- Against
hefty fine
Grain Elevators go to Appeal Court
Ceylon Grain Elevators
Ltd. (CGE), the country's major feedmiller that
had a customs fine of Rs. 1.2 billion slapped on
it over alleged irregularities in dealing in duty
free maize imports has gone to the appeal court
seeking redress.The
company has told the Colombo Stock Exchange, the
Securities and Exchange Commission and its
shareholders that having obtained legal advice,
it had filed a petition in the appeal court
seeking a write of certiorari to quash the July
22 order against it. This order was made by Mr.
P.P.G. Premasiri, assistant director of customs. (full
story)
- Lanka Walltile
sheds BOI status to win more local sales
Lanka Walltile Ltd. has
with the concurrence of the BOI given up its BOI
status in order to acquire the flexibility of
marketing a larger proportion of its production
locally, the company's chairman, Mr. B. Mahadeva,
has reported to shareholders."The companies of our group which
had set up as BOI projects ceased to have BOI
status in March 1998. We are now free to sell
much larger quantities of tiles in the local
market,'' he said. (full story)
- Overseas
Realty losses nearly Rs. 1.7 billion
Overseas Realty Ltd.,
the owners of the World Trade Centre (Echelon
Towers) has posted a massive Rs. 971.3 million
loss in the financial year ended June 30, 1998,
up from a loss of Rs, 606.6 million a year
earlier, according to a provisional unaudited
financial statement now with shareholders.Although the company made an operating
of Rs. 147.7 million, up from Rs. 109.2 million a
year earlier, interest charges of Rs. 402.3
million and an exchange loss of Rs. 723 million
dragged the company deep into the red. (full story)
- Has
Economic reform failed
Commercial
Bank boosts mid-year profit 35%
The Commercial Bank of
Ceylon Ltd. that has boosted both income and
profits during the first half of the current
financial year has nearly doubled provisions made
for possible credit losses from a year earlier
according to an interim financial statement.
Despite this, its mid-year profit was up 34.5%
from the first half of last year. (full story)
- Turnover
up 50%
Marginal
first quarter profit decline at The Finance
Despite a substantial
50% increase in turnover during the first quarter
of the current financial year, The Finance Co.
Ltd., the Ceylinco subsidiary which is a major
player in the group, had seen a slight fall in
profitability according to an interim statement
now with shareholders. (full story)
- Bernard
Botejue, entrepreneur. (1914 - 1998)
Fifty years ago, a man
whose entrepreneurial spirit did not let him stay
satisfied with a safe salary at the Medical
College library, bought himself two knitting
machines and six sewing machines and set about
pioneering an industry. Those were days when
imports ruled the roost and anything local was
sneered at as inferior. (full text)
- Air Lanka's
Sunday flight will help businessmen
Air Lanka will enhance
its services to Madras from today (Sept. 13)
adding a night flight on Sunday evening to the
total of 13 weekly flights previously operative,
an airline announcement said. (full story)
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- Forbes
expresses concern on falling tea prices
Forbes and Walker, one
of the oldest and most respected tea brokers in
the country, has highlighted the fall in the
Colombo tea sale averages at the last auction. In
a market report, Forbes also drew attention to
the fact that the auction sale average last week
was for the first time this year below that of
the corresponding auction last year."The total auction average (last
week) at Rs. 125.27 is sharply lower than the
previous week's average of Rs. 133.86 and for the
first time this year is also below the
corresponding average last year of Rs. 126.35,''
the report said. (full story)
- Other income
helps defray heavy interest at LOLC
A substantial increase
in interest charges has eroded the first quarter
trading profit of the Lanka Orix Leasing Co. Ltd.
(LOLC) but gains in other income had compensated
partly according to a quarterly report to
shareholders.LOLC posted
a consolidated turnover of Rs. 553 million during
the quarter under review, up from Rs. 524.5
million a year earlier. The before interest
profit for this period of Rs. 157.5 million was
up from Rs. 149.3 million in the comparative
quarter the previous year. (full story)
- Views
of Joseph Stiglitz of the World Bank
IMF
and the Asian crisis IV
- Managers
paid hefty Rs. 134 mn.
Hapugastenne
reports best ever year
Hapugastenne
Plantations Ltd. has reported that 1997 was
"the best year for the company'' since the
1992 privatisation of plantation management with
the "highest level of production,
productivity and profitability being achieved.''The company's chairman, Mr. R.L.
Juriansz, has reported to shareholders that the
average prices realised by its teas at the
Colombo auctions was Rs. 118.74 a kg., the sixth
highest among the tea and tea cum rubber regional
plantation companies. (full story)
- Seminar on
raising funds for firms here
The Ceylon Chamber of
Commerce has organised a presentation on the
current economic environment (including the
recent crisis) and its impact for raising funds
for firms here by the Ulysses Group in connection
with the forthcoming visit here of a business
delegation from the Leicestershire Chamber of
Commerce and Industry. (full story)
- People's
Merchant Bank profitable in a difficult year
The People's Merchant
Bank (PMB), which stood ahead of the pack in what
was a difficult year for merchant banks, has
maintained its record of profitability and return
to shareholders in the financial year ended March
31, 1998, proposing a 11% dividend. (full story)
- Ministers,
business leaders at key chamber seminar
The Exporters
Association of Sri Lanka has organised a seminar
on the impact of currency devaluation on the
country's exports in Colombo on Sept. 17, the
Ceylon Chamber of Commerce said in a news
release.The seminar
which will also seek methods to improve Sri
Lanka's export competitiveness will be addressed
by three key business leaders, Rajan Yatawara,
CEO of Haycarb, D. Gomes, chairman of the Garment
Buying Offices Association and Mahesh Amalean,
chairman of the Apparel Exporters Association. (full story)
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