Sri Lanka’s Colombo Dockyard near profit in December quarter

ECONOMYNEXT – Sri Lanka’s Colombo Dockyard narrowed its losses further to just Rs192,000 in the December 2017 quarter from a loss of Rs76 million a year ago, and down from a loss of Rs189 million in the September 2017 quarter.

Interim results filed with the stock exchange showed earnings per share of 35 cents in the year to 31 December 2017, compared with a loss per share of Rs3.99 the previous year.

The stock last traded at Rs85.20 Friday. The firm has announced a final dividend of Rs1.50 per share for the financial year ended December 31, 2017.

December 2017 quarter sales of the yard, majority owned by Japan’s Onomichi Dockyard Company, rose 13% to Rs2.6 billion from a year ago with gross profit up 8% to Rs464 million.

Income tax expenses were sharply higher in the December quarter, the accounts showed.

Earnings from ship building and heavy engineering business fell during the 2017 financial year while that from ship repair business improved, the accounts showed.
(COLOMBO, March 02, 2018)

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