Lanka IOC PLC (LIOC), the local unit of the Fortune 500, Indian Oil Corporation Limited saw its net profits for the three months ended June 30,2013 soaring as much as 600 percent Year-on-Year (YoY) to Rs.1.35 billion due to cost controls.
During the first half of 2013, post-tax profit of the bank improved by 12 percent to Rs.3.14 billion, compared to Rs.2.8 billion during the corresponding period in 2012, while the group post-tax profit improved by 15 percent to Rs.3.4 billion.
The withdrawal of imported milk powder from the market under the direction issued by the Sri Lankan authorities could trigger a milk powder shortage in the market in the short term and could also lead to the making of a milk powder black market.
Hassani Group of companies in Dubai launched its operations in Sri Lanka under their global brand name “SAFA” by partnering with Hayley’s Agriculture for franchised manufacturing and East West Marketing to market and distribute a range of its manufactured food categories such as juices, pasta, sauces, mayonnaises, tomato paste and many more.
With Sri Lanka having to experience a mobile penetration that’s close to the entire population of the country coupled with the increasing growth in internet access via handsets and smartphones, Keells Super brings mobile shopping for the first time in its industry, adding greater ease and convenience to its shoppers.
Dialog Axiata PLC, a unit of Malaysia’s Axiata group, posted a net profit of Rs.950.3 million for the quarter ended June 30, 2013 (2Q13) against Rs.879.5 million in the corresponding quarter of the previous year, boosted by higher revenues across Mobile and Pay TV segments.
Sri Lanka’s Ceylon Chamber of Commerce (CCC) has welcomed the initiative by the government to declare Sri Lanka’s four main ports, Colombo, Hambantota, Trincomalee and Galle as ‘free ports’.
Dipped Products PLC (DPL) generated a sharp 29 percent year-on-year (YoY) increase in net profits backed by stable rubber prices and strong Italian exports to post Rs.413.9 million during the quarter ended June 30, 2013.
The most awaited SLIM Brand Excellence organised by the Sri Lanka Institute of Marketing (SLIM) kicked off with a media, judges’ and participants’ briefing held at The Kingsbury Colombo yesterday.
Amana Bank has introduced its newest savings product ‘Amana Bank Personal Salary Account’ targeting the working population of the country. The Personal Salary Account offers greater accessibility and convenience along with a host of privileges, including a monthly profit on their income.
Controversial tax concessions to Australian casino mogul, James Packer’s local consortium, Lake Leisure was given official approval by Minister of Investment Promotion, Laksman Yapa Abeywardena.
In what could be another major shift in the country’s retail sector, the government last week announced it would formulate a systematic mechanism to regulate the supermarkets, to protect the rural small scale farmers/vendors.
The changing debt dynamics as a result of Sri Lanka graduating to lower middle income status has increased the country’s debt vulnerability, and the situation could aggravate to a crisis unless the government takes remedial measures to address the situation, a leading economist in the country said.
Indian real-estate developer Krrish Group released a statement yesterday reiterating its commitment to transparency, denying any wrong-doing in the acquisition of land for its US$ 650 million mixed development.
The first ever agricultural exhibition to be held in a former war-torn city has been received with high enthusiasm, as all the exhibition space being sold out, a statement issued by Ceylon Chamber of Commerce noted.
John Keells Holdings PLC’s (JKH) proposed US $ 850 million integrated resort project in Glennie Street would be a significant hit to the company’s bottom line in the short-term, though the project is expected to be a long-term boon, an equities report stated.
Sri Lanka has been awarded the ‘partner country’ status in the forthcoming Industrial India Trade Fair, which is taking place for the 26th time in Kolkata. The trade fair, which is considered the only large scale international trade-related event in North Eastern India, is attended by 12 countries including Japan.
Bharat Petroleum Corporation Ltd has been a trend setter and market leader in motorcycle genuine oil segment in Sri Lanka and India.
Browns & Company presents the revolutionary solution to healthy cooking with the Healsio Sharp microwave oven with steam heating technology development which effectively removes excess oil food ingredients, and reduces cell damage to food.
Australian casino kingpin James Packer should not be permitted to set up a casino in Sri Lanka without a valid license, in line with the Casino Business (Regulation) Act passed by the present government, an opposition legislator stated.
Sri Lanka’s state-controlled pension fund, Employees’ Provident Fund (EPF) is believed to have made a substantial investment in Sri Lanka’s Cargills Agriculture and Commercial Bank (CACB), the yet to be launched greenfield banking unit of Cargills group, Mirror Business learns.
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