Pursuant to several inquiries received by Audit Firms from Listed Companies/regarding the disclosure to be made on the impact of COVID – 19, The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), in consultation with the Colombo Stock Exchange (CSE) has established a Task Force to develop a ‘Corporate Disclosure Guidance Note’ (‘Guidance…
The impact of the coronavirus pandemic on the alcoholic beverage industry has been well-documented over the last several weeks. Alcoholic beverage manufacturers were ordered to cease on-site consumption in their taprooms as a result of statewide stay at home orders have been forced to take drastic measures to stay in business. Meanwhile, Lion Brewery Ceylon Plc,…
The Colombo Stock Exchange (CSE) is set to resume trading on Monday (11 May 2020) after its longest ever shut down aimed at combating the COVID-19 pandemic. This decision has been taken consequent to the announcement made by the Government that both public and private sector entities in the districts of Colombo, Gampaha, Kalutara and…
Begins 11th May with a weekly service offering capacity of up to 50 tonnes per flight to more than 65 cities and counting Emirates SkyCargo has announced the commencement of scheduled cargo flights from Colombo, following the successful operation of special flights in the second half of April to support Sri Lankan exporters’ efforts to…
A new Molecular Diagnostic Laboratory of the National Institute of Infectious Diseases (IDH) was declared open on 28 April 2020 by Dr. Anil Jasinghe, Director-General of Health Services. The new Laboratory was made possible due to funding and pledges received from private sector donors Melstacorp PLC, John Keells Holdings PLC, Deutsche Bank and South Asia…
GlaxoSmithKline has sold its stake in Unilever’s Indian business for $3.4 billion, marking India’s largest block trade, which will help the British company in its goal of reinvigorating its drug development pipeline. The transaction GSK announced on Thursday comes as it pursues a two-year programme to split into two entities after it made costly bets…
The International Monetary Fund has approved requests for emergency pandemic aid from 50 of its 189 members for a total of about $18 billion and is continuing to work quickly through the remaining more than 50 requests, an IMF spokesman said on Thursday. The IMF’s executive board was working through requests at record speed and…
Sri Lanka’s gross official reserves were down by US$353.84 million to US$ 7,179.9 million in April 2020 from US$ 7,533.74 in March 2020, latest Central Bank data showed. By the end of April, foreign currency reserves were 6,744.1 million dollars while the reserve position in the IMF was 65.3 million dollars. Special Drawing Rights were…
The Asian Development Bank (ADB) has provided a guarantee for a $25 million trade loan to the State Pharmaceuticals Corporation of Sri Lanka (SPC) to purchase medical supplies as part of the country’s response to the novel coronavirus disease (COVID-19) pandemic. The supplies, to be purchased by SPC with the loan, will include personal protective…
Profit after tax increases by 53% to Rs. 416 Mn Net Interest Income up by 23% and NIM improves from 4.36% to 4.78% Operating Profits up by 22% owing to excellent core banking performance Operational efficiency further increases, improving Cost to income ratio from 50% to 45% during last 3 months Builds additional loan loss…
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