Ship Building

May 13, 2011 (LBO) – Sri Lankan ship builder Colombo Dockyard said March 2011 quarter net profit rose 78.4 percent to 467 million rupees from a year ago with gains from both ship building and repair. The Dockyard filing said that with effect from January 01, 2011, that it has recognised additional revenue of 164.8 million rupees from uncompleted contracts which are substantially completed. Sales rose 23.6 percent to 3.3 billion rupees, the yard, a unit of Japan’s Onomich Dockyard Company, said in a stock exchange filing.

The company has been saying that its ship building order book has been full particularly with orders from an Indian customer for offshore oil field platform support vessels.