ECONOMYNEXT – Sri Lankan shipyard Colombo Dockyard said it made a loss of Rs189 million in the September 2016 quarter compared with a profit of Rs183 million the year before.
Group sales fell 20 percent to Rs3.2 billion during the period, according to interim results filed with the stock exchange.
The yard, majority owned by Onomichi Dockyard Company Limited of Japan, with big stakes also held by several state entities including the Employees’ Provident Fund (EPF), reported a loss per share of Rs2.63 in the September 2016 quarter.
For the nine months to September 2016, Colombo Dockyard reported a loss per share of Rs2.94, with sales down 25 percent to Rs8.5 billion and a loss of Rs211 million against a profit of Rs500 million the year before.
Ship building sales and profits were down sharply in the nine month period, while ship repair revenue rose slightly and profits also increased.
The EPF, with a stake of 16.34 percent, is the second-largest shareholder of Colombo Dockyard, followed by Sri Lanka Insurance Corporation Ltd-General Fund with 5.0 percent, Sri Lanka Insurance Corporation Ltd-Life Fund with 4.9 percent, Sri Lanka Ports Authority with 3.0 percent, Employees Trust Fund Board with 2.4 percent and National Savings Bank with 1.7 percent.
(COLOMBO, Nov 16, 2016)