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.  

Rupee ends higher as exporters, foreign banks sell dollar

(Colombo) REUTERS: Sri Lanka’s rupee ended a tad higher yesterday, as exporters and foreign banks sold dollars, amid government securities’ purchase by foreign investors, market sources said.

Hayleys bounces back in 3Q with strong sectoral contributions

Diversified conglomerate Hayleys PLC with an asset base of Rs.233 billion, bounced back strongly during the quarter ended December 31, 2018 (3Q18), after recording losses for two consecutive quarters, the interim financial accounts released to the Colombo bourse showed. 

Positive performance of key sectors boost Aitken Spence 3Q

Harry Jayawardena-controlled diversified conglomerate Aitken Spence PLC recorded strong top and bottom line growth for the quarter ended December 31, 2019 (3Q19), backed by improved performance in all its four key business segments.

Hemas pulls off solid quarter despite challenging macro-economic conditions

Hemas Holdings PLC delivered some  strong top and bottom line performance during the quarter ended in December 2018 (3Q19) led by its key consumer business along with the recent acquisition in the sector. 

Estate sector housing and infrastructure development reaches Rs.2bn in 2018

The Plantations Human Development Trust (PHDT) in a statement yesterday said it completed housing and infrastructure development projects to the value of Rs. 2 billion in 2018, as compared with Rs.1.4 billion in 2017.  Comprised of a tripartite coa

Sri Lanka urged to develop own narrative of China’s BRI

Sri Lanka needs to develop its own narrative of China’s Belt and Road Initiative (BRI), which is neither over-shadowed by reports from Western media nor reports circulated from China, wh

Sri Lanka requires broader focus on gender responsive budgeting: UNW

Sri Lanka, in its commitment to creating an inclusive economy must apply more focused efforts towards gender responsive budgeting, according to United Nations Women (UNW), 

Govt. sets guaranteed prices for paddy ahead of 2019 harvest

ECONOMYNEXT: Sri Lanka’s Finance Ministry had allocated Rs.5 billion to purchase rice at guaranteed prices from farmers ahead of the upcoming major harvest season, the government said.

Colombo Port to invest in new equipment to speed up operations

The Colombo Port has embarked on a major infrastructure drive as the Sri Lanka Ports Authority (SLPA) is set to receive fourteen new terminal tractors that will substantially increase the efficiency of the country’s busiest port. 

Kishu Gomes promises 3 mn tourist arrivals this year

The newly appointed Chairman of the Sri Lanka Tourism Promotion Bureau (SLTPB) and Sri Lanka Tourism Development Authority (SLTDA), Kishu Gomes yesterday promised to bring in a minimum of three million tourists to the island this year, capitalising on his over three decade experience at United States-based multinational corporations. 

Albert Edirisinghe Opticians marks 70 relaunching Colpetty branch

Albert Edirisinghe Opticians Ltd, one of Sri Lanka’s leaders in the optometric services segment, recently hosted an event to celebrate its 70th anniversary at the premises of its newly relaunched Colpetty branch. The event was attended 

Priyantha appointed Vice Chairman of Airport & Aviation Services

Priyantha Kariyapperuma has been appointed as the Vice Chairman of Airport and Aviation Services Ltd. by Civil Aviation and Transport Minister Arjuna Ranatunga. Priyantha previously has held a host of positions in the public sector. He was a former Director General of the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), Chairman o

Trade wars and Brexit fears sap German export surplus

FRANKFURT AM MAIN (AFP) -  Germany’s trade surplus narrowed last year compared with 2017, official data showed yesterday, with trade wars making themselves felt even as both imports and exports hit record highs. Europe’s powerhouse economy exported 227.8 billion euros (US$258.3 billion) more than it imported in 2018, federal statistics authority Destatis said. That figure was just ove

Asian markets fall on US-China talks, gloomy growth forecasts

HONG KONG (AFP) - Asian stocks fell yesterday following losses on Wall Street as fresh doubts emerged over the prospects for US-China trade talks and global growth outlook. Tokyo led the slump, while H

Rupee ends weaker as importer dollar demand weighs

COLOMBO (Reuters) - Sri Lanka’s rupee ended weaker yesterday as importers purchased U.S. dollars while releasing goods after a week-long strike by customs officers that left 6,000 containers stranded at the country’s main port was called off. The strike by thousands of officials began a week ago in protest at the sacking of Director General PSM Charles, who authorities blamed for a drop in customs revenue last year. The s

New division at Customs to crackdown on narcotics

Finance and Mass Media Minister Mangala Samaraweera this week announced that a separate marine division will be set up at Sri Lanka Customs (SLC) to tackle narcotics entering Sri Lanka.

Increased capacity utilization props up Teejay Lanka 3Q top line

Weft knit fabric maker, Teejay Lanka PLC reported higher rupee profits for the quarter ended December 31, 2018 (3Q19), partly stemming from the rupee depreciation against the US dollar, but the bottom line in dollar terms—the group’s functional currency— stayed put compared to the same quarter in the previous year. Teejay Lanka, a unit of Br