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Nestle revamp advances with $10 billion sale of skin health unit to buyout funds

ZURICH/FRANKFURT (Reuters) – Nestle has entered exclusive talks to sell its skin health business to a consortium led by EQT Partners for 10.2 billion Swiss francs ($10.12 billion), as the food group shifts its portfolio in response to changing consumer demands. The proposed transaction with private equity firm EQT, a unit of the Abu Dhabi…

(0)Comments | May 16, 2019 6:13 pm

Singer Group Posts Rs. 58.5 Billion Revenue for 2018/2019 – a 10% growth over PY

The Singer Group reported revenue amounting to Rs 58.5 billion for the twelve-month period 2018/19, compared to Rs. 53.1 billion for same period in the prior year with a growth of 10% whilst compared to Rs 65.1 billion revenue during the fifteen month period of 2017/2018 as appears in the published Financial Statements. For the…

(0)Comments | May 16, 2019 4:55 pm

Dipped Products posts healthy growth in’18-19

Group pre-tax profit up 32% to Rs 1,643 million; Strong gains from performance enhancing initiatives in local operations in the face of stiff market conditions and robust contributions from overseas marketing operations have generated noteworthy profit growth in 2018-19 for Dipped Products Group, a global leader in Hand Protection. The Group achieved a profit before…

(0)Comments | May 16, 2019 4:19 pm

Teejay ends positive 2018-19 with 6th straight quarter of profit growth

Posts 12-month net profit of Rs 1.86 billion on sales of Rs 31.7 billion   Sri Lanka’s multinational textile manufacturer Teejay Lanka PLC has ended FY 2018-19 on an impressive note, with consistent sales and profit gains of the preceding months bolstered by robust growth in the final quarter, the Group’s sixth consecutive quarter of…

(0)Comments | May 16, 2019 3:10 pm

Fitch Affirms Hemas Holdings at ‘AA-(lka)’; Outlook Stable

Fitch Ratings has affirmed Sri Lanka-based conglomerate Hemas Holdings PLC’s (Hemas) National Long-Term Rating at ‘AA-(lka)’ with a Stable Outlook.  The affirmation of Hemas’ rating reflects the company’s improved business risk profile after the successful integration of Atlas Axillia (Private) Limited (Atlas), a leading school and office stationery manufacturer, which it acquired in early 2018….

(0)Comments | May 16, 2019 2:19 pm

UNWTO Chief Zurab Pololikashvili calls on world community to visit Sri Lanka

The United Nations World Tourism Organisation (UNWTO) Secretary General Zurab Pololikashvili has called on the global community to offer its unwavering support to Sri Lanka through Tourism at this critical moment noting that hotels, beaches and other sites of interests are open as usual, a statement published in a video message published at Sri Lanka…

(0)Comments | May 16, 2019 12:25 pm

Sri Lanka’s India controlled and owned LIOC profits from Price formula, Profits top nearly 1 Bn in a quarter

Company reports Rs. 938 Mn profits in March 2019 quarter compared to a loss of Rs. 103 Mn in the same quarter of 2018   The Sri Lanka unit of the India owned and controlled Lanka Indian Oil Company (LIOC) latest results for the quarter ended from January to March 31st 2019 highlights that company’s net…

(0)Comments | May 16, 2019 10:53 am

London Stock Exchange Group Signs MoU with Colombo Stock Exchange

Establishes framework for LSEG and CSE to enhance domestic and international debt capital markets in Sri Lanka Follows $2.4 billion London listing of Sri Lanka’s off-shore bond London Stock Exchange Group (LSEG) announced the signing of a landmark Memorandum of Understanding (MoU) with the Colombo Stock Exchange (CSE) to facilitate further collaboration between the two…

(0)Comments | May 16, 2019 10:23 am

Nedal Salem Takes The Helm of Ceylon Tobacco Company

Nedal Salem was appointed Managing Director and Chief Executive Officer (MD & CEO) of Ceylon Tobacco Company PLC (CTC) effective 15th May 2019. During his career spanning over two decades at British American Tobacco (BAT), Nedal has held various senior Management roles in nine markets across three continents. He holds a Bachelor of Arts (BA)…

(0)Comments | May 16, 2019 9:53 am

Janashakthi Life Records Strong Double Digit Growth in Q1 2019

Life Insurer looks to continue promising progress against plans laid in 2018   Colombo, May 15, 2019: Leading Sri Lankan Life Insurer, Janashakthi Insurance PLC delivered significant double digit growth in Gross Written Premiums (GWP) during the period under review, registering 23.8% year-on-year growth, from Rs.764.59 million in Q1 2018 to Rs.946.61 million in Q1…

(0)Comments | May 16, 2019 9:47 am