Sailing Forth

Chandi Dharmaratne

May 16, 2012 (LBO) – Sri Lanka’s Colombo Dockyard Plc, a unit of Japan’s Onomichi Dockyard Company said profits in the March 2012 quarter rose 60 percent to 746 million rupees helped by foreign exchange gains. The firm reported earnings of 10.39 rupees for the quarter. The stock traded at 200 rupees Wednesday, down one rupee by noon.

Revenues in the quarter rose 14 percent to 3.71 billion rupees and cost of sales rose at a faster 22 percent to 2.85 billion rupees, narrowing gross profits 5 percent to 865 million rupees.

Other income rose 681 percent to 368 million rupees, according to accounts filed with the Colombo Stock Exchange.

The firm made 325 million rupees of unrealized foreign exchange gains, helping boost the bottomline.