Advocata advocates open tender process for ECT

Advocata Institute, a Colombo-based think tank, which promotes free markets, yesterday welcomed the government’s decision to resume the stalled East Container Terminal (ECT) Project in the Colombo Port but called for improved government oversight of the project through an open tender process.

Blackstone poised to buy Piramal Glass for US$ 1bn

Blackstone Group Inc. has agreed to acquire the glass unit of Indian conglomerate Piramal Enterprises Ltd. for about US$1 billion, according to people with knowledge of the matter.

Teejay Lanka makes turnaround in 2Q; records Rs.631mn net profit

Listed textile manufacturer, Teejay Lanka PLC, which has operations in Sri Lanka and India said it remains “cautiously optimistic” about the company’s business prospects as Sri Lanka’s situation with regard to fighting the COVID-19 pandemic continues to evolve.

Moderate loan growth weighs on Sampath 3Q; asset quality improves

Sampath Bank PLC’s net interest income fell during the three months to September (3Q20) due to nascent growth in new loans while the margins compressed amid falling interest rates and soaring deposits.

NDB maintains growth momentum in 3Q

National Development Bank PLC (NDB) seized the economic rebound after the end of lockdowns in May as it gave more loans to generate higher interest and fee incomes in the three months to September (3Q20),

G-Sec gains blunt pandemic hit on ComBank’s 3Q profits

Gains from government securities (G-Secs) blunted the full impact of the pandemic on Commercial Bank of Ceylon PLC’s earnings in the September quarter (3Q20) while the bank was beginning to see some pick up in new loans.

HNB weathers pandemic; sees modest loan growth in 3Q

Hatton National Bank PLC (HNB) reported lower net interest income during the three months to September (3Q20) as growth in loans was just coming through after ebbing in the previous quarter, but it wasn’t enough to offset the cost of the soaring deposits amid pressure on margins.

COVID-19: Wake-up call for Sri Lanka’s tea industry

Sri Lanka is identified as one of the most vulnerable middle-income countries to the economic fallout from the COVID-19 pandemic.

Not having PayPal costs Sri Lanka substantial loss of foreign income: Study

Further delays in getting the worldwide online payment system PayPal into Sri Lanka limits the country’s potential in facilitating inward payments, an area that requires urgent intervention, as the economy is in dire need of foreign exchange to improve its balance of payment (BoP) position.

NBFI sector gross NPL ratio eases to 13.1%

The non-bank financial institutions (NBFI) sector’s non-performing loan (NPL) ratio softened in August, from the highest levels reached in June, indicating that the worst of the troubles facing the sector are alleviating, although the current state does not by any means provide indications that the risks are over. The NBFI sector gross NPL ratio eased to 13.1 percent by end-August, from 14.14 percent reached in June, breaking a more than three-ye

LOLC’s iPay to expand to Myanmar, Pakistan and Indonesia

LOLC Holdings PLC plans to launch its digital payment mobile app iPay in Myanmar, Pakistan and Indonesia, following its success in Sri Lanka and Cambodia, as it aims to become a predominantly ‘phygital’ financial services provider by bridging the divide between the physical and digital worlds.

Rs.600mn Indo-Lanka Community Development Project Agreement renewed

Sri Lanka and India signed a memorandum of understanding (MoU) this week for high impact community development projects implemented in the country, at a cost of over Rs.600 million, under an Indian aid grant for next five years.

Dialog Axiata 3Q revenue, profits soar

Dialog Axiata PLC’s revenues returned to pre-pandemic levels in the September quarter (3Q20) while profits rose, as the company settled debt and booked translation gains on foreign borrowings amid measures deployed to cut costs paid off.

Pfizer’s CEO sold US $ 5.6mn in stock on same day of vaccine news

Pfizer CEO Albert Bourla sold US $ 5.6 million worth of stock on Monday — the same day it said its and BioNTech’s coronavirus vaccine showed 90 percent effectiveness in preliminary results, which saw the company’s stock soaring almost 8 percent.

Singer Sri Lanka puts up strong 2Q show despite gloomy forecast

Singer Sri Lanka PLC recorded robust sales during the three months ended in September (2Q21), with consumers buying more consumer electronics, household furniture, smartphones and laptops, as the COVID-19 pandemic demanded them to work from homes.

CHEC Port City Colombo says all measures taken to prevent spread of COVID-19

Two local workers and four Chinese employed at another CHEC project in Kotahena, Colombo 13, who were temporarily residing in one of the accommodation facilities at the Port City Colombo construction site, tested positive for COVID-19, during the testing for all staff, yesterday.

ICT development in Sri Lanka – All governments facilitated

The present global pandemic has accelerated the actions of more people using computers and telecommunication-linked facilities for purposes of commercial and domestic communication.

Govt. to set up 400-acre pharma manufacturing zone in Hambantota

The Cabinet of Ministers this week approved a proposal to establish a 400-acre special pharmaceutical manufacturing zone equipped with modern facilities in Hambantota.

Exports propel Hayleys 2Q as pandemic upends its fortunes

Quick rebound in export volumes and group-wide cost efficiency measures paid off as Hayleys PLC reported robust top and bottom line performances for the quarter ended in September (2Q21), recording the group’s best ever six months.

Healthy top line gains boost Nestlé Lanka 3Q

Supported by healthy gains at the top line amid pent up consumer demand, Nestlé Lanka PLC, the local unit of Swiss food giant, reported improved earnings for the September quarter (3Q20), the interim financial accounts released to the Colombo Stock Exchange showed.

Dialog customers can now roam on 5G networks overseas

Dialog Axiata, Sri Lanka’s premier connectivity provider, announced the launch of 5G roaming that would enable Dialog subscribers to roam on 5G networks while overseas.

 Sri Lanka’s Couch Safari gains popularity across tourism target markets

The first round of promotional efforts taken to position Sri Lanka as a holiday destination amidst the pandemic has turned out successful with the ‘Couch Safari’ initiative of the Tourism Promotion Bureau becoming increasingly popular amongst international travellers.

ICRA Lanka expects rupee to hold up value despite headwinds

Rating agency ICRA Lanka says the rupee would hold up its value through the end of the year as exports and remittances remain strong amid controls in place on non-essential imports and less than a half billion dollars in debt remaining to be settled this year.

Cabinet nod to award long term contracts to procure petrol and diesel

The Cabinet of Ministers this week approved the proposals to award contracts to U.A.E-based ES Energy DMCC and Singapore-based Swiss Singapore Overseas Enterprises Pte. Ltd. to procure petrol (92Unl) and diesel for the next eight months.

Cigarette sales reach pre-pandemic levels in third quarter

Ceylon Tobacco Company PLC (CTC) said its sales reached pre-pandemic highs as the cigarette volumes picked up fast to surpass the year earlier levels in the three months ended in September 2020 (3Q202). The sole cigarette manufacturer in the country reported revenues of Rs.44.6 billion for the three months to September compared to Rs.35.3 billion recorded in the corresponding period in 2019.

Banks asked to extend debt moratorium by further 6 months

The Central Bank yesterday directed banks to extend the debt moratorium to COVID-19-affected businesses and individuals for a further six months, commencing from October 1, 2020.

Air freight operations give lift-off to Expolanka’s 2Q

Expolanka Holdings PLC secured exceptionally strong top and bottom line growth during the quarter ended on September 30, 2020 (2Q21), largely as a result of a focused and consistent strategy, along with the ability to stay agile and optimise opportunities presented in a dynamic operating environment.

United Motors records higher profits, revenue in 2Q despite challenges in auto sector

United Motors Lanka PLC (UML) posted a group profit of Rs.366 million for its September quarter (2Q21), compared to Rs.13.5 million in the corresponding period last year, supported by the increase in revenue and margins in vehicle sales, aftersales and lubricant business.

Workers’ remittances record highest YoY growth

Meanwhile, workers’ remittances continued to increase notably for the fourth consecutive month, recording a healthy growth of 36.1 percent in September 2020, year-on-year (YoY), to US $ 703 million.

Trade gap continues to shrink as exports rise

The trade deficit continued its descent in September from a year ago, amid the rise in export earnings while the temporary restrictions on non-essential imports and low oil prices kept a check on the import bill, assisting the external sector of the country.