Ceylinco Life’s 1Q net profit up 58% to Rs.673mn

Ceylinco Life has accelerated into FY 2017 posting robust income growth and exceptional profit growth for the three months ending March 31, 2017.

Flood-hit borrowers get 3-month moratorium

The Central Bank has instructed all banks to grant a moratorium on loans obtained by the borrowers hit by the floods and adverse weather conditions in a bid to provide some relief until they get back on their feet, Mirror Business learns. 

Tourism authorities say flood impact on industry minimal

Sri Lanka’s tourism industry has experienced only minimal impact from the recent floods, state and private sectors stated yesterday, which has led the tourism authorities to maintain their revenue and arrival forecasts for the year.

Ondaatjie family finance firm divests ComBank stake; Indra Silva buys

Ondaatjie family controlled Mercantile Investments and Finance PLC (MIF) yesterday divested its entire holdings in Sri Lanka’s largest private lender, Commercial Bank of Ceylon PLC, in a Rs.1.43  billion deal.

Royal Ceramics March net up over healthy gains from tiles and aluminium

Royal Ceramics Lanka PLC reported earnings of Rs.889.7 million or Rs.8.03 a share for the January –March quarter (4Q17), recording an increase of slightly over 17 percent year-on-year (YoY) due to healthy growth in profits from tiles, sanitary ware and  aluminium segments.

SLPA refutes efficiency and profitability related allegations of critics

A top Sri Lanka Ports Authority (SLPA) official recently appealed to the detractors of the state institution to recognize the sacrifices it is making to create a level playing field for the private sector while delivering a positive performance.

Laugfs Gas records Rs.748mn net loss for 4Q as costs surge

 Diversified conglomerate, Laugfs Gas PLC, posted a net loss of Rs.747.6 million for the March quarter (4Q17), against a net profit of Rs.120.9 million year-on-year (YoY) due to higher cost of sales and higher finance costs arising from the highly leveraged business, the interim financial accounts showed.  The loss per share for the quarter was Rs.1.9, against earnings of 31 cents a share, YoY. However the group’s gross revenue fo

‘Sri Lanka Investment and Business Conclave 2017’ kicks off

The inauguration of ‘Sri Lanka Investment and Business Conclave 20017’ organized by the Ceylon Chamber of Commerce was held yesterday under the patronage of President Maithripala Sirisena. 

Exporters say new FM’s competencies a boost to commercial diplomacy

The National Chamber of Exporters of Sri Lanka (NCE) which is the private sector chamber exclusively serving Sri Lankan exporters, whose member exporters make a substantial contribution to the economic development of Sri Lanka through exports, welcomes the strategy of the Ministry of Foreign Affairs to actively engage in ‘Commercial diplomacy’ through the Sri Lankan missions overseas, as announced by Dr. Harsha De Silva, Deputy Minist

Flood and rain stall work on Southern railway extension project

The work on phase one of the Southern railway extension came to a sudden stop due to the heavy deluge that inundated the Matara district last Thursday and Friday. Most of the base camps established by China National Machinery Import & Export Corporation (CMC) were submerged and the staff had to be evacuated.

Sri Lanka to fully automate company registration process

Turning a new page in Sri Lanka’s business history, the entire company registration process is to be fully automated thereby slashing the waiting period for the birth of a new company. 

Wickramarachchi celebrates 40 years of serving the nation

The pioneers of Cochlear implants in Sri Lanka, J.M Wickramarachchi & Company celebrated 40 years of selfless service to the nation recently. 

SriLankan expands network to Myanmar with Myanmar Airways

SriLankan Airlines will expand its network to Yangon, the capital of Myanmar, from 1st June, with the commencement of a codeshare partnership with Myanmar Airways International (MAI), one of Myanmar’s best-known airlines.

Eight lucky PickMe drivers win Rs.100,000 with ‘Lakshapathi Waram’

PickMe, the homegrown startup with the leading tech-based taxi-hailing app in Sri Lanka, continues its efforts to uplift the spirit of their drivers with the launch of ‘Lakshapathi Waram’, a unique initiative to honour the values of their driver partners. The driver-rewarding scheme recently chose eight drivers and presented each of them with Rs. 100,000.

Union Bank celebrates Vesak with Bodu Bathi Gee Saraniya

In celebration of Vesak, Union Bank held Bodu Bathi Gee Saraniya 2017at the bank’s head office.  Chairman of Union Bank’s group companies NAMAL Asset Management and UB Finance- Alexis Lovell, Director and Chief Executive Officer- Indrajit Wickramasinghe, corporate and senior management, staff and invitees attended the event.

‘Colour Splash’ art competition held for children of Amâna Takaful family

Amâna Takaful being the insurance pioneer of the ‘takaful way’ since 1999, is not only a pioneer in the Takaful field but is also a trusted establishment that places employee growth and well-being as a top priority. It is one such work place where every employee is treated with respect and value. 

Laugfs Supermarkets rewards customers with ‘Lakshapathi’ Raffle Draw

Laugfs Supermarkets chain concluded its ‘Lakshapathi’ Raffle Draw conducted over a 45-day period, featuring cash prizes worth Rs. 100,000 and a daily total bill wipe-off opportunity, in a bid to reward loyal customers. 

DP Logistics moves headquarters to Pelawatta

 DP Logistics (Private) Limited (DPL), a subsidiary of David Pieris Group of Companies has moved from Wellampitiya to Pelawatta to provide greater accessibility and convenience to its customers. The new address is No. 941, Pannipitiya Road, Pelawatta, Battaramulla. The move stems from DPL’s need for additional space to accommodate the growth in demand for its services and expanded product range. 

You’re My Favorite‘s film with Darshi Keerthisena wins CFW Fashion Film Award

The Summer Season of Colombo Fashion Week in March 2017 saw the introduction of a new annual initiative called Fashion Films. This brought together two creative streams of fashion and films; Five 

Mobitel gives the gift of clear vision to over 16,000 customers

Mobitel, the National Mobile Service Provider, takes its ‘We care. Always’ pledge a step further by organizing its 16th ‘Eye Clinic Project’ on 27th May 2017. Demonstrating its social responsibility 

NVOCC agents bank on new ports minister to reverse harmful laws

The Sri Lanka Association of NVOCC (non-vessel operating common carrier) Agents (SLANA) said that it would work with the new Ports and Shipping Minister to address the negativities created by the laws and regulations passed by the previous regime, which have caused the Colombo Port to be viewed negatively by the world.

Cyclone churns towards Bangladesh as storm toll reaches at least 201 in Sri Lanka, India

REUTERS: A severe and intensifying cyclone churned north towards Bangladesh yesterday after heavy rain in Sri Lanka and thunderstorms in eastern India killed at least 201 people, with more torrential downpours forecast.

Edgbaston among top 20 shareholders of JKH

Edgbaston Asian Equity Trust, the Houston Texas-based fund of UK-based Edgbaston Investment Partners, for the first time, is featured among the top 20 shareholders of Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH).

Tobacco retailers meet FinMin over industry concerns

The Sri Lanka Tobacco Retailers’ Association met the newly appointed Finance Minister Mangala Samaraweera at the Finance Ministry last week to highlight several issues facing traders and tobacco sales. 

Shares fall to two-week closing low; floods weigh

REUTERS: Sri Lankan shares fell yesterday in dull trade to close at their lowest in two weeks, as investors booked profits in heavyweights such as John Keells Holdings PLC and Commercial Bank PLC while floods and landslides that hit the island nation weighed on sentiment.

Taj Samudra owner narrows losses in March

TAL Lanka Hotels PLC, which operates the Taj Samudra hotel in Colombo, managed to narrow its net losses to Rs.1.19 million during the March quarter (4Q17), compared to a Rs.28.35 million net loss year-on-year (YoY) through cut backs in expenses, during a period of poor tourist arrivals to Sri Lanka.

NDB committed to bring success to women entrepreneurs

‘When sleeping women wake, mountains move’ a famous Chinese proverb is starting to become more and more relevant in today’s context, in an era where the role of women have become ever more essential in the development of economies across the world.

Maliban named ‘Most Loved’ biscuit manufacturer in Sri Lanka

Maliban Biscuits was honoured as ‘The Most Loved’ biscuit manufacturer, amongst a host of other top brands in Sri Lanka, according to the latest LMD Brands Manual 2017 compiled by Brand Finance and presented by Media Services.

Abbotsleigh Estate obtains all-time record price

At this week’s tea auction, an invoice of PD grade from Abbotsleigh Estate, selling under the ‘Florence’ mark, secured an all-time record price of Rs.720 per kilogramme in the CTC high-grown category.

Indian CEO Forum holds fourth annual general meeting

The Indian CEO Forum Sri Lanka (ICF) recently held its annual general meeting (AGM), where Special Assignments Minister Dr. Sarath Amunugama was the chief guest and Indian High Commissioner in Sri Lanka Tajinder Sandhu was the guest of honour.