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.

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8 million rupees from uncompleted contracts which are substantially completed.

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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.

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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.