Category: Economy and Markets
Fitch revises Sri Lanka Insurance & SLT outlook to stable from negative
Feb 14, 2017 (LBO) – Sri Lanka’s Fitch Ratings has revised the outlook on Sri Lanka Insurance Corporation’s insurer financial strength rating to stable from negative, and affirmed its rating at ‘B+’. Meanwhile, the rating agency has also revised the outlook on Sri Lanka Telecom long-term foreign- and local-currency issuer default ratings to stable from […]
Hayleys 3Q16 profits grow by 8-pct to Rs.1.1Bn
(PRESS RELEASE) – Sri Lankan conglomerate Hayleys PLC’s profits after tax rose by 8% Year-on-Year (YoY) to reach Rs. 1.1 billion during the quarter ended 31st December 2016 (3Q16). Revenue during the quarter increased by a sharp 27% YoY up to Rs. 30 billion buoyed by strong performances across in the Group’s Agriculture, Construction Materials […]
South Asian stock exchange officials to meet in Colombo
Feb 14, 2017 (LBO) – The Colombo Stock Exchange (CSE) will host the executive committee board meeting for the current term of the South Asian Federation of Exchanges (SAFE) on the 27th of February 2017. “The event will strengthen cooperation among our exchanges and create opportunity for cross-border investment linkages,” Vajira Kulatilaka, chairman, SAFE and CSE […]
Sri Lanka’s Sampath Bank profits surge 67-pct in Dec quarter
Feb 14, 2017 (LBO) – Shareholder profits at Sri Lanka’s Sampath Bank group surged 67 percent to 2.56 billion rupees in the December quarter from a year earlier, interim accounts showed. The group reported earnings of 14. 44 rupees per share for the quarter against 8.91 rupees per share last year. For the year ended […]
Asia shares notch 19-month highs, dollar firm
SYDNEY, Feb 14 (Reuters) – Asian shares inched to 19-month highs on Tuesday as the potential for economic stimulus in the United States lifted the dollar, bond yields and Wall Street stocks. The dollar was also bolstered by speculation the head of the Federal Reserve would underline the prospects of more U.S. rate hikes […]
Sri Lanka’s Aitken Spence net up 36-pct in 3Q
Aitken Spence PLC recorded a strong financial performance closing the immediate 9-month period with a 9.9% year-on-year growth in profits before tax amounting to Rs. 2.9 billion, and a 17% growth in profit attributable to shareholders. The growth is attributed to strong financial performances posted by a number of key operational sectors in the reporting […]
Sri Lanka foreign reserves drop by USD568mn in January
Feb 13, 2017 (LBO) – Sri Lanka’s official reserves dropped 567. 5 million US dollars to 5.45 billion dollars in January, down from 6.01 billion dollars at the end of December, official Central Bank data showed. Foreign currency reserves were 4.52 billion US dollars and reserves in Gold were 0.86 billion US dollars. The Central […]
‘s Vehicle Lanka given approval on legal advice from AG: Fin Min
Feb 13, 2017 (LBO) – Sri Lanka’s Finance Ministry says that Vehicle Lanka Pvt Ltd was given permission to engage in assembling of vehicles using spare parts on legal advice from the Attorney General. Eight containers containing used vehicle parts released from the Sri lanka Customs to its consignee who is engaged in vehicle assembling […]
IMF worried about elections in Europe, populist candidates
Feb 13, 2017 (LBO) – International Monetary Fund’s chief Christine Lagarde says elections in several countries in Europe, in the context of support for populist parties, is a cause for concern. Germany, France and the Netherlands will hold elections in coming months which may raise questions about the future of the European Union. “I am […]
Yen slips after Trump-Abe meet, Asian shares firm
TOKYO, Feb 13 (Reuters) – The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy. Asian stocks ticked up, helped by renewed optimism over Trump’s […]
Virtusa third quarter revenue up 3.4-pct
(PRESS RELEASE) – Revenue for the third quarter of fiscal 2017 was $217.2 million, an increase of 3.4% sequentially and 44.2% year-over-year. On a constant currency basis, (1)third quarter revenue increased 4.2% sequentially and 48.6% year-over-year. Virtusa reported GAAP income from operations of $6.5million for the third quarter of fiscal 2017, compared to $3.5 million […]
Fitch affirms Sri Lanka at B+; outlook revised to stable
Feb 09, 2017 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign- and Local Currency Issuer Default Ratings (IDR) at ‘B+’ and revised the Outlook to Stable from Negative. The Country Ceiling and issue ratings on Sri Lanka’s senior unsecured foreign- and local-currency bonds are also affirmed at ‘B+’. The Short-Term Foreign- and […]