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Revenue shortfall:
Eran declines to reveal sources
Achieving the government’s revenue targets for this year will be an uphill task
due to the delay of nearly five months in implementing the revised Value Added
Tax (VAT) to bring in the much needed revenue to State coffers, economic
analysts said.
Tourist arrivals to Sri Lanka hit an all-time high last month. The number of
arrivals which was 209,351, represented a growth of 19.1 percent compared to
July last year and is the highest number recorded in a single month since
records began in the sixties.
A solar power plant being built in Hambantota by
Laugfs Gas is expected to generate the earliest returns of several
new investments made by the group, which is diversifying rapidly
into sectors with growth potential. Chairman and Group CEO, W. K. H.
Wegapitiya said the company’s profit for the quarter ending June
2016 took a “momentary dip” to Rs. 36.5 million from Rs. 325.52
million the previous year due to the cost of borrowings, largely to
finance recent investments.
Well-known local retailer and furniture
specialist, Damro hopes to expand its presence in India by setting
up of mega showrooms in main cities in that country. “The Indian
government has already granted approval for Damro to invest Indian
Rs. 12,000 million in the furniture retail trade in India. This
approval to enter the Indian furniture industry has only been
granted to two foreign companies – Damro of Sri Lanka and Ikea of
Sweden,” a Damro official said. Damro last week opened a mega
showroom, consisting of five storeys in Nugegoda.
Ten parties have shown interest to invest and manage the operations of
SriLankan Airlines, State Enterprise Development Deputy Minister Eran
Wickramaratne said.
The time stipulated for parties to express interest will close by the end of
this month. They will be given time to submit proposals and by the end of this
year the managers will be shortlisted and thereafter a partner will be selected
to operate the airline.
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