Heavy Seas

May 15, 2014 (LBO) – Profits at Colombo Dockyard Plc, a unit of Onominchi Japan’s Onomichi Dockyard said profits fell 61 percent in from a year earlier to 130 million rupees in the March 2014 quarter amid rising expenses, interim account showed. The firm reported earnings of 1.82 rupees for the quarter. The stock closed at 192.50 rupees down 30 cents Tuesday.

Revenues in the quarter fell 4.7 percent to 4.22 billion rupees, expenses rose at a faster 13.7 percent to 3.7 billion rupees, narrowing gross profit 34 percent to 485 million rupees.

Other income fell 15 percent to 73.7 million rupees and net finance income fell 44 percent to 27.2 million rupees.