Category: Economy and Markets
Piramal Glass Ceylon gross profit crosses Rs1Bn
For the nine months ended Dec 31, 2017 the overall turnover of Piramal Glass Ceylon was on par with the previous year’s sales of Rs.5 billion mark. The domestic sale for the period was Rs.3,375 million as against the previous year’s Rs. 4,065 million depicting a drop of 17%, whilst the export market showed a […]
CB keeps policy rates unchanged: Economy currently operating below potential
Feb 15, 2018 (LBO) – Sri Lanka will keep policy rates unchanged in February as the economy is stabilizing with improvements in trade figures, the islands central bank said. “The decision of the Monetary Board is consistent with the objective of maintaining inflation at mid-single digit levels over the medium term and thereby facilitating a sustainable growth […]
Sri Lanka needs to create an environment that rewards investment: Harvard economist
Feb 14, 2018 (LBO) – Sri Lanka should move towards a simpler tariff structure, and implement direct taxes on things like income and property to maintain revenue, Harvard economist Robert Lawrence says. “90 percent of your tariffs should be in the simple schedule, and then there may be some exceptions,” Lawrence, faculty chair of the Practice of […]
‘s Industrial production up 4.3-pct in Dec 2017
Feb 14, 2018 (LBO) – Sri Lanka’s industrial production has increased by 4.3 percent in the month of December, 2017 compared to the same month in 2016, latest official data shows. The Index of Industrial Production (IIP) is a key indicator of economic performance in most countries. Index numbers summarize past developments, facilitate forecasting of future […]
‘s RIL Property goes for Rs.1.6Bn Rights Issue
Feb 14, 2018 (LBO) – RIL Property Plc said they will be raising 1.6 billion rupees through one for three Rights Issues to settle part of the long-term loan facilities obtained by the company. Issuing a statement the company said that the it will issue 200 million shares in the proportion of one new ordinary voting […]
Sri Lanka – Iran sign mutual cooperation deal
Feb 13, 2018 (LBO) – Iran and Sri Lanka have inked a deal for further cooperation between the two nation in the areas of trade and economy. The agreements were signed following a two-day visit by an Iranian delegation to Colombo, over the last week-end, media reports said. Iran and Sri Lanka also agreed to finalise […]
Hayleys sees strong 9-month top line growth, Turnover up to Rs.112.3Bn
Strong top line performances across the Hayleys Group and the addition of recent strategic acquisitions resulted in a 37% YoY increase in turnover up to Rs.112.3 billion during the nine months to 31 December 2017 while gross profits expanded by 29% YoY up to Rs. 24 billion. Increases in raw material prices and adverse weather […]
Hemas Holdings posts consolidated revenue of Rs.35.6Bn
Hemas Holdings PLC and its subsidiaries reported consolidated revenue of Rs.35.6 billion; a year-on-year (YoY) growth of 11.4% and profit attributable to equity holders of Rs.2.1billion, a decline of 12.7% for the nine months ending December 31, 2017. Cumulative operating profit for the first nine months of the FY18 stood at Rs.2.9 billion; a YoY […]
Dialog Axiata FY 2017 NPAT Rs10.8Bn, Rs27.3Bn Invested in Infrastructure
• Net Profit After Tax Rs10.8Bn • Recommended Dividend: 35% of Earnings, 46 Cents per Share • Direct and Indirect Contribution in Taxes, Fees and Levies to GoSL: Rs35.7Bn • Investment in High Speed Broadband and Other Infrastructure: Rs27.3Bn Dialog Axiata PLC announced, Friday 9th February 2018, its consolidated financial results for the year ended […]
Consumer goods & agri sectors boost Sunshine group profits by 23-pct
9MFY18 Highlights • Consolidated revenue of Rs.15.6 billion, an increase of 12.4% YoY • PAT amounted to Rs. 1.6 billion, up 23.0% YoY, due to strong Agri and Consumer Goods sector results • Healthcare revenue up 3.3% YoY to Rs. 6.0 billion • Strong growth in Consumer Goods, revenue up 27.4% YoY to Rs 3.8 […]
Auditor General reveals Rs826bn off balance sheet items of previous regime
Feb 09, 2018 (LBO) – Auditor General’s Department has found out that 826 billion rupees received during Rajapaksa regime, had not been included in the financial statements. These off balance sheet items include certain debt balances of Puttalam Coal Power Plant, Hambanthota Port and Mattala International Airport payable by the government.Auditor General’s latest report on […]
Sri Lanka debt sustainability: public debt Rs8.9tn; assets Rs1.1tn
Feb 09, 2018 (LBO) – Auditor General’s Department says even if the total amount of domestic and foreign debt payable by the government as at 31 December 2016 stood at 8.9 trillion rupees, in financial statements, the value of the total assets only shows 1.1 trillion rupees. Their latest report on the public debt management […]