CTC 1Q profits surge amid surprise volume pickup

Sri Lanka’s monopoly cigarette player, Ceylon Tobacco Company PLC (CTC) saw its net profit for the March quarter (1Q18) increasing little over half a billion rupees with a surprising 11 percent year-on-year acceleration in volumes.

People’s Leasing March net up amid moderate loan growth

The profits at People’s Leasing & Finance PLC (PLC) nearly doubled during the March quarter (4Q18) largely on higher margins, other incomes and lower operating costs as the loan book growth moderated. 

ComBank March profits up on strong new loans, higher margins

Commercial Bank of Ceylon PLC (ComBank) recorded higher top and bottom line gains during the quarter ended in March 31 (1Q18), as Sri Lanka’s largest private lender by assets expanded its loan book quite substantially and improved margins. 

SL among most exposed economies to interest rate shocks: Moody’s

Sri Lanka has been ranked among the most vulnerable economies exposed to interest rate shocks over the next four years, due to the relatively short average debt maturities and weak debt affordability, ahead of the country’s bunched up external debt repayments from 2019 to 2022, according to a Moody’s investor service report released yesterday.

HNB March profits surge on strong loans, margins and efficiency gains

Strong growth in new loans, higher margins and operational efficiencies helped Hatton National Bank PLC (HNB) to offset higher loan-loss provisions and trading losses in March, as the banking group reported robust growth in bottom line for  the quarter. 

Rupee hits record low; exporters on sidelines

REUTERS: The Sri Lankan rupee hit a record low of 158 per dollar yesterday in thin trade after the Central Bank chief said the currency will depreciate gradually while exporters stayed away from the market expecting further weakness.

IFC may extend US $ 20mn to Central Finance to boost lending to agri SMEs

DealStreetAsia: Expanding its exposure in the region’s microfinance and financial services space, the International Finance Corporation (IFC), a member of the World Bank Group, has proposed to extend up to US $ 20 million local currency equivalent loan facility to Sri Lanka-based Central Finance Company. 

Shares hit 5-week closing low on fuel price hike, foreign outflows

REUTERS: Sri Lankan shares ended at a near five-week low yesterday, led by industrial shares such as John Keells Holdings, while foreign outflows and the recent fuel price hike weighed on sentiment, stockbrokers said.

Jetwing Symphony cuts losses in March as top line makes strong gains

Jetwing Symphony PLC was able to cut its losses for the quarter ended in March 2018 (4Q18) due to higher top line growth as three of its hotels in the portfolio making considerable revenue gains, which outpaced the increase in direct costs.   

Dialog March net up over better key biz units’ performance

The synchronized improvement in all core business units helped Dialog Axiata PLC to record a healthy bottom line while the group is seen aggressively expanding into financial technology (fintech) space to further diversify its revenue 

Chinese, Middle East, Russian firms in talks to build refinery in Sri Lanka

REUTERS: Chinese, Middle East and Russian companies are in ‘preliminary discussions’ to build an up to US $2.7 billion, 100,000 barrel-per-day (bpd) refinery for Sri Lanka’s State-owned Ceylon Petroleum Corporation (CPC), the head of the fuel retailer said.

CB expects slowdown in vehicle imports due to fuel price hike, rupee depreciation

The Central Bank expects a slowdown in motor vehicle imports to the country with the recent hike in fuel prices and depreciation of the rupee.

Govt. responds to Sri Lanka-Singapore FTA detractors

In response to concerns raised by some professional associations last week concerning the Sri Lanka-Singapore Free Trade Agreement (SLSFTA), the Development Strategies and International Trade Ministry in a detailed response said the movement of natural persons from Singapore has not been opened except for intra-corporate transferees in senior management and business visitors linked to investments.

US sanctions against Iran to affect oil supply balance: Fitch

The reinstatement of US sanctions against Iran announced on May 8 and the resulting potential sustained loss of Iranian exports increase the chances of the global oil supply-demand balance remaining in deficit in 2018-2019, Fitch Ratings says. 

Lankan shares close little changed, but post third weekly fall

REUTERS: Sri Lankan shares closed little changed yesterday as most investors stayed on the sidelines to see the real impact of a hike in fuel prices, brokers said. State-run fuel retailer Ceylon Petroleum Corp (CPC) raised retail prices for gasoline and diesel from Thursday midnight in response to rising oil prices. The Colombo stock index fell for a fif

Malaysia’s Mahathir to appoint adviser to recover 1MDB funds - sources

REUTERS: Malaysia’s newly-elected Prime Minister Mahathir Mohamad plans to appoint a finance ministry adviser who will oversee efforts to recover billions of dollars allegedly stolen from state fund 1

World stocks set for best week since March

REUTERS: World shares rose yesterday as investor appetite for risky assets got a boost from soft U.S. inflation numbers, helping soothe worries that the Federal Reserve might step up the pace of its rate hikes.

Asian Development Bank provides US$ 100 mn additional funding to enhance job skills

The Asian Development Bank (ADB) and the Government of Sri Lanka signed a US$100 million loan agreement as additional financing for the government’s efforts to develop skills to meet labour demands, support economic

Apparel industry sourcing expo opens

The 8th AISEX and FASE apparel industry sourcing expo opened at the BMICH on Thursday. Picture shows Industry and Commerce Minister Rishad Bathiudeen inspecting some items on display. Chairman of Sri Lanka Apparel Institute Prof. Lakdas Fernando is also present. Pic by Kithsiri de Mel

Japanese auto delegation due here to discuss duty anomalies

A 40-member Japanese delegation is slated to visit Sri Lanka in October this year, in order to look at the possibilities of streamlining the automobile industry that is being currently impacted by the Treasury’s ad-hoc tax policies.

Govt. to set up 3 LNG power plants in Hambantota with China, India and Japan

Sri Lanka is to establish three Liquefied Natural Gas (LNG) power plants in the Hambantota area with Chinese, Indian and Japanese government assistance. A proposal to this end presented by Power and Renewable Ener

EU provides Rs.810mn to modernise Sri Lanka’s agri sector

The European Union (EU) has launched a Rs.810 million project to support the modernisation of Sri Lanka’s agriculture sector.  The project ‘Support to the modernisation of the agriculture sector in Sri Lanka’ will be implemented by Ecorys. 

Commercial High Court summons Adamexpo’s ex-Company Secretary

The Commercial High Court of Colombo issued summons on former Company Secretary of Adamexpo Ltd., Dilanka Mendis for alleged offence of contempt. High Court Judge Ruwan Fernando issued the summons pursuant to the petition filed by Dr. Ai Asger Shabbir Gulamhussein.

Rupee hits record closing low; CB intervenes

REUTERS: The Sri Lankan rupee closed marginally weaker yesterday and ended at a record closing low, prompting the Central Bank to sell dollars to support the domestic currency, dealers said.

Professionals say govt. rushed into Singapore FTA

The top professional bodies representing engineers, architects, town planners and quantity surveyors and other related professions this week charged that the government has rushed into signing the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) without having proper legal frameworks in place to ensure job security of local professionals and the possible entry of under-qualified overseas professionals.

NDB March net profit up on higher margins; loan growth moderates

National Development Bank PLC (NDB) reported higher profits for the January – March quarter (1Q18) as the bank was seen pricing its loans higher as the loan book growth moderated amid general slowdown in private sector credit.

Mangala confirms Ranel Wijesinha new SEC Chiarman

Finance and Mass Media Minister Mangala Samaraweera responding to a media query yesterday confirmed that top professional Ranel T. Wijesinha will be appointed as the new Securities and Exchange Commission (SEC) Chairman.

Cabinet nod to lift ban on glyphosate for 36 months

The Cabinet of Ministers yesterday approved the proposal presented by Plantation Industries Minister Navin Dissanayake to lift the ban on the glyphosate weedicide for the tea and rubber industries for a period of 36 months.

Stocks end flat near 4-week low; lenders gain

REUTERS: Sri Lankan shares ended little changed yesterday, at a near four-week low, as losses in shares of beverage companies outweighed gains in bank stocks even as many investors continued to stay on the sidelines looking for fresh cues.

Lanka IOC losses narrow in March on higher sales, lower costs

Lanka IOC PLC (LIOC) saw its losses narrowing during the quarter ended March 31, 2018 (4Q18), due to the strong increase in sales while the company committed to keep its costs in check as the oil prices in the global market made notable gains during the previous 12 months.