Leather products
Shoes on sale at a leather products exhibition and sale held this week at the Sri Lanka Exhibition and Convention Centre in Colombo. Pic by Eshan Fernando
Tea for oil deal with Iran gets going
Sri Lanka and Iran have set the tea for oil deal in motion with the first payment made in August and tea shipments scheduled for early September. Sri Lanka and Iran have been in talks to engage in a tea-for-oil deal whereby Sri Lankan tea exporters will sell their teas to Iran and the payment [...]
20% surge for tourism in winter, room rates to cash in more revenues
With the increasing tourist traffic to Sri Lanka, hoteliers are optimistic of a 20 per cent increase in bookings for the next winter season. “Winter looks good – for the whole island winter could bring in about a minimum of 20 per cent increase in traffic,” Hoteliers Association President M. Shanthikumar told the Business Times [...]
Renewable energy permit revenue falls short by Rs. 30 m
Sri Lanka Sustainable Energy Authority (SLSEA) has earned an income of Rs. 51.3 million from the project permit fees of renewable energy projects during 2021/ 2022, but it has so far failed to recover over Rs 30 million due to the authority, a government audit inspection observed. Only Rs.5.5 million has been recovered in 2022 [...]
Plan to boost SL image overseas raises forex spending issues
Forex-starved Sri Lanka is embarking on an integrated strategic communication programme to promote Sri Lanka’s national and international image spending millions of dollars with the approval of the Cabinet of Ministers this week. The aim of this international propaganda campaign mooted jointly by foreign and media ministries is to boost the country’s image globally and [...]
Jindal Group discusses investments with Sri Lanka
Top officials from the OP Jindal Group, the third-largest private steel producer in India, were in the island recently to discuss investment opportunities, Finance Ministry officials said. This follows the April meeting that Sri Lanka’s High Commissioner to India, Milinda Moragoda, had with Jindal Steel and Power Ltd Chairman Naveen Jindal in New Delhi to [...]
Treasury to introduce three key laws this year
Sri Lanka is on track to introduce three key pieces of legislation which are the Public Financial Management System Act, the new Public Debt Management Law, and the State Asset Management Act, according to top government officials. Out of this, the Public Financial Management System Act is to be introduced by year-end and, will replace [...]
Delays in cultivation a hard lesson on feeding a nation
Farmers should take an example from this season and all other parties should be onboard to ensure that water release have to take place accordingly and farmers cultivating accordingly. Sri Lankan farmers must not delay their cultivation at the next Maha season to ensure the harvest yields could be acquired as per requirements in a [...]
Juggling the economy
Is Sri Lanka’s economy on the mend or still freefalling? According to all indicators, it has definitely improved now compared to the same period last year where we faced food and medicine shortages and people queued for vehicle fuel and cooking gas. The International Monetary Fund (IMF) was also due to send a mission in [...]
Broken window
A comedy movie of Charlie Chaplin, an English comic film maker and an actor, called “The Kid” was released in 1921. According to the movie, Charlie Chaplin acts as a tramp, who happens to raise an abandoned child. While they both must find money for their living, the tramp and the kid device a strategy [...]
Driving licence printing operations by MTD
The Motor Traffic Department (MTD) is now ready to take over the drivers’ licence printing operations from the Sri Lanka Army which was entrusted with the task by former President Gotabaya Rajapaksa on January 1, 2021, MTD Commissioner General Nishantha Anuruddha Weerasinghe told the Business Times. The department will take over this responsibility from September [...]
Bank of Ceylon 1H2023 PBT down sharply
The Bank of Ceylon (BoC) has reported Rs. 10.5 billion in Profit Before Tax (PBT) for the six-month period ending June 2023 amidst the unprecedented challenges that continued to prevail from the previous year. Operating expenses for the period reported an increase of 12 per cent in the backdrop of cost escalation due to inflation. [...]
WindForce launches Sri Lanka’s largest private renewable energy project
WindForce PLC, in collaboration with Lakdhanavi Ltd and The Blue Circle Pte Ltd, is set to undertake Sri Lanka’s largest private-sector renewable energy project. This is a 100MW Solar Power Plant with a Transmission Facility to be set up in Siyambalanduwa, Moneragala District. With a total investment of US$152 million, this landmark venture represents a [...]
NDB posts PBT of Rs. 4.2 bn, up by 55%
National Development Bank PLC (NDB) demonstrated resilience in its performance, as reflected in the financial statements released for the six months ended 30 June 2023, despite the continuing challenges that affect the banking industry. NDB reported post tax profitability of Rs. 2.3 billion for the six months ended 2023 (H1 2023), an increase of 37 [...]
ComBank remains resilient in volatile 1st half of 2023
The Commercial Bank of Ceylon Group has reported gross income of Rs. 167.668 billion including a growth in interest income to Rs. 150.812 billion for the first half of 2023, achieving healthy topline growths of 40.29 per cent and 71.15 per cent respectively in a period of significant volatility for the banking sector. Comprising Sri [...]
HNB records Rs. 8.6 bn PAT in 1H 2023
Hatton National Bank PLC continued its steady performance in Q2 2023, posting a 1H 2023 Profit before Tax (PBT) of Rs. 13.6 billion, while 1H 2023 Profit after Tax (PAT) stood at Rs. 8.6 billion, growing 56 per cent YoY. Meanwhile, the group made a consolidated PBT and PAT of Rs. 15.2 billion and Rs. [...]
HSBC Sri Lanka receives 4 international accolades
HSBC Sri Lanka has been recognised with four industry awards, further cementing its position as the leading international bank in the country. HSBC was named Best International Bank in Sri Lanka by Asiamoney (7th time) this year, Best International Bank by Finance Asia (6th time) at the Best Bank awards 2023. HSBC Sri Lanka was [...]
Dialog profits improve in 1H 2023
Dialog Axiata PLC announcing its consolidated financial results for the six months to end June 2023 resulted in the group concluding 1H 2023 with positive revenue performance being recorded across all business segments, namely, Mobile, Fixed Line, Digital Pay Television, International and Tele-infrastructure. Consolidated revenue was recorded at Rs. 97.7billion, demonstrating a growth of 20 [...]
Sampath Bank reports 46 % PBT growth in 1H’23
Sampath Bank has once again showcased its commitment to supporting the Sri Lankan economy and its people throughout the past four to five years. During the first half of 2023, Sampath Bank reported a robust financial performance, with a profit before tax (PBT) of Rs.13.2 billion and a profit after tax (PAT) of Rs. 7.7 [...]
SLT Group revenue decreases in 2nd Quarter 2023
While SLT PLC showed a 2.4 per cent (Rs.400 million) revenue growth, its subsidiary Mobitel recorded 9.3 per cent (Rs.1,066 million) de-growth (neither increase nor decrease) during Q2’23 compared to Q2’22. Group revenue, therefore, decreased by 2.8 per cent (Rs.763 million) from Q2’22 to Q2’23. SLT PLC revenue increase was driven by growth in Broadband, [...]
NTB delivers strong performance in 1H2023
Nations Trust Bank PLC (NTB) reported a strong performance in 1H2023 posting a Profit Before Tax (PBT) of Rs. 12.6 billion, up 174 per cent year-on-year (YoY) and a Profit After Tax (PAT) of Rs. 6.1 billion, supported by a 35 per cent growth in Operating Income (YoY). In a media release, Hemantha Gunetilleke, Director [...]
Amana Bank shows 44 % growth in 1H2023
Amana Bank continued its upward performance trend by recording a 2023 Mid-Year Profit Before Tax (PBT) of Rs. 802.8 million, reflecting a substantial growth of 44 per cent in comparison to Rs. 556.9 million booked a year back. Owing to its resilient performance despite the challenging economic environment, the bank in Q2 alone achieved a [...]
Colombo to host world’s only Investor-State Mediation Competition
The Moot Court Bench (MCB) is Sri Lanka’s first fully integrated legal advocacy training platform, focused on enhancing the overall standards of the legal profession. In the spirit of advocating for the adoption and use of mediation as a tool in Investor-State Dispute Settlement (ISDS) and with the aim of encouraging not just young law [...]