Sri Lanka Dockyard makes modest recovery in June 2016 quarter

ECONOMYNEXT – Sri Lankan shipbuilder Colombo Dockyard said it made a net profit of Rs55 million in the June 2016 quarter as it recovered from losses caused by the cancellation of contracts owing to the oil price slump.

The yard, majority owned by Japan’s Onomichi Dockyard, had suffered a loss of Rs77 million in the March 2016 quarter after it was forced to cancel a new building order and lower prices for new ships ordered by clients serving the oil industry.

Colombo Dockyard had made a profit of Rs182 million in the June 2015 quarter.

Interim results filed with the stock exchange showed June 2016 quarter sales fell 29 percent to Rs2.6 billion from a year ago.

Earnings per share for the June 2016 quarter were 76 cents against Rs2.53 the year before.

For the six months ending June 2016, Colombo Dockyard reported a loss per share of 30 cents against EPS of Rs4.41 a year ago.
(COLOMBO, August 15, 2016)

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