ECONOMYNEXT – Sri Lankan ship yard Colombo Dockyard’s losses widened to 187 million rupees in the March 2019 quarter from a loss of 120 million rupees the year before, interim accounts showed.
Sales of the yard, owned by Japan’s Onomichi Dockyard Company Limited, rose 41 percent to 3.7 billion rupees in the period.
Colombo Dockyard loss per share was 2.60 rupees in the March quarter. The share closed at 49 rupees Wednesday, down 90 cents or 1.8 percent.
The accounts showed that Colombo Dockyard’s sip building revenue almost doubled during the quarter and profits increased sharply.
The biggest earnings came from ship repair where sales were flat although profits were up.
(COLOMBO, 16 May 2019)