|
|
 |
 |
| Sunday, 8 June 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
SAARC printers to gather in Colombo The South Asian Print Congress and Trade Exhibition will be held in Sri Lanka for the first time from August 14 to 17 at the BMICH. It will be hosted by the Sri Lanka Association of Printers. The congress, the largest regular gathering of the regional print industry, is being held for the third time. Ambassadors of SAARC countries, ministers of relevant sectors and industry leaders will attend. The event is expected to attract over 20,000 visitors a day. Over 1,200 printers from the SAARC region have already made reservations. The topics to be discussed at the conference include environment, pre-press, press, post-press, quality management, productivity and marketing. Modern print technology and supplies will be displayed at the exhibition. SLT revenues increase Sri Lanka Telecom Limited (SLT) has reported an after tax profit of Rs. 755 million for the quarter ending March 31, 2003. Comparison of group results with the corresponding period of the previous year should consider the fact that 100 per cent of Mobitel's results are consolidated in the quarter under review. The operating revenue of the company was Rs. 6,177 million, a four per cent increase from the same quarter of last year. Domestic call revenue increased by 17 per cent while international call revenue decreased by 11 per cent. Increase of domestic call revenue is due to both volume and tariff increases. During this period, SLT expanded its customer base by 14,808 lines. As a result of the reduction of international call charges, international call revenues have dropped, even though the outgoing traffic volume has increased. The international incoming traffic revenue has also dropped despite the increase of traffic volume, due to the reduction of international settlement rates. However, the revenues generated by other services such as data-oriented services and Internet services have increased by 66 per cent compared to the previous year. While increasing the revenues, the corresponding expenses have also increased. The total operating expenditure of the quarter was Rs 2,534 million, an increase of 15 per cent over the same quarter of the previous year. Personnel and maintenance costs have increased in line with inflation factors. Loan to rehabilitate bridges in North-East The Government has raised a loan of 4,400 million Japanese yen (Rs. 3,600 million) for the rehabilitation of bridges in the North and East. The loan will be utilised to finance the contract signed by the Government with Mabey and Johnson Limited of the United Kingdom for the supply and construction of 89 bridges and two ferries. Steel fabricated modular panel bridges will be used for this project to ensure rapid installation. Of the loan facility, 3,740 million Japanese yen is provided by HSBC Bank Plc, UK under an interest rate support arrangement made by the Export Credit Guarantee Department of the British government. The balance will be provided by HSBC, Colombo Branch. The two loan agreements were signed last week at the Ministry of Finance. Secretary to the Ministry Charitha Ratwatte, Manager (Project and Export Finance) HSBC Bank Plc. UK Alex Tailor and Chief Executive Officer (Sri Lanka and Maldives) HSBC Mark Humble signed the agreements. NCCSL delegation for Tokyo Donor Summit A delegation from the National Chamber of Commerce of Sri Lanka (NCCSL) will leave the island today to take part in the Tokyo Donor Summit and the private sector meeting on 'Sri Lanka Business Opportunity'. The delegation, led by N.S.M. Samarathunga, Deputy Chairman NCCSL and Director Mackwoods Ltd, comprises S.B. Hewage, Treasurer NCCSL and Deputy Chairman Readywear Industries and United Motors (Pvt) Ltd, Anil Wijesinghe, Managing Director United Motors, C. Lal De Alwis, Managing Director Chemanex Ltd and Jagath Navaratne, Chairman V Com Heavy Engineers (Pvt) Ltd. They would take part in the private sector meeting on June 11 which will brief leaders of Japanese companies on Sri Lanka's improving investment climate. The seminar would focus on reconstruction and development, business opportunities and business environment in Sri Lanka, the Government's perspective and opportunities available in the apparel manufacturing and tourism sectors. They would also visit the Japan Chamber of Commerce and Industry to establish closer links between the two chambers. The delegates will use the opportunity to promote the INTRAD 2003 Exhibition and Investor Forum planned from November 28 to 30 under the theme 'Regaining Sri Lanka - Invest in our Infrastructure'. Union Assurance profits grow by 24.4% Union Assurance Ltd. (UAL) has reported a consolidated net income growth of 24.4 per cent to Rs. 20.7 million during the first quarter ended March 31 2003 from the Rs. 16.7 million reported in the same period in 2002. The company's premium income (Life and General Insurance) increased by 9.4 per cent during the period from Rs. 669.5 million to Rs. 612.3 million. UAL's total investment portfolio increased from Rs. 2,574.2 million as at December 31, 2002 to Rs. 2,642.8 million at the end of the first three months of this year. Commenting on UAL's financial performance, Chief Executive Officer H.A. Rehmanjee affirmed: "We are confident that with the level playing field now prevailing, we will be able to forge ahead and emerge even stronger. There is no doubt that the pace of business is now accelerating appreciably. UAL is well positioned to make best use of the opportunities ahead." During the quarter under review, UAL consolidated its presence in the provinces by pioneering the setting up of its own centre in Kurunegala, the first of many such efforts in owning the building it occupies in the provinces. The company is also in the process of setting up its own training and development centre at its head office in Colombo 3, with equipment and training methods on par with international standards. Sri Lanka to refine crude oil for Maldives The government of Maldives is interested in using Sri Lanka's refinery facilities to refine the crude oil it buys from the Middle East, Maldives' Trade and Industry Minister Abdulla Yameen told Commerce and Consumer Affairs Minister Ravi Karunanayake recently when they met at the Commerce Ministry to discuss bilateral trade prospects. Yameen said his country buys crude oil from Qatar and Kuwait at a concessionary price to be refined through a third party. The usual practice, however, is to sell the stock in the open market and buy refined products. He said that Maldives' annual fuel requirement is about 114,000 Mt, out of which a major portion is diesel. Yameen was hopeful that this amount would grow within the next few years with the proposed international bunkering port at Hulumale starting operations. Karunanayake welcomed the suggestion as a win-win situation for both countries and was hopeful that it could be met with the ongoing expansion of capacity at Ceylon Petroleum Corporation. Yameen also pointed out the importance of promoting joint ventures between Maldives and Sri Lanka, which is a lacuna in the bilateral trade. He said Sri Lankan entrepreneurs have a lots of scope in setting up service and manufacturing industries in Maldives, especially in the fish processing and canning industries. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
