Melstacorp 3Q flat amid pressure on alcobev segment

Profits at Melstacorp PLC remained flat during the quarter ended December 31, 2018 (3Q19) compared to the same period a year ago, as the diversified conglomerate which houses the country’s largest spirits maker is facing prolonged challenges in maintaining the top line.  Melstacorp reporte

Tea exports to China tops 10 mn kgs

Sri Lanka’s tea exports to China surpassed the 10 million kgs mark in 2018 for the first time in history, reaching an all-time high of 10.02 million kgs. However, the growth of tea exports to China slowed down to 1.2 percent last year from a record 30 percent achieved in 2017.  Ceylon Tea exports

Rupee ends lower on high dollar demand

(Colombo) REUTERS:  Sri Lanka’s rupee ended tad weaker yesterday led by higher importer dollar demand, market sources said.  The stock market closed steady in dull trade, but foreign investors bought into the island nation’s risky assets for the second straight session.  The rupee, ended at 178.50/

The introduction of 15 % VAT on residential apartment sales is going to have a major impact – Mr. Pr

In  a recent interview done with one of the key industry opinion leaders, The Director/ Group CEO of Overseas Realty (Ceylon) PLC Mr. Pravir Samarasinghe shared his views regarding the boom in Sri Lanka’s Apartment and Construction Industry and the VAT policy which will be introduced on Apartment Sales from 01st April 2019.

The tax collector and rights of the taxed

Following is the third part of the full speech made by Dr. K. Kanag-Isvaran, President’s Counsel, at the 22nd Annual  Oration on Taxation, organised by the Institute of Chartered Accountants of Sri Lanka.

Migration in Asia: Where is everybody going?

The US government recently endured a month-long partial shutdown due to a partisan dispute over funding to build a wall on the country’s southern border with Mexico. While those on both sides of the issue were digging in their heels, I got to thinking about migration trends in Asia.  

ADB to pump in US $ 145mn to local university system to nurture technology-oriented graduates

The Asian Development Bank (ADB) and four Sri Lankan universities yesterday signed project agreements totalling US $ 145 million, under the ADB-funded Science and Technology Human Resources Development project, to foster science and technology in Sri Lanka’s higher education.     

Sri Lanka’s largest brewer urges government to plug tax revenue leakages

Sri Lanka’s largest brewer has urged the government to come up with a foolproof mechanism to eliminate the tax revenue leakages stemming from non-declaration of full production volumes by spirits makers.  

New directors elected to CSE board

The Colombo Stock Exchange (CSE) yesterday announced the appointment of Dimuthu Sanjaya Abeyesekera and Murtaza Jafferjee as Directors of the CSE board with effect from February 1, 2019.   

Consumer and healthcare sectors lift Sunshine 3Q profits

The strong performance of the consumer, healthcare and energy sectors offset the negative results from the tea plantation business at Sunshine Holdings PLC, paving the way for the diversified conglomerate to pull off a robust performance for the quarter ended December 2018 (3Q19).   

MTD Walkers enjoined from transferring shares

The Colombo Commercial High Court has issued enjoining orders on MTD Walkers PLC restraining it from transferring its shares in the name of third parties or interfering with its shares in any other manner, until February 20. 

Rupee ends weaker on high dollar demand

(Colombo) REUTERS: Sri Lanka’s rupee ended tad weaker yesterday, as importer dollar demand surpassed the exporter greenback sales, market sources said.

Govt. to spend extra Rs.1.2bn on plantation sector worker wages

The government yesterday said it would contribute Rs.50 to the daily wage of every tea plantation worker, for a period of one year, which can only be described as a desperate measure to end the protracted plantation sector daily wage issue.

World Bank South Asia Vice President in town

The World Bank Vice President for the South Asia region, Hartwig Schafer is currently in town on his first visit to Sri Lanka to gain a better understanding of the country’s development priorities and as to how the bank can continue to support its critical reform agenda.  “Sri Lanka has made good progress in reducing poverty and ranks the highest in South Asia in terms of human capital development” said Schafer.  &ldqu

Access Engineering set to secure largest overseas project

Access Engineering PLC is en route to secure its largest construction contract outside Sri Lanka worth of 14 million euros to design and construct substructures for a Spanish-funded steel overp

Tipping the balance: Are worker remittances to SL really as large as we think?

Worker remittances constitute an important component in the balance of payments (BoP) accounts in Sri Lanka. In 2017, foreign exchange earnings fr

Mirror Biz Toon

Singer 3Q weighed down by heavy gearing, exchange losses

Costs stemming from heavy borrowings and substantial exchange losses weighed on Singer Sri Lanka PLC as the country’s largest consumer durables retailer and white goods maker suffered a loss for the quarter ended in December 2018 (3Q19).  Singer Sri Lanka reported Rs.15.9 billion revenues for the October – December period, up 10 percent year-on-year (YoY) while the group operating profit rose by 21 percent YoY to Rs.1.1 billion.&

Sri Lanka advertises for hangmen

Sri  Lanka  began advertising for hangmen this week, as the President Maithripala Sirisena pushes ahead with a hardline policy modeled on the Philippines, to combat drug trafficking. The photo shows a 

Harnessing the real potential of tourism industry

After much drama, a new head has been installed at the country’s tourism establishment. Corporate leader Kishu Gomes on Monday assumed duties as Chairman of both the Sri Lanka Tourism Development Authority and Sri Lanka Tourism Promotions Bureau (SLTPB).  During a press conference last F

Europe accounts for half of tourist arrivals in January

European tourists accounted for 50 percent of the tourist arrivals to Sri Lanka during the first month of 2019, the data released by Sri Lanka Tourism Development Authority

Rupee ends weaker on stock-related outflows

(Colombo) REUTERS: Sri Lanka’s rupee ended weaker yesterday, as banks bought dollars to facilitate stock-related outflows and importer greenback demand, market sources said.  The stock market closed down as 

The tax collector and rights of the taxed

Following is the first part of the full speech made by Dr. K. Kanag-Isvaran, President’s Counsel, at the 22nd Annual Oration on Taxation organized by the Institute of Chartered Accountants of Sri Lanka.

Understanding how central banks manage foreign exchange reserves

Global foreign exchange reserves—which are used by countries to pay for goods and services and to hedge against exchange rate risks—reached US $ 11.48 trillion in the second quarter of 2018, according to the International Monetary Fund (IMF).  

India bides its time in Indian Ocean

New Delhi’s strategic circles are abuzz with speculation of a defence infrastructure upgrade at India’s Andaman and Nicobar islands in the Bay of Bengal. According to media reports, the government is on the cusp of finalising a 10-year plan to create additional infrastructure for troops, warships, aircraft and drones on the islands. This follows news that the Indian navy has commissioned a third naval aviation base on the islands. &nb

January tourist arrivals up 2.2% to 244,239

The tourist arrivals during the first month of this year rose 2.2 percent year-on-year to 244,239, the Sri Lanka Tourism Development Authority (SLTDA) said in a brief press release yesterday. The largest source markets during the month were India, followed by China and the United Kingdom. 

NDB 4Q earnings beat economic odds, reports aggressive lending growth

National Development Bank PLC (NDB) reported robust earnings supported by aggressive growth in assets as the lender ploughed strongly through multiple headwinds in the economy to pull off some solid performance for the quarter ended December 31, 2018 (4Q18).  

Expolanka delivers a strong 3Q as earnings up 40%

Expolanka Holdings PLC marched forward with substantial growth in the top and bottom lines during the quarter ended December 31, 2018 (3Q19), led by its key logistics and freight forwarding business.   

CB says US $ 16mn pending from ETI Finance deal

The Central Bank yesterday said US $ 16 million from the ETI Finance (ETIF) deal is yet to be received.  

UK posts slowest growth in 6 yrs ahead of Brexit

(London)AFP: Britain’s economy grew at the slowest pace in six years in 2018 with near-flat output in the final quarter, data showed yesterday, as Brexit uncertainty and weaker global growth bites.