IFC, a member of the World Bank Group, is partnering with Sri Lanka’s Commercial Bank of Ceylon on a $100 million financing structure to help the bank increase lending for renewable energy and energy efficiency projects in the country. This is IFC’s largest financing for its own-account in the country. This 7-year financing to Commercial…
Perceived Economic Opportunity PEO: May, 2017 This brief report of the Perceived Economic Opportunity (PEO) presents the analysis of a random survey carried out using a sample of 400 men and women in May 2017 covering all districts in Sri Lanka on their expectations of economic prospects in the ensuing twelve months. Status…
First quarter fiscal 2018 revenue of $227.3 million increased 0.6% sequentially and 10.6% year-over-year. First quarter fiscal 2018 GAAP diluted EPS was $0.10. Non-GAAP diluted EPS was $0.25, up 39% year-over-year. Purchased $27.3 million of shares under previously disclosed share buyback program. Raj Rajgopal appointed President Digital Business Strategy to expand Virtusa’s addressable market in…
The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 3.3 billion and profit before tax of Rs. 151 million for the first quarter of 2017/18. The profit after tax stood at Rs. 121 million. Haycarb PLC Managing Director Mr. Rajitha Kariyawasan said that while the company’s initiatives to increase throughput and the value added…
SriLankan Airlines has climbed to eighth position globally in IATA fuel efficiency ranking amongst 51 airlines in the same business model, following the implementation of a wide range of fuel efficiency and conservation measures over the last 22 months to reduce fuel burn. The 2016 ranking of airlines by the International Air Transport Association (IATA)…
Although the annual cashew demand in Sri Lanka is 20,000 MT, the local production of cashew is around 10,000 to 12,000MT. The scarcity of cashew prevalent in the local market has adversely affected the livelihood of a large number of families engaged in cashew production. As such, the following methodology proposed by Hon. Duminda Dissanayake,…
Reuters – Sri Lankan shares fell for an eighth straight session on Tuesday, posting their lowest close in nearly 3-1/2 months, with blue chips such as John Keells Holdings Plc leading the decline while selling by foreign investors also weighed on the market. The Colombo stock index fell 0.66 percent, or 43.30 points, to 6,524.13,…
CHEC Port City Colombo has signed up with MTI’s idea2fund, thus demonstrating their commitment to Sri Lanka by helping to identify and groom emerging Sri Lankan entrepreneurs. idea2fund by MTI Corporate Finance is an enabling platform for prospective Sri Lankan entrepreneurs to present their venture ideas, be challenged and receive constructive feedback, get linked with investors…
As bilateral trade recorded a huge 65 percent surge, the non-EU but central European nation Switzerland has called Sri Lanka to get on board its historic GSP facility and boost Lankan exports to Swiss market further. Meanwhile, UNCTAD says that a vast array of products from Sri Lanka including apparels, can enter the Swiss market…
Chartered Accountant Mr. Lakshman Athukorala was recently appointed to the Independent Audit Advisory Committee of the United Nations Industrial Development Organization (UNIDO), in Vienna, Austria as recommended at the 45th session of the Industrial Development Board. This is the first time a Sri Lankan has been appointed to the top UN audit committee. Mr. Athukorala…
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