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.
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)