Gota urges pvt sector to take development initiatives in pursuit of ‘Wonder of Asia’

The private sector should take the initiative to develop the country, according to Defence and Urban Development Secretary Gotabaya Rajapaksa, who was speaking at the Business Today Top Twenty-five 2013-14 at the Colombo Hilton recently.“As Sri Lanka strives to become the Wonder of Asia, those in the corporate world have a special responsibility to help the nation achieve its economic potential,” he said. He claimed that the govern

Sri Lanka’s Print-based Exports Up 25% To Us $ 101 Mn: Rishad

Bringing global packaging honour to Sri Lanka, the World Packaging Confab kicked off in Colombo for the second time yesterday.Industry and Commerce Minister Rishad Bathiudeen addressing the event said, the upward trend i n per capita consumption and the average packaging cost of FMCGs reporting a 10-15 percent sales growth show the strength of packaging development in Sri Lanka.

Sri Lanka’s first electric super car to cost over US$ 400,000

Vega, Sri Lanka’s first electric super car will be sold at US$ 400,000 upwards, according to Codegen CEO Dr. Harsha Subasinghe who was speaking at the 59th LBR LBO CEOs Forum at the Cinnamon Grand recently.“Middle East and Sri Lanka are the markets. There is a demand for exclusive cars,” he said.He further added t hat t he first prototype will be completed next month, and that once the commercial model is ready, only 40-50 ca

Ntb 3q Net Up 35% On Pick Up In Credit Growth

John Keells Holdings’ commercial banking unit, Nations Trust Bank PLC (NTB) recorded a net profit of Rs.830.1 million for the quarter ended September 30, 2014, recording an increase of 35 percent over the corresponding period last year, the interim results released to the Colombo Stock Exchanged showed.The earnings per share rose to 360 cents from 267 cents during the period.

Higher costs pull Sunshine 2Q net down by 18%

Power unit signs two hydro PPAs with CEBDiversified conglomerate Sunshine Holdings PLC (Sunshine) posted Rs. 144.59 million net profit for the quarter ended September 30, 2014 (2Q’15), an 18 percent decline from the same quarter last year. The earnings per share was 108 cents from 132 cents a year ago.The negative performance is due to the higher direct costs which rose by 28 percent Yearon-Year (YoY) to Rs.3.31 billion, but the revenue

One-off income ups TJL’s 2Q net by 7%; cuts dependence on national grid

The listed weft knit manufacturer, Textured Jersey Lanka PLC (TJL) posted a net profit of Rs. 281.79 million for the quarter ended September 30, 2014 (2Q15), up 7 percent a year ago, interim results showed.The earnings per share rose to 43 cents from 40 cents during the same period.The hike in TJL net profits came as a result of a one-off non-operating income of Rs. 20.59 million which comprised of a technical services fee.The top line grew by

Jkh 2q Net Profit Up 29% To Rs.2.6bn

Premier blue chip John Keells Holdings PLC (JKH) saw its net profit for the quarter ended September 30, 2014 (2Q15) improving 29 percent year-on-year (yoy) to Rs.2.64 billion, despite lagging transportation and logistics sector performance.The earnings per share for the quarter improved to Rs.2.67 from Rs.2.32 reported in the corresponding quarter of the previous year.The revenue for the quarter rose 6 percent yoy to Rs.22.1 billion whi

Seylan Bank September net profit surges 97%

Seylan Bank PLC saw its net profit for the quarter ended September 30, 2014 (3Q14) surging 97 percent year-on-year (yoy) to Rs.1 billion with net interest income improving 21 percent yoy to Rs.3 billion.The earnings per share improved to Rs.3.04 from Rs.1.55.Despite a 6 percent drop in interest income, the bank was able to cut its interest expenses by a significant 24.4 percent yoy to Rs.2.86 billion.The net fee and commission income for the q

Hayleys MGT 2Q net profit improves 44%

The Hayleys group knitted fabric manufacturer, Hayleys MGT Knitting Mills PLC (MGT) posted a net profit of Rs.31.74 million (US $ 241,059) for the quarter ended September 30, 2014 (2Q15), up 44 percent from a year ago, according to the interim financial results.The earnings per share rose to 18 cents from 13 cents during the same period.

Chevron 3Q net profit up 23%

Chevron Lubricants Lanka PLC, a unit of US-based multinational said its net profit for the quarter ended September 30, 2014 (3Q14) rose 23 percent year-on-year (yoy) to Rs.750 million.The revenue for the quarter rose 11 percent yoy to Rs.3 billion while cost of sales increased at a lower pace of 3 percent yoy to Rs.1.8 billion, resulting in a gross profit of Rs.1.26 billion, up 23 percent.The distribution costs fell 8 percent yoy to Rs.120.2 m

CB Says Methodology Change Improved Lanka’s 2015 Ranking

The Central Bank yesterday said the methodology used for the computation for Doing Business rankings have significantly changed and Sri Lanka’s 2014 ranking has been revised downwards to 105 from 85.Therefore, the bank said, according to the 2015 Doing Business report, Sri Lanka’s position has improved to 99th place compared with the previous year’s ranking under the new methodology.

Economists Highlight Data's Inconsistencies.....

The recently concluded Sri Lanka Economic Association (SLEA) annual sessions saw many users of the published national data highlighting inconsistencies and questioning the methodological soundness of the official data.“I see inconsistencies, a lot of inconsistencies, as a user of national income data. The growth rate is rising so fast, in fact, faster than the levels before. The per capita income has been rising.But, at the same time, I

Budget 2015 will usher new era of economic development: CB Governor

The 2015 budget is ushering a new era for the country’s development, according to Central Bank (CB) Governor Ajith Nivard Cabraal, who was speaking at the KPMG Budget Highlights event, recently.“Now you see a new beginning, where the focus is no longer what was there in the past, but a new focus has been created in our country,” he said.He said that plans for recent budgets were all followed and achieved systematically

Ceylon Chamber Proposes Stimulus To Prop Up Demand

While commending the government for presenting a budget focusing further fiscal consolidation—specially for proposing to cut the fiscal deficit to 4.6 percent of the gross domestic product (GDP)— Sri Lanka’s premier trade chamber, the Ceylon Chamber of Commerce (CCC) proposed a “degree of fiscal stimulus” to prop up slowing demand seen in the market recently.“Whilst there is a proposed 15 percent increase in

Overseas Realty Profits Rs 2.4 Billion, up 28% for 9 months 2014.

Overseas Realty (Ceylon) PLC Group profit after tax, including fair value gains, increased by 28% to Rs 2.4Bn over the previous period. The group maintained a worthy growth momentum to achieve a revenue of Rs 4.7Bn, increased by 41 % through Property Leasing, Trading and Service Segments.

Pan Asia Bank’s Rs.3bn debenture issue snapped up on opening day

Pan Asia Banking Corporation PLC said its Rs.3 billion debenture issue opened on October 24, was oversubscribed on the same day.The Bank in a bid to fuel its strong growth momentum and capital requirements issued 20 million unsecured subordinated redeemable debentures at an issue price of Rs.100 each.

Central Bank to end foreign exchange controls

The Central Bank of Sri Lanka (CBSL) will be completely removing its capital account foreign exchange controls for locals within the next 2-3 years to realize the government’s goal for t he country as a global business hub.“Global business means there can be no foreign exchange controls. People will deal with any currency. Next 2-3 years our country will also be a global business centre. There will not be exchange controls a

Cabraal urges to shift from collateralized banking

Central Bank (CB) Governor Ajith Nivard Cabraal urged the banking fraternity to shift from the traditional mind-set of collateralized lending to serve the financial needs of the emerging middle class.Speaking at the 26th anniversary convention of the Association of Professional Bankers of Sri Lanka, Cabraal stressed the importance of extending non-collateralized lending with ‘earnest’.“You also need to now look at movi

LRA reaffirms Trade Finance & Investments at BB+/NP

Lanka Rating Agency (LRA) has reaffirmed Trade Finance & Investments PLC’s (TFI) long-and short-term financial institution ratings at BB+ and NP.Concurrently, the ratings have been placed on a Rating Watch Positive. Meanwhile, the ratings are upheld by TFI’s above average asset quality, strong capitalisation and healthy performance.

Dismal Islamic Finance Growth Disappoints Industry

In spite of Sri Lanka’s Islamic population accounting for 10 percent of the total population and their economic contribution is as high as 15 percent to the gross domestic product (GDP), the country’s Islamic finance sector has been growing at a unsustainable pace and thus, has failed to see its full potential, according to the country’s top Islamic finance professional.

Credit and GDP growth paradox

Responding to the ‘creditless growth’ criticism by some quarters, Dr. Weerasinghe said there was a shift in financing the current high levels of economic growth from private credit to off-shore financing, but said economic growth without credit growth is not sustainable.

FDIs surpass billion Dollar mark

Foreign Direct Investments (FDIs) into the country during the first eight months of the year has surpassed the billion dollar mark, according to the country’s Investment Promotion Minister.  

Geographical Indication for Ceylon cinnamon soon

In response to a longstanding cry by the spices and allied exporters, action is now underway to obtain the Geographical Indication (GI) for Ceylon cinnamon and other allied products......

Etisalat kicks off ‘Game of Tunes’ Promotion

Grand Prize, a Rs. 4 million worth brand new Chery Tiggo SUV, daily and weekly cash prizes on offer

Seychelles gateway to Africa: Minister

The Seychelles invited Sri Lanka t o use t heir country as a platform to dive into the virtually untapped African continent with trade and investment, at the Seychelles Trade and Investment Forum held yesterday.

Etisalat kicks off ‘Game of Tunes’ Promotion

Etisalat Lanka recently kicked off its latest promotion ‘Game of Tunes’ launched at the Samanala Grounds, Galle to reward its loyal users of Personal Ring Back Tones (PRBT), more commonly known as Call-A-Tunes.

Hybrids boost July vehicle registrations

Motor car registration figures for July show a significant increase with 2,551 registrations, compared to 2,256 in June and 2,305 year-on-year (yoy), with 827 brand new cars composing the figure, according to JB Securities’ market research.

Geographical Indication for Ceylon cinnamon soon

In response to a longstanding cry by the spices and allied exporters, action is now underway to obtain the Geographical Indication (GI) for Ceylon cinnamon and other allied products of which the geographical origin and its possessed qualities will be identified with a unique sign in the international market place.

BOI promotes investments at Tel Aviv Biz Forum

The Board of Investment of Sri Lanka recently engaged in investment promotion at an important event held in Tel Aviv, Israel.

Trade gap narrows further in May

Sri Lanka's trade deficit narrowed 47.9 percent year-on-year (yoy) in May to US $ 393.4 million amid improved export earnings and lower imports, the data released by the Central Bank showed