Sri Lanka Dockyard in Rs77mn March quarter loss

ECONOMYNEXT – Sri Lanka’s Colombo Dockyard suffered a loss of 77 million rupees in the March 2016 quarter against a profit of 135 million a year ago, a stock exchange filing said.

Sales of the yard, majority owned by Japan’s Onomichi Dockyard, fell 26% to 2.7 billion rupees.

The yard has been hit by the downturn in oil prices which has affected the offshore oil field support sector

Colombo Dockyard declared a loss of a billion rupees in the December 2015 quarter as it was forced to cancel an order and lower prices for new ships ordered by clients serving the oil industry.
(COLOMBO, May 17 2016)