Colombo Dockyards is sailing off on new business routes to stay comfortably afloat as its shipbuilding and repair operation gets weather trodden.
Revenues from shipbuilding fell 96 per cent from Rs. 2.5 bn to Rs. 91 mn in 2003, as orders for new ships dried up. rn
rnCEO and Chairman Koich Yamanaka said some of main setbacks that the company had encountered over the year were identified as had initiated strategies ldblquote to establish alliances for joint collaborations in selected ship building projects in the regional market.
rnRevenues from ship repairs grew 22 per cent to Rs. 2.34 bn from Rs. 1.9 bn in the previous year with a number of higher-end ship repairs carried out during 2003.rn
rnThe higher revenues intake comes despite stiff competition for the traditional ship building business from China and other regional players eroding margins and affecting the optimum growth potential, the chairman said.rn
rnldblquote We were able to adopt new strategies and attract new businesse