Colombo Dockyard banks on ship repairs, heavy engineering to return to profitability
Colombo Dockyard PLC (DOCK), which has been navigating through rough seas in recent years, is hoping to return to calmer waters in the next financial year, backed by ship repairs and heavy engineering projects.
“In 2018, we will be able to pick up. Right now we’re making losses, and we’re trying to mitigate it and at least reduce the loss compared to last year, gradually, so that we can show some improvement, with heavy engineering and ship repair,” DOCK Managing Director/ CEO D. V. Abeysinghe said last week.
DOCK made Rs. 262.01 million net loss for the last financial year ended December 31, 2016, improving from Rs.584.27 million net loss recorded 12 months ago.
DOCK went into the red in 2015, simultaneously with the crash in world oil prices due to the shale oil boom.
D. V. Abeysinghe