Sri Lanka’s Colombo Dockyard returns to profit

ECONOMYNEXT – Sri Lanka’s Colombo Dockyard returned to profit in the March 2017 quarter, with earnings of 141 million rupees compared to a loss of 77 million rupees a year ago.

Sales of the firm, a unit of Japan’s Onomichi Dockyard, rose 51 percent to 3 billion rupees from a year ago, according to interim results filed with the stock exchange. Colombo Dockyard reported earnings per share of 1.97 rupees in the March quarter, compared with a loss of 1.07 rupees per share the year before. Net finance income rose 38 percent to 36 million rupees, while administrative and distribution expenses were maintained at previous levels, the accounts showed.

Profits came from ship repair as ship building earnings fell, as did profits from heavy engineering.

The yard had been hit hard by the prolonged slump in shipping, with clients cancelling new building orders or negotiating pries down.

It had managed to reduce loses to 432 million rupees in 2016 from 708 million rupees the year before.
(COLOMBO, May 17, 2017)

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