Colombo Dockyard makes 2Q turnaround, posts Rs.182mn net profit

17 August 2015 02:51 am - 0     - {{hitsCtrl.values.hits}}

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Colombo Dockyard PLC posted a year-on-year (yoy) net profit of Rs.182.11 million for the second quarter ended June 30 (2Q15) against a net loss of Rs.51.65 million in the corresponding quarter of the previous year.

While revenue improved 13.54 percent yoy to Rs.3.61 billion, cost of sales increased just 0.88 percent yoy to Rs.3.01 billion leading to gross profits jumping up 206.80 percent yoy to Rs.599.70 million.

Net finance income fell from Rs.48.17 million to Rs.22.47 million yoy, and other income fell from Rs.89.09 million to Rs.60.31 million yoy while administrative expenses increased from Rs.391.64 million to Rs.478.11 million yoy and other expenses fell from Rs.20.76 million to just Rs.3.60 million yoy.

Total assets improved to Rs.17.78 billion from Rs.17.64 billion in 1Q15 while net assets per share improved to Rs.154.09 from Rs.151.55 in the same period.

For the first six months of 2015 (1H15), the consolidated net profit stood at Rs.316.6 million, up from Rs.79.2 million reported in the same period of the previous year (1H14).

The group’s ship building segment in 1H15 reported a revenue of Rs.4.57 billion against Rs.5.17 billion in 1H14. However the segment’s gross profit rose to Rs.595 million from Rs.141.4 million.

The ship repairing segment recorded a revenue of Rs.2 billion against Rs.1.8 billion with a gross profit of Rs.369 million, down Rs.412.5 million.

Colombo Dockyard has recently sought permission from the Board of Investment to purchase further lands and install more cranes to expand its operations with the funds to be attracted through Japan’s Onomichi Dockyard Company Limited which owns 51 percent of the shares in 
the company.

The state owns 35.51 percent of the shares through various state-owned enterprises and state-managed funds.

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