New prime minister says the government plans to sell its national airline and pledges a new ‘relief’ budget Bloomberg – Sri Lanka is sliding inexorably into default as the grace period on two unpaid foreign bonds nears an end, the latest blow to a country rattled by economic pain and social unrest. The island nation…
Q1 22 Revenue and EBITDA record YoY growth of 16% and 8% respectively YTD Q1 22 NPAT Negative at Rs15.8Bn, impacted by Forex Loss of Rs.20.2Bn. Normalised NPAT Rs.4.3Bn Total Taxes Paid to GoSL Rs5.9Bn which included Rs2.1Bn in Direct and Rs3.8Bn in Indirect Taxes Capex Investments of Rs7.5Bn during the Quarter; OFCF reached Rs6.2Bn…
The first quarter of 2022 witnessed the gradual recovery of economic activity resultant from the setbacks of the COVID-19 3rd wave. However, during 1Q 2022, continued political uncertainty that prevailed, largely impacted normalcy, with public and businesses facing heightened challenges brought-forth by gas and fuel shortages, rapidly rising inflation, FX reserves depletion, depreciation of the…
Carrying forward the thrill and excitement of cricket, Moose Clothing Company, Sri Lanka’s youthful and trendy clothing brand will continue to support Sri Lanka Cricket as the Official Overseas Team Sponsor of the National Cricket team at the upcoming Test series of Sri Lanka’s tour of Bangladesh in May 2022. The 1st Test match is…
Gautam Adani-owned Adani Group announced to enter into definitive agreements for the acquisition of Switzerland-based Holcim Ltd’s entire stake in two of India’s leading cement companies – Ambuja Cements Ltd and ACC Ltd. Gautam Adani-owned Adani Group, on Sunday, announced a deal to acquire Holcim’s businesses in India for $10.5 billion. The group revealed that…
There are various media exposure and reports leading to public misinformation that land has been sold to foreign investors without following due process. Hence the Sri Lanka Tourism Development Authority (SLTDA) wishes to clarify the matter. The Uchchamunai Island in question has NOT BEEN SOLD and a lease agreement was signed for a period of…
Sri Lanka Telecom Group (SLT Group), the National ICT Solutions Provider, recorded a consolidated revenue growth of 5.4% to Rs 26 Bn in Q1 2022, in comparison to the corresponding period in the previous year. Group Profit After Tax (PAT) in the same period was recorded at Rs. 2.7 Bn, demonstrating the SLT Group’s resilience…
National Development Bank PLC released its financial results for the first quarter ended 31 March 2022, a period that was undoubtedly a most challenging one. Commenting on the results released to the Colombo Stock Exchange on 13 May 2022, NDB’s Director/ CEO – Mr. Dimantha Seneviratne stated that the repository of experience the Bank has…
Backed by its solid capital base and prudent risk fundamentals, Sampath Bank continues to prove that it is well equipped to navigate the challenging economic environment. Having sufficient capital buffers to absorb significant losses arising by reason of the prevailing stressful economic conditions, the Bank’s well-diversified investment portfolio coupled with its increased vigilance and proactive…
Assets cross Rs 1.5 Trillion and Advances cross Rs 1 Trillion in 1Q 2022 Capital strong at 15.59% Liquidity high with LAR at 30% and LCR at 194% Net Stage III loans improve to 2.4% In the backdrop of turbulent market conditions, Hatton National Bank PLC continued to demonstrate resilience, strength and stability, posting a profit…
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