Access Engineering opens new asphalt manufacturing plant in Ganewalpola

Access Engineering PLC, the foremost civil engineering company in Sri Lanka, expanded its asphalt manufacturing plant operations by opening its seventh plant in Kollankuttigama in Ganewalpola, Kekirawa recently, in order to enhance its greater efficiency in operations.

Inflation fears could spook markets as lockdowns wreak economic havoc

Inflation fears, which are already making their presence felt in the consumer and supplier markets since of late could accelerate, perhaps even prompting the Monetary Board to take its foot off from the gas pedal ending the current stimulus.

Banks inundated with calls for relief as restrictions bite incomes

Banks have begun to receive calls and e-mails from their clients, mostly from small business owners, expressing grievances and requesting relief amid the new wave of lockdowns, as consumer traffic has waned significantly.

CTC revenues languish in 1Q; profits stay flat

Revenue growth at Ceylon Tobacco Company PLC (CTC) eased during the three months ended in March 2021 (1Q21), albeit recovering from the pandemic-struck December 2020 quarter but profits remained flat.

CB to assign supervisory ratings for all licensed banks from Oct. 1

The Central Bank (CB) plans to assign supervisory ratings for all licensed banks from October 1 onwards, under the recently finalised rating model based on the Bank Sustainability Rating Indicator (BSRI), to facilitate a risk-based supervision framework for banks.

Investors advised to brace for “bond tantrum” in 2H; but yield pressure likely to ease in short term

First Capital Research (FCR) recently said the current level of the massive amount of liquidity in the money market and the Central Bank’s continued support for government finances, by way of record level of Central Bank liquidity, would keep the bond yields in check for now.

Death due to long working hours on the rise: WHO, ILO study

The findings of a World Health Organisation (WHO) and International Labour Organisation (ILO) study revealed that the number of deaths due to long working hours has increased significantly in the recent years and it is imperative for governments and employers to take proactive actions at the earliest to protect workers’ health.

Chinese Embassy urge JV entities to comply with SL trilingual rules

The Embassy of China in Sri Lanka, Colombo, has urged Chinese entities engaged in joint ventures in Sri Lanka to ensure that all project sites and buildings comply with the trilingual rules of the island nation.

BoC first quarter profit soars on surge in loans

Profits at Bank of Ceylon (BoC) soared as the State lending giant saw a burst in loans in the three months ended in March (1Q21) as the economy was off to a robust start while the lender was also at the forefront in channelling billions of funds into priority economic sectors promoting the government’s economic agenda.

Sri Lanka bonds go from Asia’s worst to best after China loan

Sri Lankan government debt is leading gains in Asian dollar bonds this year as investors bet that the nation will avoid defaulting on its short-term notes, with the help of a Chinese funding facility.

Insurance industry emerges stronger during pandemic-hit year

While the banking sector emerged nearly unscathed from the pandemic, the less talked about insurance industry came off stronger in 2020 with almost every key performance metric in the sector doing better as the slump in claims in the general insurance sector drove sector profits higher.

Japan’s SBI Group invests US$ 2mn in Watawala Dairy Farm

Chevron Lubricants delivers solid 1Q on economic rebound

Chevron Lubricants Lanka PLC reported stellar performance for the three months ended in March 2021 (1Q21) amid recovery in economic activities.

Chrissworld to begin trading on CSE as first Empower Board listed company

Chrissworld Limited will be listed on the Empower Board of the Colombo Stock Exchange (CSE) with effect from May 18 2021.

SLT March quarter profits up on higher demand for data

Sri Lanka Telecom PLC (SLT) delivered strong financial performance for the quarter ended in March (1Q21), sustaining the pandemic-fuelled demand for data and other telecommunication services from a year ago, as the company reported double-digit growth in its top and bottom lines.

Central Bank purchases US$ 63mn from forex markets in April

The Central Bank bought US$ 62.81 million from the domestic foreign exchange market in April, as the monetary authority was making net absorptions in its quest to re-build reserves out of non-debt creating foreign currency flows.

WB expects worker remittances to SA to moderate this year

The World Bank (WB) projects that the inward remittance flows to South Asia will slow slightly to 3.5 percent year-on-year (YoY) this year, after rising by around 5.2 percent YoY in 2020, defying the predictions.

BOI stresses need for continuing manufacturing process despite COVID disruptions

Board of Investment (BOI) Chairman Sanjaya Mohottala yesterday stressed the need for continuing the manufacturing process as a national responsibility, despite the current COVID-19 pandemic situation in the country.

Hayleys Fabric records 4Q profit; eyeing business expansion

Hayleys Fabric PLC, the knit fabric maker of the Hayleys group, turned a profit for the three months ended in March 2021 (4Q21) but the performance was a moderation from the previous two quarters.

Nestlé Lanka’s earnings hit record high in 1Q

Driven by record high sales volumes and the low tax regime, Nestlé Lanka PLC, the local unit of the Swiss food giant, reported the highest earnings in the firm’s recent history for the March quarter (1Q21), despite the higher sales costs and marketing expenses.

Stability and sustainability underpin HNB 1Q

Hatton National Bank (HNB) recorded a profit after tax (PAT) of Rs.4.7 billion during the first quarter of 2021, while the profit before income tax (PBT) amounted to Rs.5.5 billion. At group level, PBT and PAT were at Rs.5.9 billion and Rs.4.8 billion, respectively.

NDB commences 2021 on positive note; ups profits by 34%

National Development Bank PLC (NDB) achieved sustained results for the first quarter ended on March 31, 2021, amidst challenging conditions.

World Bank says informal sector issues could slow recovery from COVID-19

Governments in emerging markets and developing economies (EMDEs) such as Sri Lanka are urged by the World Bank (WB) to adopt a comprehensive set of policies to address the drawbacks of informal sectors,

Govt. says ready to pay higher prices for organic paddy

President Gotabaya Rajapaksa has said his government stands ready to purchase paddy for higher prices than the guaranteed prices if there is any reduction in the yield due to use of organic fertilizer.

HIP sees highest monthly RORO volume in April

The Hambantota International Port has seen a significant increase in their RORO figures during the first four months of 2021, compared to the corresponding period last year.

Lanka IOC 4Q profits surge on lower oil prices, increased economic activities

Relatively low global oil prices and the resurgence seen in economic activities in the first three months of 2021 helped Lanka IOC PLC to deliver a profit in the period ended in March

ComBank first quarter profits soar; asset quality records improvement

Commercial Bank of Ceylon PLC reported sound performance for the three months ended in March 2021 (1Q21) as demand for loans gained pace while the company improved its margin amid the fast descent in interest rates.

Sampath Bank nearly doubles profit in 1Q; credit quality shows signs of improvement

Sampath Bank PLC delivered some robust profits for the three months ended in March 2021 (1Q21) as the bank saw its credit quality improving, resulting in much lower impairments than what it provided a year ago and opened its lending spigots generating more revenues.

Govt. exempts cess tax on projects above US$ 50mn investment

The Cabinet of Ministers has decided to exempt the cess tax charged on imports for projects or companies with an investment value of US$ 50 million or above as part of the government’s myriad measures to incentivise investments into the country.

14-day mandatory quarantine for tourists despite vaccination status

The local tourism sector will have to grapple with stronger health guidelines with immediate effect with the Ministry of Health (MoH) imposing tightened quarantine measures for all international travellers entering Sri Lanka.