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EU ban sends Sri Lanka’s sea food exports reeling

Sri Lanka has lost 36.5 per cent of its sea foods export revenue since last January due to the European Union ban of fishery product exports from the island, state the latest data released by the Central Bank of Sri Lanka. This downward trend is when compared to March last year and the main reason…

(0)Comments | June 3, 2015 12:24 pm

Public Utilities Commission to meet ‘Large Scale Electrical Consumers’ at the Ceylon Chamber

The Consumer Consultative Committee of the Public Utilities Commission of Sri Lanka in collaboration with the Ceylon Chamber of Commerce is organizing a discussion to obtain feedback from large scale industrial consumers regarding electrical power generation and distribution issues in the country. The upcoming discussion, which is to be held on the 11th of June,…

(0)Comments | June 3, 2015 10:38 am

Malaysia Airlines 'technically bankrupt'

Malaysia Airlines is “technically bankrupt”, its chief executive has said, as he announced a restructuring programme and plans to cut about 6,000 jobs. The announcement follows the twin air disasters which forced its nationalisation last year. The airline said it had “offered jobs” to 14,000 of its 20,000 workforce. The move was expected and follows…

(0)Comments | June 2, 2015 12:33 am

Renuka Foods PLC continues growth momentum

* Revenue for the year 2014/15 at Rs. 6.4 Bn * Aims for leading market share in Sri Lanka’s FMCG landscape In its interim financial statement released for the fourth quarter of the financial year 2014/15 Renuka Foods PLC recorded a revenue of Rs. 1,703 Mn, a 17% increase compared to the revenue during the same…

(0)Comments | June 1, 2015 11:53 pm

Colombo stocks start monthly operations on a negative note

Colombo equities started monthly operations on a negative note where both indices shed hefty returns amid mixed corporate earnings. Main index declined by 25.10 index points or 0.35% to end at 7,195.19 recording a one month low while 20-scrip S&P SL index declined below 4,000 mark after six weeks, shedding 14.49 index points or 0.36%…

(0)Comments | June 1, 2015 5:51 pm

Citrus posts steady performance in challenging times; bullish about future

Citrus Leisure Group has posted 102% growth in revenue for 2014/15, recording Rs 616 million of which its first property in Hikkaduwa contributed Rs 270 million. The newly opened Citrus Waskaduwa hotel contributed Rs 317 million in revenue, operating only for 9 months of the financial year.  The strong revenues were posted despite the entire…

(0)Comments | June 1, 2015 3:13 pm

Why was International Bond Issue delayed? CB Governor Arjun Mahendran responds

The government delayed its International Bond Issue since it wanted to pass on the entire benefits of the government’s borrowings to the people of Sri Lanka and that it issued international bonds recently since the time was ripe, said Governor of the Central Bank Arjun Mahendran. While commenting at a media briefing in Colombo recently,…

(0)Comments | June 1, 2015 3:03 pm

Lamborghini's 600-horsepower 'family' vehicle

Lamborghini’s new SUV will be built right where it should be — Italy. And the legendary sports car maker is aiming at the family market. The luxury sports car maker has been rumored to be working on a SUV since it unveiled the Lamborghini Urus, a concept car, at the Beijing Auto Show in 2012….

(0)Comments | June 1, 2015 12:27 pm

Will Sri Lanka possess several petroleum and gas fields after 2018? –Video interview

Sri Lanka is set to possess maritime borders extending up to 800 kilometres from shore in 2018 and it is believed that there are oil and natural gas deposits within these maritime areas said National Ocean Affairs Committee chairman Chris Tilaka Sri Dharmakeerthi. During an exclusive interview with www.adaderanabiz.lk he added, Sri Lanka is now…

(0)Comments | June 1, 2015 10:03 am

Softlogic Capital Records 782 Million Profit; Annual Turnover nudges 10 Billion

Softlogic Capital PLC which is the financial services holding company of the Softlogic Group, reported Profit after Tax for the Sector of Rs 782 Million for the financial year ended March 2015. The result was more than double previous year’s PAT of Rs 309 Million. The numbers are unaudited and were released to the Colombo…

(0)Comments | May 31, 2015 1:46 pm