LOLC’s Rs.10bn debenture issue snapped up on opening day

LOLC Holdings PLC successfully raised Rs.10 billion via a listed debenture issue, of which the subscription list officially opened yesterday.

DFCC Bank 4Q earnings up despite pandemic induced shocks

DFCC Bank PLC weathered the pandemic induced stresses successfully to emerge largely unscathed and reported higher earnings through prudent measures adopted to navigate the headwinds during the quarter ended December 31, 2020 (4Q20).

Lower margins, higher tax expenses overshadow Nestlé Lanka fourth quarter earnings

Despite higher sales, Nestlé Lanka PLC, the local unit of Swiss food giant, reported lower earnings for the December 2020 (4Q20) quarter, amid margin contraction and higher effective tax rate.

Residential real estate market shows sharp recovery since turn of the year

The local real estate sector is showing signs of recovery from the setback witnessed in 2020 due to the COVID-19 pandemic, with improved in​terest ​in residential properties observed among potential investors, revealed LankaPropertyWeb.

Colombo- most searched city for rent in 2020

Meanwhile, the commercial capital Colombo has emerged as the most searched city for rent in 2020, indicating high interest among locals despite strict restrictions imposed due to the COVID-19 pandemic.

THASL thanks President for supporting tourism industry

In a statement issued after meeting with President Gotabaya Rajapaksa, The Hotels’ Association of Sri Lanka (THASL) President Sanath Ukwatte thanked the government for taking all steps necessary to encourage foreign visitors to the country.

Corporates less vulnerable to possible sovereign default than financial institutions: Fitch

Fitch Ratings views most rated Sri Lankan corporates as less vulnerable than local financial institutions to the sovereign’s financial distress. “This is because most rated corporates have a combination of strong business profiles, low leverage, sound liquidity and limited exposure to government.

Softlogic closes in pre-pandemic sales amid local consumer strength

Softlogic Holdings PLC’s top line reached near pre-pandemic levels in the three months ended on December 31, 2020 (3Q21), as the group successfully navigated the pandemic through strategies aimed at capitalising on the cash heavy local consumer, while offsetting the losses from the tourism trade.

SOP for local assembly of vehicles and component manufacturing to be launched

Aitken Spence launches SL’s first waste-to-energy power plant

Prime Minister Mahinda Rajapaksa officially launched Sri Lanka’s first waste-to-energy power plant in Kerawalapitiya, yesterday.

Windforce plans Rs.3.2bn IPO on CSE

Sri Lanka’s largest private-sector renewable energy producer with diverse energy mix, Windforce (Pvt.) Ltd plans to raise up to Rs.3.2 billion by offering a 15 percent stake in the company through an initial public offering (IPO) on the Colombo Stock Exchange (CSE).

Cigarette sales fall in December quarter

The pandemic-induced intermittent lockdowns put a damper on the financial performance of Sri Lanka’s monopoly cigarette operator Ceylon Tobacco Company PLC (CTC), with the October-December 2020 quarter (4Q20) recording lower cigarette sales.

Cigarette sales fall in December quarter

The pandemic-induced intermittent lockdowns put a damper on the financial performance of Sri Lanka’s monopoly cigarette operator Ceylon Tobacco Company PLC (CTC), with the October-December 2020 quarter (4Q20) recording lower cigarette sales.

Colombo Port needs global partners to retain hub status

Failure to get global shipping industry players onboard as joint venture (JV) partners in operations and development of the Colombo Port could potentially threaten its status as a top transshipment hub in the region, as Chinese-managed Hambantota Port plans to begin handling containerised cargo over the next 5 to 10 year period, according to a shipping industry expert.

Ceylon Tobacco appoints Suresh Shah as Chairman

Reputed business leader Suresh Kumar Shah has been appointed Chairman of Ceylon Tobacco Company PLC (CTC) with effect from 16 February 2021.

Government extends waiver on landing, parking charges for airlines till July

The Cabinet of Ministers this week granted approval to extend waivers on landing and aircraft parking charges at Mattala Rajapaksa International Airport (MRIA) and Bandaranaike International Airport (BIA) to attract international airlines in a bid to support the recovery of country’s tourism sector.

JKH back on top; LOLC still holding on to 3rd place

Premier blue chip John Keells Holdings has regained the mantle as the most valuable company on the Colombo Stock Exchange (CSE) after losing it briefly to diversified LOLC Holdings PLC, which enjoyed a stunning rally in January.

Sampath Bank successfully navigates pandemic-induced challenges in 4Q

Sampath Bank emerged largely unscathed from the pandemic-induced challenges in the three months ended December 31, 2020 (4Q20), although the lender reported lower top and bottom lines due to slower growth in loans, payment holidays on loans and narrow margins.

U.S. oil prices climb on Texas cold snap, Brent stable

Oil prices hovered near 13-month highs yesterday on the back of a cold snap shutting wells in Texas, the biggest crude producing state in the United States, while a wage deal in Norway averted outages in Europe, capping gains.

Pre-paid card for public transport gets Cabinet nod

Cabinet nod has been received to introduce an online pre-paid transit card for Sri Lanka’s public transport service and to implement an electronic system for charging fees, based on a proposal of Lanka Clear (Pvt.) Ltd under the National Card Scheme (NCS).

Govt. seeks private sector investors to implement 100 kW solar power programme

The government has decided to select private sector investors through a competitive bidding process to implement a 100 kW solar power generation programme within next 18 months.

Ceylon Tobacco appoints Suresh Shah as Chairman

Reputed business leader, Suresh Kumar Shah, has been appointed Chairman of Ceylon Tobacco Company PLC (CTC) with effect from 16 February 2021.

Digitalisation cuts banks’ costs significantly

The rapid transition of banks and their customers on to digital platforms from the conventional brick-and-mortar banking helped the former the most, as such shift saved billions of rupees in near-term costs alone but questions linger to what extent such cost savings were passed on to the customers.

Manufacturing and services expand in Jan. building on momentum regained in Nov.

Sri Lanka’s manufacturing and services activities expanded at a faster pace in January, continuing the momentum regained since November last year, as the two sectors received a boost from new businesses while the prospects for future activities further improved with the normalising of economic activities world over.

Aitken Spence records 44% PBT growth in 3Q21 from non-tourism operations

Leading blue-chip conglomerate Aitken Spence PLC’s non-tourism multi-industry sectors reported a profit-before-tax (PBT) of Rs.1.3 billion in 3Q21, a growth of 44 percent compared to the previous year, in the midst of challenging economic conditions.

Resus Energy connects first ground-mounted solar PV plant to national grid

Diversifying its portfolio, Resus Energy PLC, a forerunner in renewable energy, operating a number of mini hydropower stations in Sri Lanka, recently connected the first of its ground-mounted solar PV plants to the national grid.

Banking sector December NPLs fall to lowest level seen during 2020

Sri Lanka’s banking sector asset quality, measured by the gross non-performing loan (NPL) ratio, fell to the lowest level seen during 2020, finishing the year with 4.9 percent, according to the Central Bank (CB) officials.

NBFI sector bad loans up

The asset quality of Sri Lanka’s non-banking financial institution (NBFI) sector worsened in 2020, with the sector’s non-performing loans (NPLs) ratio reaching 13 percent at the end of the year, following its short-lived recovery in the third quarter of the year, according to the Central Bank. Due to the effects of the pandemic, the sector’s NPLs peaked to 14.14 percent in the second quarter of last year.

Hayleys 3Q earnings grow fourfold

Diversified, export-focussed Hayleys PLC, which has a line of strong manufacturing businesses, saw its revenues during the quarter ended on December 31, 2020 (3Q21) surging while the earnings quadrupled.

PUCSL nod for PPA of 300MW Kerawalapitiya LNG power plant

The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, has approved the power purchase agreement (PPA) to build the 300 MW Kerawalapitiya liquid natural gas (LNG) power plant in Sri Lanka, under the new chairmanship and board members, last week.