Category: Economy and Markets
‘s DFCC Bank bottom line
July 30, 2018 (LBO) – Sri Lanka’s DFCC Bank, the banking arm of the DFCC Group reported a drop in profit for the second quarter amidst a challenging business environment. The drop in profit was due to higher impairment provisions, as well as a one-off gain from the disposal of shares of Commercial Bank during […]
”’ 2018 list
Jul 30, 2018 (LBO) – Sri Lanka’s Union Assurance PLC, a life insurance provider has made it to Forbes Asia’s 2018 list of ‘Best under a Billion ‘ list of the top 200 publicly listed companies in the Asia-Pacific region. The list name 200 public companies in the Asia Pacific region with annual revenue between US […]
John Keells Holdings reports weak results, 62% of Cinnamon Life residencies sold
July 29, 2018 (LBO) – Sri Lanka’s most important listed company, John Keells Holdings (JKH) reported weak results for the quarter ended June 2018. Despite an impressive 12% increase in revenue, margins were compressed translating to a 23% drop in the bottom line compared to the June quarter 2017. The company earned Rs2.2bn (US$14mn) for […]
CSE listed Kingsbury hotel (SERV) reports a loss, revenue flat
July 28, 2018 (LBO) – The Colombo Stock Exchange listed Kingsbury hotel (SERV) reported a small loss of Rs7mn for the quarter ended June 2018.Revenue was flat, up just 1%. These results were actually better than the prior year June quarter where the property lost Rs26mn.The Kingsbury is a Hayleys group subsidiary. Hayley’s is controlled […]
John Keells Hotels loses Rs263Mn for quarter, continues serial under-performance
July 27, 2018 (LBO) – Colombo Stock Exchange listed John Keells Hotels (KHL) reported weak results for the quarter ended June 2018.The company lost Rs263mn in the quarter, a seasonally weak one for Sri Lanka tourism.The company had approximately a 50/50 split of revenue between Sri Lanka and the Maldives in the quarter. The Sri […]
Foreigners sell bonds during the week, CSE market turnover dries up
July 26, 2018 (LBO) – Indices of stocks traded at the Colombo Stock Exchange finished the week marginally lower. The ASPI finished the down .6% while the S&P SL 20 finished down 1.2% during the holiday shortened week. Total market turnover during the 4 day week was extraordinarily low at just Rs1.1bn (US$7mn), one of […]
‘s affirms ratings of BOC, HNB & Sampath; maintains negative outlook
July 26, 2018 (LBO) – Moody’s Investors Service has affirmed the local currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. (HNB) and Sampath Bank PLC at B1/NP.The foreign currency issuer rating and deposit ratings of these banks are also affirmed at B1 and B2/NP respectively. Moody’s has also affirmed the Baseline Credit […]
”s ratings at B1; maintains negative outlook
July 26, 2018 (LBO) – Moody’s Investors Service has today affirmed the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings at B1 and maintained the negative outlook. Moody’s Investors Service said the decision to affirm the rating at B1 reflects Sri Lanka’s progress in implementing the planned reform program, which entails fiscal consolidation and […]
Fitch affirms Lion Brewery at A+(lka); revises outlook to stable
July 26, 2018 (LBO) – Fitch Ratings has affirmed Sri Lanka-based Lion Brewery (Ceylon) PLC’s National Long-Term Rating at ‘A+(lka)’ and the outlook has been revised to Stable from Negative. Fitch has also affirmed the National Long-Term Rating on Lion’s outstanding senior unsecured debentures at ‘A+(lka)’. Full statement is reproduced below. Fitch Ratings has affirmed Sri Lanka-based […]
Glass ceiling obliterated, Shemara Wikramanayake to become CEO of global investment bank Macquarie
July 26, 2018 (LBO) – Shemara Wikramanayake is set to take over as CEO of global investment bank Macquarie in November of 2018. Ms. Wikramanayake was born born in the UK and spent time schooling in Sri Lanka.Her father was a Sri Lankan medical doctor. Macquarie is a globally diversified financial group employing more than […]
NDBIB Wins Euromoney crown for seventh consecutive year
NDB Investment Bank (NDBIB)cemented its position as the market leader and premier Investment Bank in the country by being awarded as ‘Sri Lanka’s Best Investment Bank 2018’ by Euromoney Magazine. NDBIB secured this prestigiousaward for the 7th consecutive year whilst demonstrating its market leadership and unrivalled credentials both in Sri Lanka and the region. This […]
Facebook stock down 24-pct on slow growth forecast
Jul 26, 2018 (LBO) – Facebook Inc’s stock was down by nearly 24 percent, Wednesday following concerns voiced over the last few months on social websites privacy issues, a foreign media reports said. . “There would be a rise in costs because in cost on efforts to address concerns about poor handling of users’ privacy and […]