Ship Building

Aug 19, 2013 (LBO) - Sri Lanka's Colombo Dockyard Plc, a unit of Onomichi of Japan said profits fell 73 percent to 114 million rupees in the June 2013 quarter from a year earlier amid a drop in revenues. The firm reported profit of 572 million rupees from shipbuilding in the six months with 482 million rupees coming in the first three months.

The group reported earnings of 1.61 per share. For the six months to June Dockyard reported earnings of 6.29 rupees per share on total profits of 453 million rupees which were down from 1.

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17 billion rupees.

The group said revenues dropped 9 percent to 3.6 billion rupees and direct costs rose 6 percent to 3.

2 billion rupees, shrinking gross profits 61 percent to 331 million rupees.

Other income rose 330 percent to 137 million rupees and the firm also reported net finance income of 160 million rupees up from 24 million rupees a year earlier.

Though revenues are accrued over time, deliveries can make changes in revenues.

Dockyard reported 5.4 billion rupees in revenues of shipbuilding for the six months to June with 2.9 billion rupees coming in the first three months.