Shipping Cycle

Nov 18, 2011 (LBO) – Sri Lanka’s Colombo Dockyard said September 2011 quarter net profit fell 43 percent to 455 million rupees from a year ago as revenue from both ship building and repair came down. Sales of the yard, 51 percent owned by Japan’s Onomichi Dockyard Company, fell 27.7 percent to 3.5 billion rupees in the period, a stock exchange filing said.

Earnings per share fell to 6.66 rupees from 11.62 rupees the year before.

A breakdown of segment revenue provided in the accounts showed that ship repair revenue fell to 1,168 million rupees in the September 2011 quarter from 1,357 million rupees the year before.

Revenue from ship building fell to 2,130 million rupees in the quarter from 3,257 million rupees the previous year.