IndiGo Selects SriLankan for C-checks on Its Airbuses for the Fourth Time. India's Budget Carrier Operates a Fleet of 48 Airbus A320 Airliners

15th February 2012, www.colombopage.com

SriLankan Airlines Engineering has secured its largest contract this year to conduct maintenance checks for an Indian airline.

IndiGo, India's budget carrier with a fleet of 48 Airbus A320 airliners has awarded the contract to SriLankan Engineering to conduct C-checks on 26 Airbus A320 through 2012.

This is the fourth consecutive year IndiGo has outsourced to SriLankan and this year's contract is the largest overseas outsourcing of maintenance, repair and overhaul work by an Indian carrier.

According to Aviation International News India's air carriers outsource the maintenance checks to foreign companies due to the unfavorable tax position with the country that makes the Indian MRO providers uncompetitive.

SriLankan Engineering is based in Colombo, and its base maintenance facility is at the Colombo International Airport.

The company has an exceptional reputation for turning around overhauls fast, usually, in four or five days.

SriLankan Engineering, a provider of comprehensive aircraft maintenance services in the region, is planning to increase its operations, Paul Dempsey, its manager for business development and customer support has told AIN.

The company plans a 50-percent increase in heavy maintenance of narrow-body (A320) capacity and a dedicated capability for narrow-body livery painting.

The company is planning to refurbish a second hangar at the Bandaranaike International Airport in Katunayake and the facility would be ready by the third quarter of 2012.

Although the firm has gained expertise and experience but still needing further capital investment, the company "would prefer a nonstrategic partner or traditional investor," Dempsey has told AIN.

The company's customer base includes SriLankan Airlines, Emirates, Kuwait Airways, Singapore Airlines (freight) Air Arabia, Gulf Air, Oman Air, Qatar Airways, Lufthansa Cargo, and Kingfisher.

Related Info :

• SriLankan Engineering to Do Maintenance Checks on IndiGo Airbuses. Contract with India’s Largest Low Fare Carrier, It's Biggest

Chartered Institute for Securities & Investment Sri Lanka Branch Appoints Advisory Council to Help Capacity Building Initiatives in Financial Services

20th May 2011, www.lankabusinessonline.com

The Sri Lanka branch of the Chartered Institute for Securities & Investment (CISI) has appointed the chairman of the Colombo bourse, Nihal Fonseka, as head of its new advisory council.

A CISI statement said the advisory council will help the professional body for those who work in the securities and investment industry establish a market for its qualifications and contribute to the country’s capacity building initiatives in financial services.

“As more and more people in Sri Lanka start to invest in stocks and other securities it is important that there are enough qualified people to provide them sound advice as such people are in short supply at the moment," said Nihal Fonseka, who is also chief executive of DFCC Bank.

"This is crucial for the sustainability of the market. The entry of CISI is very welcome in this context.”

The institute, which opened an office in Colombo in March 2011, offers professional qualifications for individuals in capital markets, investment banking, wealth management, investment management, investment operations and Islamic finance.

“With the Sri Lankan financial market growing at a rapid pace, there is the need to develop a pool of skilled individuals who can meet the demand from financial firms and stockbrokers as the market expands," said Simon Culhane, CISI chief executive.

"Those who successfully complete a CISI qualification will have the necessary foundation knowledge to work in the international and domestic securities and investment houses.”

The other members of the CISI Sri Lanka advisory committee are Nandika Buddhipala, Chief Financial Officer, Commercial Bank, Channa De Silva, Managing Director, LR Global Lanka Asset Management, Ajith Devasurendra, Managing Director, Taprobane Group, Hareendra Dissa Bandara, Director – Financial Services Academy, Securities & Exchange Commission, Indrajith Fernando, Chief Executive, Bartleet Transcapital, S Jayavarman, Chief Executive, National Asset Management Limited, and Madu Ratnayake, Vice President, Virtusa Corporation.

Related Info :

• Sri Lanka to Promote Finance BPO Services with Investment Professionals Body Tying up with IT Trade Group

Sri Lanka Records Highest GDP Growth of 8.5pct since 2002. All Three Major Sectors Register Significant Growth

17th September 2010, www.news.lk

Sri Lanka recorded an economic growth rate of 8.5 percent in the second quarter of 2010, the highest ever recorded quarterly GDP growth since 2002.

According to the figures released by the Department of Census and Statistics, the economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the second quarter(April-June), of 2010 at constant (2002) prices is estimated at Rs. 635.0 Billion as against Rs. 585.5 Billion in the corresponding period of yester year, registering an 8.5 percent growth rate.

The report says that all three major sectors of the economy Agriculture, Industry, and Services registered significant growth rates of 5.1 percent, 9.2 percent and 8.8 percent respectively, in the same period.

The Agriculture sector contributed 11.9 percent to the total GDP while Industry was responsible for 28.1 percent and Services accounted for 60.0 percent of the total. Within the Agriculture Sector Minor Export Crops grew by 20.7 percent, Paddy by 10.3 percent and Fishery by 18.3 percent as the agricultural activities in the war-ravaged Northern and Eastern provinces picked up and fishing restrictions eased.

The report noted that the marine fish production increased by 134.1 percent in the Northern Province and by 45.8 percent in the Eastern Province while overall fish production in other regions except the North and the East decreased by 2.1 percent in the second quarter as more fishermen from the South migrated to North. The Services sector posted a substantially higher growth rate of 8.8 percent higher over the 1.2 percent recorded a year earlier.The Census and Statistics Department attributes the growth in the Q2 2010 due to the recovery of its major sub sectors such as Wholesale & retail trade, Hotels & restaurants and Transport & communication. Hotels and restaurant sector has experienced significant growth of 25.2 percent in Q2 as opposed to a negative 0.4 percent for the same period last year. Tourists arrivals have jumped from 81,027 in the Q2 2009 to 118,243 in the Q2 2010 indicating a 45.9 percent increase.

Reduction of import duty on vehicles in the latter part of the quarter contributed to an increase of 78.6 percent in the total number of new vehicles registered in Q2 as opposed to a 36.2 percent decline in the same quarter of previous year.