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CBSL Determined to Curb Unwarranted Depreciation of the Rupee

The underlying fundamentals do not warrant the current pressure on the Sri Lanka rupee. Gross external reserves are presently at a healthy USD 9.1 bn and the real effective exchange rate indices indicate that the currency is competitive. The pressure on the currency is, therefore, unwarranted. The following inflows are expected to boost the current…

(0)Comments | May 17, 2018 8:11 am

Sri Lankan shares extend gain to 1-week closing high

Reuters – Sri Lankan shares rose for a second straight session on Wednesday and closed at a one-week high, with Ceylon Tobacco Co Plc leading the gains. The Colombo stock index ended 0.42 percent firmer at 6,483.47, its highest close since May 9. It hit a five-week low on Monday. “There was slow local buying…

(0)Comments | May 17, 2018 8:09 am

SLT Group 1Q 2018 EBITDA up by 8.5% to Rs 6.1 bn

Sri Lanka Telecom PLC (SLT) released its Group and Company financial results for the 1st Quarter 2018, today. The group has reported EBITDA or Operating Profit before depreciation and amortization of Rs. 6.1 bn during the 1st quarter 2018, with a Year on Year increase of 8.5%. The EBITDA margin of the Group increased from…

(0)Comments | May 16, 2018 10:28 am

President asks NEC to hold a special workshop for Ministers, MPs and officials on Economic Development plan

President Maithripala Sirisena advised the National Economic Council (NEC) to hold a special one-day workshop on the government’s comprehensive economic development plan for Ministers, Members of Parliament representing the government, Ministry secretaries and Central Bank  and Treasury officials. He said such a workshop will be helpful to make them aware of the plans and also…

(0)Comments | May 16, 2018 10:23 am

Sri Lankan shares snap losing streak; fuel price hike weighs

Reuters – Sri Lankan shares ended firmer on Tuesday, edging up from a near five-week closing low hit in the previous session, led by Ceylon Cold Stores Plc, while the recent fuel price hike weighed on sentiment, stockbrokers said. The day’s turnover slumped to near one-month low as investors stayed on the sidelines, they said….

(0)Comments | May 16, 2018 8:09 am

Singer Revenue in January – March 2018 Quarter increases by 13% despite challenging environment

Singer (Sri Lanka) PLC announced today its results for the quarter ended 31st March 2018.  The results showed an increase of 13% in revenue amounting to Rs. 13.6 Billion compared to the same quarter in previous year, in spite of challenging business conditions. In the period under review for the 3 months ended 31st March…

(0)Comments | May 15, 2018 5:37 pm

Facebook to empower youth and entrepreneurs in Sri Lanka

Partners with the Information and Communication Technology Agency (ICTA) of Sri Lanka to empower 10,000 SMBs by the close of 2018 Facebook’s global ‘Boost Your Business’ program is now available for the youth and entrepreneurs of Sri Lanka. Recognizing the potential of the country’s small business owners, Facebook has partnered with the Information and Communication…

(0)Comments | May 15, 2018 4:40 pm

Commercial Bank accelerates into 2018 with impressive growth

Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs 7.677 billion and profit before tax of Rs 6.337 billion for the first quarter of 2018, with growth of 21.07% and 21.36% respectively signalling an exceptionally strong start to the financial year 2018. Gross income for the three months ending 31st…

(0)Comments | May 15, 2018 3:47 pm

Haycarb records turnover of Rs. 15.5 billion and profit before tax of Rs. 926 million for 2017/18

The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 15.5 billion, profit before tax of Rs. 926 million and profit after tax of Rs. 774 million for financial year 2017/18. The earnings per share of equity holders of the company was Rs. 22.63 for the year. The Chairman of Haycarb PLC and its parent…

(0)Comments | May 15, 2018 3:17 pm

HNB Group records Rs 7.2 Bn PBT in Q1

• Group PAT Rs 5 Bn • Bank Cost to Income 36.3% • CASA Growth of 10% in 3 months HNB posted a strong start to 2018 with first quarter PAT growing by 22.5% to Rs 4.5 Bn, while the Group reported a PAT of Rs 5 Bn which is a 24% growth from last…

(0)Comments | May 15, 2018 3:10 pm