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Monday , May 22 2017
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Sri Lanka

Customs nab Sri Lankan smuggling illegal cigarettes worth Rs. 1.8 mln

CIG

COLOMBO: Sri Lanka Customs officials have arrested an individual at the Katunayake Airport this morning for attempting to illegally bring a stock of cigarettes worth Rs. 1.8 million into the country from Kuwait. The suspect, a 45-year-old resident of Colombo has arrived in a flight from Kuwait. He has brought 181 packs of cigarettes in three bags. A Customs official ... Read More »

Ceylon Chamber creates easy guide to provide information on GSP+ tariff concession

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COLOMBO: In response to many requests for information and queries received from its member companies regarding GSP+, the Economic Intelligence Unit (EIU) of Ceylon Chamber of Commerce has taken the initiative to create an easy to use guide to check some key aspects of the trade concession. This one-stop information page gives key EU information sites, which can help a ... Read More »

‘Sri Lanka Investment Conclave’ draws in 50 foreign firms to explore biz opportunities

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COLOMBO: Senior Executives and owners of over 50 foreign companies from more than 15 countries have already registered to take part in the upcoming ‘Sri Lanka Investment and Business Conclave 2017’ showing interest in exploring opportunities in diverse economic sectors of the country, the Ceylon Chamber of Commerce said. The conclave organized by the Ceylon Chamber of Commerce will take ... Read More »

Sri Lanka calls on SAARC countries to collaborate to boost trade, foreign investment

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COLOMBO: Sri Lanka’s Minister of Industry and Commerce Rishad Bathiudeen has called on the South Asian Association for Regional Cooperation (SAARC) countries to collaborate rather than compete to boost the trade and investments. “I believe more FDIs can be sourced for SAARC if we collaborate, rather than compete. Even trade within the SAARC countries is less than 6 percent,” Minister ... Read More »

Haycarb records turnover of Rs. 13.5 bln and profit before tax of Rs. 1.19 bln for 2016/17

New Zealand meat, wine exports to face uncertainty on U.S border tax

COLOMBO: The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 13.5 billion, profit before tax of Rs. 1.19 billion, and profit after tax of Rs. 939 million for financial year 2016/17. The earnings per share of equity holders of the company increased to Rs. 27.07 for the year. The Chairman of Haycarb PLC and its parent company Hayleys PLC, ... Read More »

Sri Lanka plans to add 8361MW to national grid in 20 years from 2018, requires US$ 14.5 bln investment

investment

COLOMBO: Sri Lanka requires over US$ 14.5 billion to implement the least cost long term power generation plan for the next 20 years, the electricity sector regulator, Public Utilities Commission of Sri Lanka (PUCSL) said in a statement. The state power supplier, Ceylon Electricity Board (CEB) has prepared a Least Cost Long Term Generation Expansion Plan (LCLTGEP) 2018-2037 projecting the ... Read More »

SLT Group reports Rs. 18.7 bln revenue during 1Q 2017

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COLOMBO: Sri Lanka Telecom Group released its results for the 1st quarter 2017. The group comprises of 7 subsidiaries and the Holding Company. During the 1st quarter 2017 the group reported Rs. 18.7 billion, with a revenue of 1.4% year on year growth. Tax changes made by the government had an adverse impact on the Group’s revenue growth. The reduction ... Read More »

Ceylon Tobacco Profit after Tax Rs. 3.19 bln despite decline in sales volume

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COLOMBO: Sri Lanka Ceylon Tobacco Company’s profit after tax (PAT) stood at Rs. 3.19 billion for the three months ended 31 March 2017, the company said in its Summary of Performance report. The significant price hikes in the 4th quarter of 2016 due to the excise increase in October and the introduction of 15% VAT in November, resulted in volumes ... Read More »

Sri Lanka’s HNB profits after tax grow 16% sustaining superior performance in Q1 2017

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COLOMBO: Sri Lanka’s premier private sector commercial bank, Hatton National bank (HNB) continued its growth momentum during the first quarter of 2017 with Group profits after tax (PAT) growing by 16.4% year-on-year to surpass Rs. 4 billion while Bank PAT grew by 18.1% yoy to be recorded at Rs. 3.65 billion. Growth in advances coupled with the rise in interest ... Read More »

Sri Lankan rupee edges up in dull trade; stocks steady

Sri Lankan rupee

COLOMBO: The Sri Lankan rupee rose slightly in dull trade on Monday on mild dollar selling by exporters, dealers said. Rupee forwards <SLKR> were active, with the spot-next at 152.50/60 per dollar at 0458 GMT, compared with Friday’s close of 152.55/65. Two-week forwards traded at 152.85/153.00 per dollar, compared with Friday’s close of 153.00/20. The spot rupee <LKR=LK>, which resumed ... Read More »

Sri Lanka introduces a new tax scheme to spur investment

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COLOMBO: Finance Minister Ravi Karunanayake said that the government has decided to introduce a new tax scheme to encourage small, medium and large scale investors, both local and international. The purpose of the new system is to give priority to genuine investors to ensure economic growth in the country, he says. “The intention of the proposal was to spur investment ... Read More »

Sri Lankan rupee edges up in dull trade

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COLOMBO: The Sri Lankan rupee ended slightly firmer in dull trade on Friday due to mild dollar selling by exporters. Rupee forwards were active, with the spot-next ending at 152.55/65 per dollar, compared with Tuesday’s close of 152.65/75. Two-week forwards closed at 153.00/20 per dollar, compared with Tuesday’s close of 153.10/20. Sri Lankan financial markets were closed on Wednesday and ... Read More »

Seafood exporters welcome efforts put in to regain GSP Plus

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COLOMBO: Sri Lanka faced a major setback in fish exports due to the EU ban and the removal of GSP Plus.  The fish exports from Sri Lanka went down drastically and we lost our market share to our competitors in Maldives, Vietnam and Indonesia. It was not only the seafood exporters that were affected due to this EU ban and ... Read More »

Sri Lanka police arrest suspect transporting 198 kg of heroin

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COLOMBO: The intelligence unit of Puttalam Deputy Inspector General’s Office today (11) has arrested a suspect with 198 kilograms of heroin. The suspect has been identified as a resident of Colombo. Police officials said that the stock of heroin was brought to Muthupanthiya Island through the sea route and was being transported to Colombo in a luxury Defender vehicle when ... Read More »

National Chamber Seminar on ‘Bilateral Trade between Sri Lanka and UAE’ on 23 May

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COLOMBO: The National Chamber of Commerce of Sri Lanka (NCCSL) will hold a session on “Bilateral Trade between Sri Lanka and The UAE” this month. The seminar will be held on Tuesday 23 May 2017 from 3.00 to 4.30 p.m. at the National Chamber Auditorium on D R Wijewardene Mawatha in Colombo. Ambassador of United Arab Emirates to Sri Lanka ... Read More »

Sri Lanka’s Dialog posts 5% revenue growth in Q1, 28% increase in tax remittances

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COLOMBO: Sri Lanka’s premier telecommunications service provider, Dialog Axiata PLC announced its consolidated financial results for the three months ended 31st March 2017. Financial results included those of Dialog Axiata PLC (the ‘Company’) and of the Dialog Axiata Group (the ‘Group’). The Group continued its growth momentum across Mobile, Tele-infrastructure and Fixed Line businesses to record a consolidated Revenue of ... Read More »

Sri Lankan rupee firmer in lacklustre trade ahead of holidays

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COLOMBO: Sri Lankan rupee forwards ended slightly firmer on Tuesday due to exporter dollar sales and inward remittances, while trading was dull ahead of a two-day holiday. Sri Lanka’s central bank does not want to allow the rupee to fall “too quickly”, Governor Indrajit Coomaraswamy said earlier in the day, but suggested further weakness in the exchange rate is on ... Read More »

Sri Lanka receiving US$450 mln syndicated loan next week

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COLOMBO: Sri Lanka will be receiving a US$450 million syndicated loan next week for debt servicing and bridge government finances, Central Bank Governor Indrajit Coomaraswamy announced at a media conference in Colombo on Monday. This announcement was made by him amidst the delay in securing the International Monetary Fund’s third tranche of an Extended Fund Facility amounting to $168 million ... Read More »

Sri Lanka’s foreign reserves dwindle to US $ 5.05bn

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COLOMBO: Sri Lanka’s foreign reserves this April slipped 1.4 percent compared to March 2017, to US $ 5.05 billion, just ahead of the government executing its plan to raise reserves to double digit levels by the end of this year. Currency reserves fell 2.2 percent to 4.07 billion in April compared to March, while there was a slight offset from ... Read More »

Sri Lanka Navy arrests 6 local fishermen illegally harvesting sea cucumber

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COLOMBO: The Sri Lanka Navy Monday said it has arrested six local fishermen for allegedly engaged in illegal harvesting of sea cucumbers. Naval personnel attached to the Northern Naval Area arrested the six persons while harvesting sea cucumbers using illegal fishing methods in the seas off Point Pedro yesterday (7). Along with the suspects, approximately 280 sea cucumbers, 6 diving ... Read More »