PM to inaugurate Sri Lanka Human Capital Summit today

The Sri Lanka Human Capital Summit, a public-private initiative between the state National Human Resource Development Council of Sri Lanka (NHRDC) and Association of HR Practitioners (AHRP), will be inaugurated today by Prime Minister Ranil Wickremesinghe. 

Better margins, moderate loan growth propel HNB 2Q net up 41%

Sri Lanka’s second largest private lender by assets, the Hatton National Bank PLC (HNB) group, posted a net profit of Rs.3.36 billion or Rs.8.56 a share, recording an increase of 41 percent from a year ago, supported by a moderate growth in loans and better margins, the interim results showed.  However, the quarterly results were somewhat dented by the trading loss of Rs.2.6 billion incurred from the bank’s trading book, which ma

Stepping out of comfort zone vital for tea market expansion, says tea broker

Averting a storm in Sri Lanka’s tea cuppa would require the industry to step out of its comfort zone and take proactive decisions in market expansion and such moves are essential to be made in the short term if Ceylon tea is to retain its stance in the global stage, according to a listed tea broker. With the local tea industry yet to respond to the call for the widening of its market horizon, Ceylon Tea Brokers PLC asserted that in the emer

Sri Lanka weighs hike in tobacco tax to help boost revenues

REUTERS: Sri Lanka plans to hike a tax on tobacco as it seeks alternative sources of income after two Supreme Court rulings delayed a plan for tax hikes to raise Rs.100 billion in revenue this year, the cabinet spokesman said yesterday.

Distilleries June net up amid higher booze sales

Sri Lanka’s listed distiller and the diversified conglomerate, Distilleries Company of Sri Lanka PLC (DCSL) made a net profit of Rs.1.92 billion or Rs.6.41 a share for the quarter ended June 30, 2016 (1Q17) recording an increase of 9.6 percent from a year ago, the interim results shows.  The performance was predominantly supported by the group’s beverage unit as other segments either weighed over the performance or failed to make

SL to follow Swiss Challenge guidelines for unsolicited proposals

Sri Lanka’s Cabinet of Ministers has approved a proposal to include Swiss Challenge Procedure guidelines to the government procurement guidelines prepared by the country’s Finance Ministry. 

Malik expresses confidence over govt.’s economic reform agenda

Development Strategies and International Trade Minister Malik Samarawickrama said he is confident that with the measures they have introduced, Sri Lanka is ready to face even the worst challenges of tomorrow and give the opportunity for businesses to have a level playing field in the global market.

Sri Lanka–Singapore Business Council holds 19th AGM

The 19th Annual General Meeting (AGM) of the Sri Lanka–Singapore Business Council (SLSBC) of the Ceylon Chamber of Commerce (CCC) was held recently at the CCC. 

Key sectors boost Sunshine Holdings June performance

Diversified Sunshine Holdings PLC saw its net profit for the June quarter (1Q17) rising as much as 27 percent year-on-year (YoY) to Rs.206.5 million, helped by better performance of its key sectors, the interim financial accounts released to the Colombo Stock Exchange showed. 

Sri Lanka and Tanzania to expand business relations

Sri Lanka and Tanzania opened a new chapter in business and investment promotion between the two countries with the launch of the Sri Lanka Tanzania Investment Chamber in Dar es Salaam, Tanzania last week. 

SL’s top three export commodities in downward spiral

Sri Lanka’s textile and garment exports, the only commodity which has been cushioning the country’s 

Hayleys June net profit slips 32%

Diversified conglomerate Hayleys PLC saw its June quarter (1Q17) net profit narrowing 32 percent to Rs.354.9 million or Rs.4.73 a share from a year ago due to poor performances by some of the group’s 

Supreme Court blocks bill raising rate of VAT

REUTERS: Sri Lanka’s Supreme Court has ordered Parliament to stop considering a bill to raise 

Rupee trades steady; stocks little changed

REUTERS: The Sri Lankan rupee traded steady yesterday as dollar demand by importers was offset by conversions of the U.S. currency from exporters amid concerns that price controls by the government could hurt imports, dealers said.

Three local companies on Forbes ‘Asia’s 200 Best Under a Billion 2016’

Three Sri Lankan companies have been listed in the Forbes ‘Asia’s 200 Best Under a Billion 2016’.

Piramal Glass to close down factory for Rs.3bn upgrade

Glass bottle and container manufacturer Piramal Glass Ceylon PLC, a unit of India’s Piramal Group, 

CCC calls applications for ‘Best Corporate Citizen Sustainability Award 2016’

The Ceylon Chamber of Commerce (CCC) is calling applications from corporate firms to compete in the “Best Corporate Citizen Sustainability Award 2016”, an annual competition which recognises the 

Exterminators celebrates 18th year of excellence

Sri Lanka’s pest management company, Exterminators Pvt. Ltd celebrated its 18th year of recently. 

LOLC to raise US $ 150mn via Singapore listed bonds

Lanka Orix Leasing Company (LOLC) yesterday said it would be setting up a multi-currency medium 

Colombo Port’s new warehouse to be opened today

Colombo Port has taken several steps to expand warehouse facilities. Under the first phase, Sri Lanka Ports Authority stated that warehouse CFS 01 which was constructed, is to be opened by the 

Hela Clothing joins IFC’s Trade Supplier Finance Programme

IFC, a member of the World Bank Group, has partnered with leading local apparel manufacturer Hela Clothing (Pvt.) Limited to boost trade opportunities for Sri Lanka’s apparel industry through a trade-

King Long Luxury Coaches partners with Mobil Lubricants

McLarens Lubricants Limited, the sole distributer for ExxonMobil Lubricants in Sri Lanka, has entered into a strategic partnership with Softlogic Automobiles as their exclusive lubricant supplier for King 

CMA Sri Lanka admitted as CAPA member

CMA Sri Lanka has been admitted as a member of the Confederation of Asian and Pacific Accountants (CAPA) on July1, the Confederation of Asian and Pacific Accountants announced.  

Malik and Indrajit to speak at CIMA Business Leaders Summit

The CIMA Business Leaders Summit will be held on 23 and 24 August, under the patronage of Malik 

Dialog 2Q net up 20% but VAT and floods slow growth

Sri Lanka’s leading telecommunication service provider, Dialog Axiata PLC posted a net profit of Rs.2.29 billion or 28 cents a share for its June quarter (2Q16) recording an increase of 19.9 percent from a year ago.

Hayleys Fibre to make substantial gains with sale of Ekala property

The Hayleys group’s premier manufacturer and exporter of coconut fibre-related products, Hayleys Fibre PLC, is said to make substantial gains from the disposal of its freehold property in Ekala, Ja-Ela to a group subsidiary. 

Rocell to exit paints biz following proposed sale of Colobrite

Market leader in tile and bathware industry Royal Ceramic PLC, which entered the country’s paint market five years ago, is planning to divest its paints manufacturing facility, marking an exit from the business, Mirror Business learns. 

Tokyo Cement in deal with Japan’s Ube Industries

Sri Lankan cement manufacturer Tokyo Cement Group said it has struck a deal with Japan’s Ube Industries Ltd for technical support and import raw materials to make high-quality cement. A statement said the deal was signed on August 1, 2016.

Agalawatta share sale—the plot thickens

Agalawatta Plantations PLC yesterday in a stock market filing said it was notified that the sale of 60.80 percent of its shares by Mackwoods Plantations (Pvt.) Ltd for Rs.304 million was executed with the approval of the two shareholders of the latter.

Expolanka June net profit falls 18%; top line up 7%

Expolanka Holdings PLC, a unit of Singapore-based SG Holdings—the holding company of Japan’s Sagawa group—saw its net profit for the June quarter (1Q17) falling 18 percent year-on-year (YoY) to Rs.182.3 million amid non-cash write down in passive investments and higher administrative expenses.