Monday , February 19 2018
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Sri Lanka

Sri Lanka’s Odel December profits up 11%


COLOMBO: Sri Lanka’s department store Odel, a unit of the Softlogic group, said profits rose 11 percent to 66.3 million rupees in the December 2017 quarter from a year earlier on lower tax payments despite thinning margins.  The company had earnings of 24 cents a share in the quarter, interim accounts showed. In the nine months to December 2017, earning ... Read More »

Sri Lanka’s Insurance Industry records 15.5% growth in 3Q


COLOMBO: Sri Lanka’s insurance industry was able to report a growth of 15.53 percent (3Q, 2016: 16.97 percent ) in terms of overall Gross Written Premium (GWP), at the end of third quarter of 2017, recording an increase of 15,862 million rupees when compared to the same period in 2016. The GWP for Long Term Insurance and General Insurance Businesses ... Read More »

advertisement Sri Lanka’s BAT unit net up 125-pct in Dec, cigarette volumes down

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COLOMBO:Profits of Ceylon Tobacco Company Plc, a unit of British American Tobacco, more than doubled to 4.5 billion rupees in the December 2017 quarter, from a year earlier despite shrinking cigarette sales, interim accounts showed. The company said cigarette volumes fell 18 percent during 2017 after price hikes. But turnover tax revenues rose to 107.3 billion rupees from 89.77 billion ... Read More »

Singaporean companies explore investment opportunities in Sri Lanka


COLOMBO: The Singapore Business Mission to Sri Lanka organised by the Singapore Business Federation (SBF) together with International Enterprise Singapore (IES) and Singapore Indian Chamber of Commerce and Industry (SICCI) recently held a seminar on doing business in Sri Lanka, at Paramount Tower, Nawala. Mission leader, SBF Chairman and Pacific International Lines Managing Director S.S. Teo said, “This is the ... Read More »

Sri Lanka signs economic cooperation agreement with Czech Republic

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COLOMBO: Sri Lanka and the Czech Republic signed a landmark agreement on Mutual Cooperation aiming to formulate and implement a framework of economic engagement through the establishment of a joint committee to promote bilateral trade, investment and economic relations. The Minister of Development Strategies & International Trade Malik Samarawickrama plans to formulate the action framework under this Agreement. Minister Malik ... Read More »

Sri Lanka’s Dialog profits up 153.5% in Dec


COLOMBO: Sri Lanka’s Dialog Axiata, a mobile and fixed wireless operator with pay TV service said profits in the December 2017 quarter grew 153 percent from a year ago to 3.2 billion rupees, helped by stronger mobile revenues and lower finance costs on reduced currency depreciation. The company reported earnings of 39 cents a share in the quarter in accounts ... Read More »

Sri Lanka’s economic nationalism on tiles backfires on tea

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COLOMBO: Classical liberal economists have long argued that free trade leads to peace and economic nationalism and protectionism (which usually also involves minority oppression and ethno religions fascism) leads to soured international relations and war. Russian tactics to block imports Sri Lanka’s tea over dubious allegations of ‘beetles’ is a case in point. Soon after President Maithripala Sirisena came to ... Read More »

Putting nation on track to economic independence

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COLOMBO: Siri Lanka celebrated the 70th Independence Day ceremoniously, giving some opportunities for the rulers as well as citizens to look back and rectify certain issues pertaining to development. Sri Lanka, like its other Asian counterparts, was conquered by invaders, mainly due to geographical importance, which even today we have not been able to properly harness. Political independence, which the ... Read More »

Sri Lanka Navy nabs two smugglers with 3.7 kg of gold


COLOMBO: Sri Lanka Navy has arrested two individuals in the Northern seas yesterday foiling an attempt to smuggle 3.7 kilograms of gold worth Rs. 20 million out of the country. Based on information received by the Navy, a Fast Attack Craft attached to the Northern Naval Command apprehended the two smugglers with the gold in the sea area northwest of ... Read More »

Sugar tax hits carbonated beverage volumes


COLOMBO: The recently introduced sugar tax has begun to eat into the food and beverage sector businesses as the demand for sugary carbonated drinks has dropped by a significant margin—an indication that the higher prices have pushed away consumers from high sugar fizzy drinks. Reviewing the most recent data of Ceylon Cold Stores PLC (CCS), a unit of John Keells ... Read More »

Sri Lanka consumer durables firm pinched by consumer crunch

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COLOMBO: Sri Lanka Plc, said higher sales taxes, a drought had hit demand for consumer durables forcing it to absorb costs, and profits fell 65 percent to 184 million rupees in the December 2018 quarter from a year earlier. The group reported earnings of 49 cents per share. For the year to December, Singer group reported earnings of 2.21 rupees ... Read More »

Sri Lanka tax revenues up 11pct to Nov primary surplus

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COLOMBO: Sri Lanka’s revenues rose 11 percent to 1,656.8 billion rupees up to November 2017 and current spending rose at a slower 9 percent to 1,742 billion rupees, generating a revenue deficit of 85 billion rupees, lower than a year earlier, despite rising interest costs, official data showed. In the nine months to December Sri Lanka posted a revenue deficit ... Read More »

Sri Lanka records highest annual apparel export revenue in 2017

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COLOMBO: Sri Lanka’s 2017 apparel performance has matched the recent forecast made by the Minister of industry and Commerce.  We expect that the final total apparel exports for entire 2017 would clearly exceed the exports of 2016, and expect it to be in the range of $ 4.7 billion” forecasted the Minister of industry and Commerce Rishad Bathiudeen on 16 ... Read More »

Four risks to global economy for Sri Lanka to watch in 2018

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COLOMBO: The world economy appears to be booming – in its latest World Economic Outlook Update, published on January 22, the International Monetary Fund (IMF) estimated that global gross domestic product (GDP) grew by 3.7 percent last year, up from 3.2 percent in 2016, which is the fastest rate of expansion since 2011.  What’s more, this pick up in the ... Read More »

IMF head to arrive in Sri Lanka to investigate loan repayment conditions


COLOMBO: In a first time visit by an IMF head, Christine Lagarde the Managing Director of the International Monetary Fund (IMF) will be arriving in Sri Lanka on Sunday in order to follow up on the implementation of IMF loan repayment conditions Last year, the IMF approved a $US1.5 billion loan, to be paid in six installments, subject to the ... Read More »

Sri Lanka’s JKH group December net profit down 13%


COLOMBO: Sri Lanka’s John Keells Holdings said group net profit fell 13% to Rs.4.49 billion in the December 2017 quarter from the previous year with lower earnings from its hotels, property and consumer foods and retail businesses and gains in transportation and financial services. Sales rose 12% to Rs.31.22 billion in the quarter, according to interim results filed with the ... Read More »

Sri Lanka Navy nabs two suspects attempting to smuggle 12 kg of gold


COLOMBO: Sri Lanka Navy has arrested two individuals in the Northern seas yesterday foiling an attempt to smuggle 12 kilograms of gold worth Rs. 70 million out of the country. Based on information received by the Navy, a group of naval personnel attached to the North Central Naval Command, under the directives of its Area Commander, Rear Admiral Meril Wickramasinghe, ... Read More »

Singapore, Sri Lanka sign free trade pact


COLOMBO: Sri Lanka signed its first ever comprehensive free trade agreement on January 23, with Singapore. The signing of the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) took place during a visit by Singaporean Prime Minister Lee Hsien Loong to Sri Lanka, concluding talks which began in June 2016. In a speech delivered to the Sri Lanka–Singapore Business Forum on January ... Read More »

Sri Lanka’s Bairaha Farms Dec net down 53%


COLOMBO: Profits at Sri Lanka’s Bairaha Farms Plc, a poultry and food processing company fell 53 percent to 98.3 million rupees in the December 2017 quarter from a year earlier, amid falling revenues and shrinking margings, interim account showed. The group reported earnings of 6.15 rupees per share for the quarter. In the nine months to December Bairaha Farms Plc, ... Read More »

Australia warns Sri Lankans against people smugglers


COLOMBO: Australia on Wednesday warned Sri Lankans to beware of lies spread by people smugglers following media coverage of three recent failed human smuggling attempts. The Australian High Commission in Sri Lanka said in a statement that Australian border protection authorities last December intercepted a people-smuggling boat with 29 Sri Lankan nationals on board, and all of the 29 people ... Read More »