JAT forms subsidiary to strengthen new portfolio

?As part of a major diversification process, JAT Holdings embarked on opening up a new subsidiary to the company’s portfolio by introducing Esteem Plantations (Pvt.) Ltd. 

Sri Lanka’s largest brewer records strong top line

?Sri Lanka’s largest brewer, Lion Brewery (Ceylon) PLC (Lion) saw its net profit for the quarter ended June 30, 2015 (1Q16) increasing by 19 percent to Rs.579.3 million from a year ago due to strong top line, the interim results released to the Colombo Stock Exchange (CSE) showed. 

Qatar to launch major labour reform for migrant workers

?AFP: Qatar yesterday officially launched one of its most “significant” labour reforms to guarantee migrant workers’ wages, but rights groups are concerned over implementation of the new regulations.

The Finance cuts losses in June quarter

The troubled The Finance Company PLC (TFC) was able to narrow its losses by 40 percent year-on-year (YoY) to Rs.373.3 million in the June quarter (1Q16), the interim financial accounts released to the Colombo Stock Exchange showed. 

Shares end at 7-month high on stability hopes after polls

?Sri Lankan shares closed at their highest level in seven months in a truncated session yesterday on hopes that political stability after the August 17 parliamentary elections would help boost investor sentiment, brokers said.

Sunshine June quarter helped by strong healthcare sector

?Diversified conglomerate Sunshine Holdings PLC posted a Rs.162 million net profit for 1Q16, an 11 percent growth year-on-year (YoY), with higher contributions from the healthcare segment while the agribusiness took a turn for the worse.

Tokyo Cement profit falls amid lower sales, price cuts

?The largest cement manufacturer in the country, Tokyo Cement Company (Lanka) PLC saw its net profit for the quarter ended June 30, 2015 (1Q15) falling 13 percent YoY to Rs.466 million amid a slowdown in the top line.

Colombo Dockyard makes 2Q turnaround, posts Rs.182mn net profit

Colombo Dockyard PLC posted a year-on-year (yoy) net profit of Rs.182.11 million for the second quarter ended June 30 (2Q15) against a net loss of Rs.51.65 million in the corresponding quarter of the previous year.

Digital Holdings and Asiri form JV to develop e-Healthcare platform

Digital Holdings Lanka (Private) Limited, a wholly-owned subsidiary of mobile telephony market leader Dialog Axiata PLC has formed a joint venture company with Softlogic Holdings PLC subsidiary Asiri Hospital Holdings PLC to develop a healthcare sector e-commerce platform.

Fonterra cuts dairy auction volume

Fonterra says it is significantly reducing the amount of product it puts up for sale on the GlobalDairyTrade auction platform over the next 12 months.

Softlogic Group 1Q net profit soars over 100% to Rs.84mn

Sri Lanka’s diversified Softlogic Group PLC saw its net profit for the quarter ended June 30, 2015 (1Q16) surging over 100 percent year-on-year (yoy) to Rs.84 million, the interim financial accounts released to the Colombo Stock Exchange showed. 

Foreign investors sell Rs.5bn rupee bonds in a week

?Foreign investors sold Rs.5.1 billion of bonds (US $ 38) in the week to August 12, 2015 continuing a trend that gathered pace after a rate cut in April 2015, official data show.

CMA presents Professional Excellence Awards

CMA presented Professional Excellence Awards to several top professionals.  The awards were presented at the CMA Global Management Accounting Summit by the chief guest President Maithripala Sirisena...

China’s long march to currency reform takes step forward

?AFP - China’s currency devaluation is a step in the long march to a more open regime for the yuan, analysts say, but authorities will need to further loosen their controls to promote long-term growth.

IMF urges Spain to keep reform focus ahead of elections

?AFP - Spain must stay the course on economic reforms if it wants to generate growth and reduce its sky-high unemployment rate, ahead of a year-end general election, the International Monetary Fund said yesterday.

Shares up ahead of polls

?REUTERS: Sri Lankan shares ended firmer yesterday on hopes that political stability after the Aug. 17 parliamentary elections would help boost investor sentiment, brokers said.

Increased consumption adversely affecting storage operations: Finlays

Cold storage giant Finlays Colombo PLC said that the increased consumption currently taking place in the country has adversely affected its storage operations, while other factors balanced the logistics industry.

Rupee trades steady despite importer dollar demand

?REUTERS -The Sri Lankan rupee traded steady yesterday despite importer dollar demand ahead of the parliamentary election on Monday, while dealers said they expected the currency to face further pressure in line with weakening regional currencies.

Asian shares hit by currency concerns, oil slump

?Asian markets mostly fell yesterday, weighed down by jitters over the impact of China’s yuan devaluation and the timing of a US interest rate rise, while a fall in oil dragged down energy stocks.

D 82 Toastmasters International hosts first-ever CEO Breakfast Forum

?The first-ever CEO Breakfast Forum by Toastmasters International USA ‘Where Leaders Are Made’ was held recently at the Victorian Ballroom Kingsbury Hotel.

EAP Broadcasting Company wins big at Sumathi Awards 2015

?The EAP Broadcasting Company recently won 16 awards in a variety of categories at the Sumathi Tele Awards held at the Nelum Pokuna Theatre  in Colombo. 

Emerald stages Fashion Flash Mob

?Emerald, Sri Lanka’s premier brand of men’s shirts, treated weekend shoppers at Cool Planet - Colombo 5, Beverly Street - Rajagiriya, Fashion Bug - Duplication Road, Kandy Selection - Kadawatha and Tillakawardena Textiles - Kiribathgoda to a mini fashion flash mob recently.

Edulink partners with Phoenix GaminG to present GamerFest 2015

?Edulink International Campus, a collaborative campus of the prestigious University of Greenwich and University of Northampton in the UK, was a proud sponsor of the recently concluded ‘GamerFest 2015’ organised by Phoenix GaminG, the best professional eSports organisation in the country.

CA Sri Lanka announces 51st Annual Report Awards

Entries are now open for the  Annual Report Awards Competition, organised by The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the national professional accounting body , which is aimed at recognising and rewarding excellence in financial reporting.

UDA claims acquired private land value far exceeds book value

The value of private land requisitioned for government use by the past regime far exceeds the figures displayed in the Urban Development Authority (UDA) accounts.

President denounces protectionist policies

President Maithripala Sirisena highlighted the need for a customer-centric, market driven, competitive economy to which the local industries must adapt instead of resorting to protectionism, while delivering a speech at the inauguration of the 6th Ceramic and Glass Symposium.

SLT 2Q net profit down 29% to Rs.1.8bn

?The leader in fixed-line telephony operations, Sri Lanka Telecom PLC (SLT), saw its group net profit for the June quarter (2Q15) dipping 29 percent year-on-year (YoY) to Rs.1.8 billion despite its mobile telephony business reporting higher profits.

Govt. revenue jumps over 20% on excise, vehicle tax

?REUTERS: Sri Lanka’s government revenues jumped by more than a fifth in the first seven months of this year, data showed yesterday, as the new government sought to improve tax collection and cracked down on corruption.

NDB records Rs.1.4bn first half profit

?National Development Bank PLC (NDB) saw its group net profit for the first half ended June 30 (1H15) falling 29 percent yoy to Rs.1.44 billion amid a slow down in the banking group’s top line.

Indian court overturns Nestle noodle ban, orders new tests

?AFP: An Indian court on yesterday overturned a government ban on Nestle’s hugely popular Maggi noodles brand, but ordered further tests before the product can go back on sale.