Colombo Dockyard (Sri Lanka) Q1 net up 22%
Colombo Dockyard, Sri Lanka's sole listed ship builder, said Thursday its March quarter net profit went up 22.5 percent to 245 million rupees from 200 million rupees a year ago.
Revenue rose 49.6 percent to 2,968 million rupees from 1,984 million rupees in the same period a year ago, according to stock exchange filing.
The yard delivered two anchor handling tug supply vessels earlier this year for Greatship (India), a wholly owned subsidiary of The Great Eastern Shipping Co.
It is building two more of the tugs, the biggest vessels it has built, for Greatship, which provides services to the offshore oil and gas industry.
Greatship has also placed an order for two multipurpose construction / ROV (Remotely Operated Vessel) support vessels with the yard.
These new buildings are scheduled for delivery by Colombo Dockyard in September 2010 and January 2011.
Colombo Dockyard, a subsidiary of Japan's Onomichi Dockyard Co., which provides management.and technical expertise, is enjoying a full order book for new buildings on the back of the worldwide boom in shipbuilding.
Its docks have also been kept occupied by plenty of repair work.
The yard's net profit for the 2007 financial year shot up 77 percent to 1.1 billion rupees owing to a steady supply of orders for new buildings and repair work.