Dialog first quarter profits at Rs.1.6bn

Sri Lanka's leading mobile services provider, Dialog Axiata PLC has posted a net profit of Rs.1.59 billion for the first quarter of FY13 against a net loss of Rs.531 million in the same quarter of the previous year, helped by reduced financial costs and tax refunds, the interim financial accounts released to the Colombo Stock Exchange showed

Ports Chairman elected IAPH Regional VP

Sri Lanka Ports Authority (SLPA) Chairman Dr Priyath B. Wickrama has been elected the third Vice President of the International Association of Ports and Harbours (IAPH) for the period 2013-2015.

Palm oil prices volatile despite high output

The price of the world’s most-used cooking oil, palm oil, is expected to remain volatile, given the high stock levels in Malaysia and Indonesia, a top official of a leading Malaysian oil palm cultivating company stated.

India's Dabur opens US $16mn Sri Lankan factory

Dabur Lanka (Pvt) Ltd, a whollyowned subsidiary of India's leading consumer goods maker Dabur India Ltd, recently inaugurated its packaged fruit-based beverage manufacturing facility in Mirigama, Sri Lanka.

Seylan 1Q net up 26% to Rs.510mn

Seylan Bank PLC has posted a net profit of Rs.509.5 million, up by 26 percent Year-on-Year, for the first quarter of the financial year 2013, the interim financial accounts released to the Colombo Stock Exchange showed.

Dialog to boost SL’s bandwidth with new submarine cable

Dialog Axiata PLC (Dialog), Sri Lanka’s largest mobile services operator has entered into an agreement with the Bay of Bengal Gateway (BBG) consortium to land a high capacity submarine cable at a Cable Landing Station (CLS) to be located in Colombo, a statement by the company said.

PLC secures 17th slot among “Top 20 Most Valuable Brands”

People’s Leasing & Finance PLC (PLC) has scaled up from 21st to 17th among the “Top 20 Most Valuable Brands”.

Sri Lanka to host first carbon neutral economic summit

The Institute of Policy Studies (IPS) has obtained global Carbon Neutral certification for the hosting of the 6th South Asia Economic Summit in Colombo.

New ADB President Nakao assumes office

Takehiko Nakao assumed office as the ninth President of the Asian Development Bank (ADB) yesterday.

JKH among top 3 holdings of Ruffer Fund in March

John Keells Holdings (JKH) became one of the top three largest holdings in the CF Ruffer Pacific Fund during the month of March.

BOC under scrutiny over capital adequacy

The largest commercial bank in the country, state-run Bank of Ceylon (BOC) has recently come under scrutiny by multiple international rating agencies and the Central Bank over its faltering capital adequacy, Mirror Business learns.

Lighthouse Hotel revenue falls 5% to Rs. 203 mn

Revenue of Lighthouse Hotel PLC (LHL) fell 5 percent year-on-year (YoY) to Rs. 203.1 million during the quarter ended March 31, 2013 resulting in a 57.1 million net profit as against Rs. 80.3 million during the corresponding period of the previous year, interim financials released to the stock exchange showed.

Ircon International completes first rail project in SL

MPLN Peiris, Project Director of Sri Lanka Railway M P De Silva, Team Leader of CECB and S L Gupta, General Manager of Ircon International Limited, undertook the trial run on April 23. Other officers from Sri Lanka Railway, CECB and Ircon also participated in the trial run.

Chevron first quarter profits rise to Rs.770 million

Sri Lanka’s Chevron Unit said profits for the March quarter (1Q13) rose to Rs.769.8 million against Rs.661.1 million in the same quarter of the previous year, despite a drop in revenue.

Jetwing in Rs.1.2 billion private placement to fund 4 hotel projects

The Jetwing Hotels group is currently in negotiations for a Rs.1.2 billion private placement, according to Jetwing Chairman Hiran Cooray.

Banks’ non-performing loans swell by a staggering Rs.18bn in 2012

Despite the quality of the banking sector assets marginally improving in relative terms, the total volumes of nonperforming loans (NPLs) increased by as much as Rs.18 billion in 2012, according to the Central Bank Annual Report.

Tea hub proposal neglected; exports under pressure: TEA

The proposal by the Tea Exporters Association (TEA) to set up a tea hub in the country has not been taken seriously by law makers, a top official of the association stated.

Micro Cars to set up US $ 20mn manufacturing plant in H’tota

Sri Lanka’s Micro Cars Limited has entered into a US $ 20 million agreement with the Board of Investment (BoI) to set up a vehicle manufacturing and assembling plant in the Mirijjawila Export Processing Zone (EPZ) in Hambantota.

Central Bank launches campaign to fight saboteurs

Sri Lanka’s Central Bank has embarked on a local and international awareness campaign to refute misinformation and present the factual position of the economy and political environment, amid alleged attempts to tarnish the country’s image.

HNB goes for Rs.4 bn debenture issue

Hatton National Bank PLC (HNB) will issue Rs.4 billion worth unsecured subordinated redeemable debentures to fund its projected lending activities and strengthen the bank’s regulatory Tier 2 capital base.

Srilankan, Mihin losses widen

The national car rier, SriLankan Airlines and the state-run budget carrier Mihin Lanka saw their losses widening during the year 2012, the recently released Central Bank annual report showed.

ADB calls for power sector revamp

The Asian Development Bank (ADB) has recommended Sri Lanka to strengthen its energy sector by diversifying its traditional energy mix and improving cost reflective tariff mechanism.

BOC makes history raising US $ 1bn in 12 months

Bank of Ceylon (BOC) launched its second US $ 500 billion, 5-year Bond issue within a space of 12 months, drawing subscriptions exceeding US $ 2 billion and close to seven times the amount targeted, official sources said.

Owners to rise against painting buses in blue

The Lanka Private Bus Owners’ Association (LPBOA) yesterday announced that they would launch a massive strike between April 20 and 30 to protest against the directive to paint all private busses in light blue.

CB flags concerns on small finance, leasing firms

The Central Bank (CB), the regulator of both banks and non-bank institutions, has acknowledged that a section of licenced finance and leasing companies operating in the country are undercapitalized and therefore, needs infusion of new capital.

Proposed electricity tariff hike will extract Rs. 34bn from poorest consumers: Harsha

Proposed revisions to electricity tariffs are an attempt by the Ceylon Electricity Board (CEB) to extract Rs. 34.2 billion primarily from Sri Lanka’s poorest consumers, according to Opposition Member of Parliament, Harsha De Silva.

Dialog Axiata awaits nod to facilitate inward remittances

In a move to further liberalize country’s foreign exchange controls, the Central Bank has granted permission to Dialog Axiata PLC (Dialog) to facilitate inward remittances via mobile phone technology, according to the Exchange Controller.

Luxury vehicle tax asked to be paid directly to Motor Traffic Dept

Owners of luxury, semi-luxury and semi-luxury dual purpose vehicles will now have to pay all taxes payable to the Department of Motor Traffic (DMT) before the expiry of 60 days from the anniversary date of the vehicle registration or end of the tax year or whichever comes first.

Banks cut gold exposure on possible price crash

A possible global gold price crash as predicted by certain analysts, either this year or next year, has prompted Sri Lankan banks to take a more cautious approach in carrying out pawning businesses.

Market research firms seek budget relief

The Market Research Society of Sri Lanka (MRSSL) is now seeking tax concessions for the profession through provisions in Budget 2013.