Reuters – Adani Green Energy Ltd (ADNA.NS) was issued provisional approvals for an investment of over $500 million in two wind projects in Sri Lanka, the country’s power and energy minister Kanchana Wijesekera tweeted on Tuesday. The provisional approvals are for two wind projects in the town of Mannar and Pooneryn, a village in the Northern province…
A daring innovator in the local packaging industry with over 25 years of experience, Chairman of ALFT Packaging Company Lakshman De Fonseka headed the launch of the 2nd phase of ALFT Packaging – a brand new, state-of-the-art production facility at Ekala. The new plant primarily consists of European machinery including world renowned W&H Miraflex II…
The U.S. government, through its development agency, the U.S. Agency for International Development (USAID), is committed to accelerating clean energy to drive social and economic sustainable growth in Sri Lanka. On August 16, Sri Lanka’s Minister of Power and Energy, Kanchana Wijesekera and U.S. Ambassador to Sri Lanka, Julie Chung attended a signing ceremony for…
With the view of encouraging service exporters to repatriate their export proceeds into the country, the Central Bank of Sri Lanka has withdrawn the mandatory requirement to convert service export receipts/proceeds, that are received in Sri Lanka on or after 12 August 2022. The service exporters may use their export proceeds so repatriated to Sri…
Revenue growth by 39% and gross profit growth by 37% Highest ever PAT for the 1st quarter Secures over 8 months of raw material as inventory for uninterrupted production Commenced manufacturing operations in Bangladesh under fully-owned subsidiary, Asia Coatings (Pvt) Ltd Financial relief schemes provided to safeguard employees Guided by its highly-experienced and skilled corporate…
Total Assets base of 4.5 trillion Deposit base of Rs. 3.2 trillion Total Loans and advances reached to 2.5 trillion The Bank had to face many headwinds during the period under review due to never experienced turmoil in the economy. However, the Bank was able to report Rs. 21.8 billion of Profit Before Tax (PBT)…
National Development Bank PLC (NDB/ the Bank) recently released its financial statements for the six months ended 30 June 2022 to the Colombo Stock Exchange. Financial performance recorded was moderate yet resilient against a highly challenged socio-economic backdrop that prevailed during the review period. With our strategy recalibrated to match external developments well on track,…
Records Rs. 354 MN PAT in its first quarter Hela Apparel Holdings PLC recorded an impressive start to the financial year, with revenue growing by 114% year-on-year to Rs. 24.5 Bn in the first quarter. The significant growth was partly driven by the depreciation of the rupee during this period, while the Group’s underlying US…
Reuters – Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to ‘D’, representing default, following missed interest and principal payments. The South Asian nation, which had defaulted on a bond payment earlier this year and has $12 billion in overseas debt with private creditors, has been battling the worst…
Forward looking, expected credit loss related macro-economic indicators necessitate impairment provisioning of Rs 35.2 Bn. for 6 months; Rs 29.3 Bn. for Q2 alone Revenue grows 49.52% and 66.41% in 1H and Q2 respectively Total assets up 21.17% to Rs 2.4 Tn. Loan book grows by Rs 205 Bn., deposits by Rs 284 Bn. in…
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