Bloomberg – The International Monetary Fund said its approval for a $2.9 billion loan to bail out crisis-riddled Sri Lanka will depend on the island nation securing assurances on debt relief from its bilateral creditors. “Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms,” an…
The leading blue-chip conglomerate, Aitken Spence PLC reported a cumulative Profit Before Tax (PBT) of Rs. 10.3 Bn for the nine months ended 31st December 2022, which was a significant growth of 213.7% over last year. The highest contribution to the Group’s profit before tax was from the Maritime & Freight Logistics sector which accounted…
Financial Year 2022/23 – First Nine Months Performance Chief Executive Officer’s Review Hemas Holdings PLC delivered a commendable performance in the first nine months of the financial year 2023. Notwithstanding the volatile economic conditions, the Group posted a cumulative revenue of Rs. 81.7 billion, a 41.6 per cent growth over last year. Despite the 51.5…
9-month revenue grows 84% to Rs 66.8 billion Net profit for period up 17% to Rs 1.97 billion even with Q3 loss Teejay Lanka PLC has reported strong revenue growth for the nine months ending 31st December 2022 as well as for the third quarter of the year, but higher domestic costs, increased taxes and…
Fitch Ratings has upgraded Bank of Ceylon’s (BOC) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’ from ‘RD’ (Restricted Default). The rating does not carry an Outlook because of the high volatility at this rating level, in line with Fitch’s rating definitions. At the same time, Fitch has also upgraded BOC’s Viability Rating (VR) to…
Continuing its journey of doing good for Sri Lanka, Nestlé Lanka is furthering its investment in the country despite volatilities, with its strong focus on sustainability. Accordingly, the ‘Good food, Good life’ company will be investing over Rs. 1 billion in a biomass boiler project at its state-of-the-art factory in Kurunegala, which will contribute significantly…
SriLankan Airlines is set to renew its commercial operations to China in the first week of April 2023, with a thrice weekly service each to Shanghai, Beijing and Guangzhou as China reopens its borders. China was a leading source market for inbound tourism to Sri Lanka and one of SriLankan’s premier leisure traveller segments before…
Concerns pertaining to releasing land expeditiously to suit the needs of investors when starting investments in Sri Lanka was looked into at the Select Committee of Parliament to study the practical problems and difficulties that have arisen in relation to enhancing the rank in the Ease of Doing Business Index in Sri Lanka and make…
The Government of Switzerland has contributed Swiss Francs (CHF) 500,000 through UNICEF to meet the urgent needs of children impacted by the economic crisis in Sri Lanka. With this funding, UNICEF will procure essential medical supplies, including medicines for treatment of illnesses and complications among children and women. In education, the funds will help children…
President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilization and National Policy has instructed the Treasury Secretary to only provide provisions for essential government expenses in order to maintain public services until the state revenue situation improves. The list of expenditure to be funded include salaries, debt servicing, pensions, medical supplies for hospitals, subsidies…
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