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.

Banking sector asset quality holds up as lending accelerates, economy heals

The banking sector asset quality held up during most of the third quarter, albeit weakening somewhat from the levels seen at the beginning of the year.

MTD Walkers digs Rs.3.4bn hole in balance sheet as accumulated losses mount

MTD Walkers PLC lost Rs.4.5 billion for the fiscal year ended in March 2020 (FY19/20), along with a Rs.3.4 billion hole in the balance sheet, the long overdue financial results filed with the Colombo Stock Exchange (CSE) showed.

South Asia Textiles appoints Ajith De Silva as new chief

Diversified conglomerate Ambeon Group announced the appointment of apparel industry veteran Ajith de Silva as the new chief of South Asia Textiles Limited.

PickMe to deploy 1, 500 drivers in WP for essential deliveries

Thousand five hundred drivers and riders form the cream of PickMe’s network will be deployed to handle the initial round of essentials delivery to selected isolated locations in the Western Province.

Tobacco economics: How reduced consumption benefits household and national economy

On average, a tobacco-user household spends nearly Rs.2000 per month on tobacco, constituting 4 percent of the household budget. Spending on tobacco can drive out other critical expenditures, including basic needs. This crowd-out effect would be greatest for poor families, affecting not only the smoker but the rest of the family as well. Smoking, therefore, is not only unhealthy but costly.

New international economic order under COVID-19 – Whither Sri Lanka

This concept termed ‘new international economic order’ is not a new one – it’s a 50-year-old concept to promote the interests of developing countries vis-à-vis developed countries in early 70s. This is relevant now because the international economic order, like an organism, continues to evolve especially in the context of the current pandemic situation.

CSE launches action plan to revamp listing process

The Colombo Stock Exchange (CSE) has launched an action plan to address key areas relating to the process of listing a company on the CSE with the objective of enhancing its efficiency thereby better serving the funding requirements of companies belonging to both State and private sectors.

Private credit expands at faster pace in September

Sri Lanka’s private sector credit, a key measurement of economic activities, expanded at a faster pace in September than a month before, continuing a momentum set forth in August as both individuals and businesses borrowed to sustain their consumption and future growth.

Surge in demand helps Sri Lanka Telecom to record higher revenue, profits in third quarter

Sri Lanka Telecom PLC (SLT) reported stronger top and bottom line results for the three months ended in September (3Q20) as demand for telecommunication services surged as the pandemic upended how people work, shop, educate, interact and entertain.

Credit card spending falls for second consecutive month in September

People continue to shun credit card debt for the second month in a row in September although they appear to be signing up for new cards.

SLAITO thanks govt. for moratorium extension

The Sri Lanka Association of Inbound Tour Operators (SLAITO) has thanked the government and Central Bank for taking the initiative to grant a further three-month moratorium on COVID-19 working capital loans taken by the industry.

CTISL calls on govt. to expand current tourism relief package

The relief package extended by the government to the tourism sector was welcomed by stakeholders, however, the industry said further relief is required to stay afloat as the country grapples with the second wave of COVID-19.