Carson Cumberbatch sponsors the Sri Lanka Economic Summit 2012
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- Created on Wednesday, 16 May 2012 10:38
- Last Updated on Wednesday, 16 May 2012 10:38
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Carson Cumberbatch joined hands with the Ceylon Chamber of Commerce as the Platinum Sponsor of the Sri Lanka Economic Summit 2012, the key corporate forum in the country’s business calendar. For the 13th consecutive year, the Sri Lanka Economic Summit will be held on the 10th, 11th and 12th July, 2012 at the Cinnamon Grand, Colombo under the theme “Positioning Sri Lanka in the global economy”.
SLT Group Q1 Operating Profit up by 14%
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- Created on Wednesday, 16 May 2012 10:01
- Last Updated on Wednesday, 16 May 2012 10:01
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Sri Lanka Telecom (SLT), the leading National Integrated Telecommunications Service Provider continued its financial trajectory, complemented with pragmatic operational initiatives, to deliver 1st Quarter 2012 results with a growth of 9% in revenue and 14% in operating profit. The Group is driving a visionary business strategy coupled with a pragmatic transformation plan, which is unequivocally reflected in these results and on-the-ground initiatives which the Group has continued to unwaveringly deliver according to the mandate it has mapped for growth. Depreciation of the Sri Lanka Rupee had a ripple effect on the Group's results due to the significant US dollar exposure in the Group's mobile subsidiary, Sri Lanka Telecom Mobitel. The exchange loss of Rs 1.4 Bn for Q1 therefore posed negativities for Profit Before Tax (PBT) and Profit After Tax (PAT), although revenue and operating profits have grown significantly year on year (YoY) to Rs 13.53 Bn and Rs. 1.86 billion respectively. Taking into account the exchange loss, PBT at Group level saw a decline of 47% posted at Rs 901 Mn, while PAT, decreasing by 72% is posted at Rs 365 Mn. Once normalized however, the Group has performed exceptionally well with PBT gaining 34% to Rs 2.33 Bn compared to Q1 of 2011's figure of Rs 1.71 Bn and PAT also showing a growth of 39% to Rs 1.8 Bn from Rs 1.29 Bn. These normalized results further underscore the Group as the leader in integrated telecommunications in Sri Lanka.
World’s second best Accounting Professionals in Sri Lanka
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- Created on Tuesday, 15 May 2012 08:50
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Sri Lanka has been recognised as world's second largest pool of UK qualified accounting professionals, second only to the UK and an excellent niche for outsourcing for Finance and Accounting.
DFCC Vardana Bank records profit increases of 92.5%
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- Created on Friday, 11 May 2012 14:09
- Last Updated on Friday, 11 May 2012 14:09
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DFCC Vardhana Bank’s profit before tax (PBT) amounted to Rs 708.5 million during 2011 recording an increase of 31.5% compared with the PBT of Rs 538.8 million in 2010. The provision for taxation amounted to Rs 177 million. The effective tax rate was 24% of PBT down from 51% in 2010. Profit after taxation (PAT) attributable to the shareholders amounted to Rs 531.4 million reflecting an increase of 92.5% over the PAT of Rs 276 million over the previous year. The earnings per share (EPS) increased by 73.3% to Rs 2.6 in 2011 from Rs 1.50 in 2010 while the return on assets (ROA) was 1.4% up from 0.9% in 2010.
DFCC Bank's 'Vardhana Prabhu' recognizes its North & East customerce
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- Created on Friday, 04 May 2012 14:33
- Last Updated on Friday, 04 May 2012 14:33
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DFCC Vardhana Bank’s, "Vardhana Prabhu" Priority Banking service reached out to its customers in the North and East this month, by providing them with special services over the National New Year to carry out their financial transactions, as well as being presented with an exclusive New Year gift. The event held at DVB’s branch in Jaffna saw the staff dressed in traditional clothing, while the branch was dressed up for the occasion as well.
Sri Lanka-Brazil trade expansion mooted
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- Created on Friday, 04 May 2012 14:11
- Last Updated on Friday, 04 May 2012 14:11
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The Ceylon Chamber of Commerce has entered into a Memorandum of Understanding with the Foreign Trade Chambers Federation Rio de Janeiro of Brazil.
SLs investment potential apprised at Dubai Investment Forum
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- Created on Thursday, 03 May 2012 14:42
- Last Updated on Thursday, 03 May 2012 14:42
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The highest over subscription ever seen for a Sri Lankan international bond in April and KPMG’s latest positive Change Readiness Index ranking for Sri Lanka have increased international investor confidence in Sri Lanka.
