LOLC Group records Rs.45bn PAT for nine months

LOLC Holdings PLC (LOLC) recorded a PAT of Rs.45 billion for the nine months ended on December 31, 2020, after adjusting for corporate tax on a PBT of Rs.48 billion.

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 300 MW Kerawalapitiya liquid natural gas (LNG) power plant in Sri Lanka under the new chairmanship and the board members, last week.

LOLC Group records Rs.45bn PAT for nine months

LOLC Holdings PLC (LOLC) recorded a PAT of Rs.45 billion for the nine months ended December 31, 2020, after adjusting for corporate tax on a PBT of Rs. 48 billion.

Foreign reserves dwindle to US$ 4.8bn end-January

The gross official reserves fell by US$ 850 million during January 2021 as the Central Bank settled US$ 971 million worth of foreign currency denominated liabilities due in the month.

Government to offer CICT-like deal to India to develop West Container Terminal

Sri Lanka eyes to develop the West Container Terminal (WCT) of the Colombo Port with India’s Adani Group and other parties offering 85 percent stake in the terminal.

LCB Finance to list shares on stock market soon

Lanka Credit and Business Finance Ltd. (LCB Finance) expects to list its shares on the Colombo Stock Exchange (CSE) shortly.

Tesla to set up electric car manufacturing unit in southern India

Billionaire Elon Musk’s Tesla Inc. will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters on Saturday.

Lion Brewery 3Q gets boost from increased exports

Lion Brewery Ceylon PLC (LION) recorded performance for the quarter ended December 31, 2020 (3Q21) although the lockdowns due to second wave of COVID-19 in early October disrupted supply chains and local consumer appetite.

Hemas ends 3Q on strong note; pandemic hinders consumer biz momentum

Hemas Holdings PLC delivered a strong financial performance for the three months ended December 31, 2020 (3Q21), although the October lockdowns slowed some momentum in consumer business, while the group divested its leisure business during the quarter to focus on its core business segments going forward.

Distilleries Co. comes to rescue of Melstacorp in 3Q

Distilleries Company of Sri Lanka PLC continued to buffer Melstacorp PLC’s financial performance during the three months ended December 31, 2020 (3Q21), but the businesses under the diversified category, including tourism-heavy Aitken Spence Holdings PLC, weighed on the group’s financials.

CB expects marked improvement in economy this year

While dismissing the ‘doom and gloom predictions’ of international agencies, the Central Bank (CB) expects a marked improvement in Sri Lanka’s macroeconomic fundamentals this year, under the government’s ‘alterative policy’, recovering from the impacts of the pandemic, last year.

Market stages strong recovery; ASPI ends 5% higher

After an extremely choppy ride on Thursday, which caused much consternation among investors, the Colombo Stock Exchange (CSE) bounced back remarkably well yesterday, both indices recording sharp gains, regaining the lost ground.

Teejay stays on trajectory in 3Q with net profit of Rs.778.4mn

Top textile manufacturer Teejay Lanka PLC has reported a profit before tax of Rs.951.8 million and a net profit of Rs.778.4 million for the third quarter of 2020-21, achieving a growth of 12 percent and 8 percent, respectively, over the corresponding three months of the previous year.

DSI enters into synthetic leather manufacturing

D. Samson Industries (Pvt.) Ltd, a subsidiary of DSI Samson Group (Pvt.) Ltd, enters into synthetic leather manufacturing by acquiring a state-of-the-art production facility in Katana, in the Negombo precincts, during a crucial period in which the government has encouraged Sri Lankan entrepreneurs to take a step forward to invest in the manufacturing industry.

Exports recover in Dec.; trade deficit shrinks by US $ 2bn

The export earnings recovered in December 2020 from the brief set back from the lockdowns set in since October, due to the second wave of COVID-19, as the gradual reopening of the key export markets in Europe and the United States is boding well for Sri Lankan manufacturers.

Canadian govt. contributes CAD 1mn to WFP to support SL’s national school meal programme

The United Nations World Food Programme (WFP) and Government of Sri Lanka welcome a funding of CAD 1 million (Rs.151 million) from Global Affairs Canada, to help smallholder farmers cultivate nutritious crops for the National School Meal Programme.

Air Arabia to resume flights between Sharjah and Sri Lanka in March

Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier, has announced the resumption of regular flights between Sharjah and Colombo, starting March 2, 2021.

Mymed partners with Keells to provide enhanced healthcare services to the public

With a pioneering vision to provide timely and trusted prescription medication service to the Sri Lankan public, Mymed.lk has become an essential part of peoples’ lives in the face of a pandemic.

Wild swings at Colombo bourse

The indices at the Colombo Stock Exchange (CSE) saw some wild fluctuations during intra-day trading yesterday, with negative sentiment creeping in mainly as a result of forced selling, though they closed on a strong note regaining some of the lost ground.

SEC and CSE meet stockbrokers

The Securities and Exchange Commission of Sri Lanka (SEC) together with the Colombo Stock Exchange (CSE) met the CEO’s of stockbroker firms for a discussion on the current status of the stock market yesterday afternoon.

CSE says indices still maintaining double-digit growth

Meanwhile, in a brief statement, the Colombo Stock Exchange said despite yesterday’s slide in market indices, the benchmark All Share Price Index (ASPI) and S&P SL20 Index continued to maintain double-digit growth rates year-to-date.

SL’s participation in regional value chains records growth during 2015-19: ADB

Sri Lanka ‘s participation in regional value chains (RVC) recorded stronger growth relative to global value chains (GVC) during 2015-2019, according to a latest report by the Asian Development Bank (ADB).

China had no role in Sri Lanka’s decision on ECT

Sri Lanka faced no pressure from China with regard to the East Container Terminal (ECT) project, Sri Lankan Foreign Minister Dinesh Gunawardena has said. “China did not pressure us in anyway. They will not interfere in Sri Lanka’s internal affairs. Not only that, China will not interfere in Indo-Lanka relations. These are basic facts,” he told the local Tamil daily Virakesari in an interview published on Wednesday.

Higher smartphone, laptop sales power Singer Sri Lanka 3Q

Singer Sri Lanka PLC witnessed strong business across nearly all of its verticals led by IT products such as smartphones and laptops as people shifted their work, education and entertainment online as new coronavirus upended people’s usual lifestyles.

Tea factories, smallholders caught up in plantation sector wage battle crossfire

The Rs.1,000 daily minimum wage recently approved for plantation workers by two industry wages boards is set to face major obstacle over the next couple of weeks, as the move could also impact wages in the tea smallholder sector and privately-owned tea factories, which account for at least 75 percent of the country’s tea production.

Pandemic-related impacts worsen SL’s vulnerabilities to global sentiment shifts

On top of narrow fiscal buffers and high indebtedness, COVID-19 pandemic related impacts could worsen Sri Lanka’s vulnerabilities to shifts in global sentiment, according to the Institute of International Finance (IIF), a Washington-based global Association of the financial services industry.

G7 to consider using IMF for Covid aid: French source

G7 nations will consider whether to use the IMF to mobilise US$ 500 billion in aid to the world’s poorest nations to respond to the Covid-19 pandemic, a French source said yesterday.

Apparel exporters stay positive despite freakish outlook

Newly elected chief of the Sri Lanka Apparel Exporters’ Association (SLAEA) Aroon Hidramani spoke to Mirror Business recently on how the country’s apparel sector is gearing up to tackle 2021 after a tumultuous year marred by a global pandemic.

Economic recovery 2021: Why innovation and export orientation matter

Two thousand twenty-one will be a difficult year. For most economies – not just for Sri Lanka. One does not have to be a macroeconomist to predict that. This year carries a legacy from 2020 that has brought unprecedented economic shocks as the consequences of a world pandemic situation, unknown at least for 100 years, the last such incident being the 1918-19 Spanish flu.

How HR can make work human in 2021

Two thousand twenty-one—it’s finally here! I think we can all agree that the last year was both the longest and fastest year ever. One thing we will all remember from 2020 is how work and life collided and converged in an unprecedented way, making the line between work and human experiences more blurred than ever.