Healthcare revenue up 14.1% YoY to Rs. 9.3 billion Consumer revenue continues its growth, up 8.9% YoY to Rs. 5.9 billion Diversified Sri Lankan conglomerate Sunshine Holdings […]
Amidst elevated market lending rates, private sector credit contracted notably: CBSL
May 31, 2019 (LBO) – Sri Lanka’s Central Bank on Friday said the market lending rates remained downward rigid, despite the measures already taken while the private sector credit showing a notable contraction. Sizable liquidity injections through the reductions in the Statutory Reserve Ratio (SRR) along with appropriate and prudent open market operations (OMOs) have […]
Sri Lanka Central Bank cuts SDFR and SLFR by 50 basis points
May 31, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 30 May 2019, has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 7.50 percent and 8.50 percent, respectively. The Central Bank […]
SriLankan Catering posts Rs 5.7bn net profit for 2018/19
May 30, 2019 (LBO) – SriLankan Catering, the fully owned subsidiary of SriLankan Airlines has recorded a steady financial performance for the financial year ended 31 March 2019 with a 24 percent year-on-year growth in operating profits from 3.8 billion to 4.7 billion rupees, according to its unaudited financial statement. SriLankan Catering said in a […]
Jegan Durairatnam to Chair DFCC board
May 30, 2019 (LBO) – Former Commercial Bank CEO Jegan Durairatnam has been appointed as the Chariman of the board of DFCC. The appointment is with effect from July 28th. The appointment comes on the heels of the retirement of Royle Jansz who will have served as a director of DFCC for regulatory limit of […]
Capital Trust becomes the sole owner of ride-hailing-app, Taxiya
May 30, 2019 (LBO) – Taxiya, a ride-hailing service powered by an advanced digital mobile App, is now wholly owned and managed by Capital TRUST Holdings, having recently acquired the entirety of the brand Taxiyak (now Taxiya) and Capital TRUST Mobility Solutions. The Board of Directors of Capital Trust Mobility Solutions, comprising Tushan Wickramasinghe, chairman, Lakshman […]
Cabinet nod for implementation of promotion programs to minimize effects attacks on tourism
May 30, 2019 (LBO) – Sri Lanka’s cabinet of ministers has approved several relief packages for the tourism industry in the island. Approval was given to a proposal presented by Johm Amaratunga, minister of Tourism Development, Wild Life and Christian Religious Affairs for the implementation of a combined promotion program with overseas tour operators who […]
Sri Lanka introduces an electronic Government Procurement System
Remarks made by Mangala Samaraweera, Minister of Finance at the launching event of the Electronic Government Procurement (e-GP) System on 29th May 2019 Let me first of all thank my Ministry officials, particularly Director-General Algama and his team of the Public Finance Department, for yet again achieving an important benchmark in realizing more transparency and […]