March 07, 2009 (LBO) – Sri Lankan ship builder Colombo Dockyard said net profit rose 32 percent to almost 1.5 billion rupees in 2008 from the year before, as it reaped the benefits of the shipping boom earlier in the year.
Revenue went up 26 percent to almost 11.2 billion rupees in the year ending December 31, 2008, according to the yard’s annual report.
Chairman Shinichi Tatebe said the yard’s revenue target of 10 billion rupees set for 2011 had been achieved two years ahead of time.
“From January to June the business boomed, and we received new orders for six anchor handling tugs and two passenger vessels along with many other ship repair business.
“But since July, due to world economic turmoil there was an unexpected and drastic drop,” he told shareholders in the annual report.
“Many shipyards in the region suffered setbacks but the orders we received stand confirmed without a single cancellation. Colombo Dockyard has sufficient work to move forward in the same momentum till end of year 2010.”
The yard, which is majority owned by Japan’s Onomichi Dockyard, has won orders fro