Feb 28, 2011 (LBO) – Colombo Dockyard’s December 2010 quarter net profit more than doubled to 739 million rupees from a year ago despite flat sales while annual profits fell as repair work suffered from competition, a statement said. The Sri Lankan listed ship builder’s December 2010 quarter net was up 123 percent compared with the same quarter a year ago although sales were flat at 3.7 billion rupees, according to a stock exchange filing.
The yard, which books profit on vessel delivery, delivered the second of a pair of passenger vessels for an Indian government customer in October and had warned profitability could dip this year owing to the effects of recession and growing competition.
Earnings per share for the December 2010 quarter at Colombo Dockyard, a unit of Japan’s Onomichi Dockyard Company, rose to 10.80 rupees from 4.85 rupees the previous year.
Colombo Dockyard revenue from ship repair fell sharply to 974 million rupees in the December 2010 quarter from 1.6 billion rupees the previous year while revenue from ship building shot up to 2.7 billion rupees from 1.9 billion rupees.
In the financial year ending December 31, 2020, net profit fell 3.3 percent to just over two billion rupees from the previous y