Colombo Dock­yard banks on ship re­pairs, heavy en­gi­neer­ing to re­turn to prof­itabil­ity

Daily Mirror (Sri Lanka) - - LATE CITY -

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

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