SriLankan Catering profits soar 40% to Rs.640mn

SriLankan Catering (Pvt) Ltd. has reported an impressive Net Profit of Rs. 640 million in the 9-month period up to 31st December 2010; a 40% increase over the same period in the previous year.  This excellent performance came despite the company registering an exchange loss of Rs. 160 million during the period due to the appreciation of the Sri Lankan rupee. The company also recently announced that it has plans to list 20 percent of equity

LB Finance doubles profit

LB Finance recorded an income of Rs. 1.4 billion for the three months ended t December 31, 2010. This is an increase of 35% in income over the previous period of Rs 1.0 billion.  Profits after tax for the three months stood at Rs. 228 million up by 85% from Rs 123 million for the same period last year according to the interim results released.

Hemas earnings up by 59.2%

Hemas PLC recorded a turnover of Rs 4.7 Billion for the quarter ending December 2010 with earnings of Rs 311 million. For the nine month period the company recorded earnings of Rs 900 million from a turnover of Rs 13.4 billion according to a review made by CEO Husein Eusafally.

S&P downgrades Japan credit rating to AA

Standard & Poor's on Thursday lowered Japan's long-term sovereign credit rating to AA minus from AA, saying it expected the country's fiscal deficits to stay high in coming years

Hidden unemployment among skilled force labour in Sri Lanka-Buhne

The United Nation Resident and Humanitarian Coordinator in Sri Lanka, Neil Buhne yesterday said that though economic indicators showed there was development, a closer look at the employment of the labour force in Sri Lanka shows the unemployment of skilled labour in the country.

Kenya and Sri Lanka sign air traffic deal

Kenya has opened the way for local airlines to launch direct flights to Colombo, Sri Lanka, after it signed a bilateral air services agreement that allows access to its skies

Lanka Orix Finance and ComBank in partnership to enhance customer services

Lanka Orix Finance Company Ltd. - a member of the LOLC Group- and Commercial Bank signed a trailblazer agreement to install Commercial Bank's ATM at identified branches of the LOLC Group.

Major food crisis looming: Experts

Strong evidence have surfaced that Sri Lanka's agriculture sector and economy is likely to go through a rather tumultuous period marred by food and water shortages following the recent freaky climatic developments both locally and internationally, according to researchers and experts in the country.

Jetwing Sea, the ultimate sea resort opened for tourists

Jetwing Sea hotel, formerly known as Jetwing Seashells was ceremonially opened last Saturday by Economic Development Minister Basil Rajapaksa.

Sri Lanka should not be selective in bilateral trade

Sri Lanka needs to focus on getting into regional or bilateral trade agreements that are not exclusive to only a few countries if they are to reap the benefits of global economic trade, Manager of the Development Prospects Group Andrew Burns said yesterday during a video conference held at the World Bank headquarters in Colombo to launch Global Economic Prospects 2011 report.

Laugfs surpasses profit forecasts

Laugfs group has posted Rs.750 million Profit After Tax (PAT) for the nine months ended December 31, a 96 percent increase from a year ago, surpassing profit forecasts for the period, group Chairman W.K.H Wegapitiya said in a statement yesterday.

Twelve month tourism theme programme kick starts with the island wide beach conservation day

Sri Lanka Tourism's Refreshingly Sri Lanka Visit 2011 campaign was launched with 12 themes for  the twelve  months of the year last Saturday.

Cardholders to enjoy holidaying Home and Away with HSBC

HSBC has introduced yet another exciting promotion that offers cardholders the convenience of purchasing daily essentials on their credit card and in-turn enjoy special home and away travel and holiday privileges, to further enhance their busy lifestyle.

Laugfs enters JV with Bharat Petrolium

Laugfs Gas Ltd. has entered into a joint venture agreement with Bharat Petrolium Corp. of India to introduce innovative metal cutting gas in Sri Lanka under the brand name Laugfs Bharat Metal Cutting gas (LBMCG), a stock exchange filing by the firm noted.

Shangri-La lays down its grand plans for Sri Lanka

Hong Kong-based Shangri-La Asia Limited yesterday officially announced the purchase of six acres of Government land facing the Galle Face Green promenade, a prominent landmark in Colombo, Sri Lanka.

Business delegation to Jaffna Intl. Trade Fair 2011

The Jaffna International Trade Fair will take place for the 2nd consecutive year giving the opportunity for all industries to setup their business in a land that has not been accessible for more than three decades.

World Bank MD applauds ICTA- initiated projects

World Bank Group Managing Director Dr. Ngozi Okonjo-Iweala says that it is encouraging to note that projects initiated by the ICT Agency of Sri Lanka (ICTA) give a new lease of life to disaster-hit communities in Sri Lanka.

Standard Chartered Bank's Priority Banking Customers learn finer points of tax

Priority Banking of Standard Chartered Bank organized a networking breakfast event for their customers, last week. Highlight of the event was a presentation by eminent tax consultant, N.R Gajendran on benefits and conveniences attainable from the recently presented government budget.

Janashakthi launches global campaign "Make Roads Safe"

Janashakthi joined forces with the United Nations, Ceylon Motor Sports Club (CMS) and the global governing body for motor sports and road safety the Federation Internationale de I'Automobile (FIA) - UK to launch the global campaign - a Decade of Action for Road Safety 2011 - 2020 in Sri Lanka.

Coconut growers want fertiliser subsidy

The Government on Friday held a crisis meeting on the coconut industry with both sides cracking their ideas as to how best a more sustainable development could be struck.

External trade improves in October

Central Bank said yesterday earnings from exports increased by 27.6 per cent, year-on-year, to US dollars 802 million in October 2010. This is the third highest monthly export value ever recorded. Higher export earnings from the textile and garments and minor agricultural crops helped this increase.

Etisalat Lanka gives SMEs a leading edge

Recognising the contribution and role of Small and Medium Enterprises (SMEs) in the current post-war emerging economy, Etisalat Lanka provided a boost for the sector with the 'Etisalat Business Edge' forum.

CBSL issues Rs.5,000 commemorative coin

The Central Bank of Sri Lanka (CBSL) announced the launching of new coin  to mark 60 years of Central Bank.

Belgian economic delegation upbeat following visit to Sri Lanka

The Belgian business delegation which included over 50 representatives from 40 companies who visited Sri Lanka for 'Belgian Week 2010' held from 22-26 November to explore economic and investment possibilities, have expressed optimism on the country's business climate and the prospect of their doing business in Sri Lanka.

National Chamber of Exporters holds its 16th AGM

The National Chamber of Exporters of Sri Lanka (NCE) held its 16th Annual General Meeting on Friday, 26 November 2010 at Hotel Taj Samudra, Colombo.

NDB Bank and Sampath Bank in ATM network partnership

NDB Bank, one of Sri Lanka's fastest growing banks, join hands with the Nation's Legendary Banking Services provider, Sampath Bank to form an enhanced ATM network spread across the island. 

Business sector lauds "highly favourable" budget

With a "highly favourable" long term set of Budget proposals, the National Chamber of Commerce (NCCSL) yesterday said Budget 2011 was acceptable as it provided relief and incentives for future development.

Facilitating foreign exchange

In line with the 2011 Budget proposals that were presented on Monday, the Central Bank yesterday announced a nine point foreign exchange regulations relaxation, for the first time allowing foreign investors to invest in private company bonds and Sri Lankan companies to invest abroad.

Sri Lanka must prepare now to deal with climate change impacts - ADB

COLOMBO SRI LANKA (18 November) - The Sri Lankan Ministry of Environment with assistance of the Asian Development Bank (ADB) on Tuesday unveiled a draft National Climate Change Adaptation Strategy that should help the South Asian nation meet and overcome the massive challenge of climate change.

A basic understanding of air conditioning and refrigeration

In warm countries such as Sri Lanka, the very mention of the word air conditioning brings to mind a cool and comfortable environment. However, in cold climates, air conditioning could mean the heating of the environment to a comfortable level.