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The Colombo Dockyard Limited (CDL) group recorded a post tax profit of Rs.233 million for the financial year ended December 31, 2000 compared with Rs. 235 million for the corresponding period of the previous year. The turnover was Rs. 4,716 million for the year under review.

Chairman/CEO, CDL, K. Yamanaka attributed the stable performance to favourable results to ship repair and shipbuilding activities and optimum use of resources and effective cost control methods.

He said that the Group has proved to be successful with these financial results, despite the unfavourable economic conditions in the year under review. The positive contributions made by the two subsidiaries, Ceylon Shipping Agency (Pte) Ltd of Singapore and Dockyard General Engineering Services (Pvt) Ltd have further augmented the performance of the Group.

The principal activities of the Group include ship repairs, shipbuilding, heavy engineering, general engineering, civil engineering and supply channel for high tech engineering items. The company was able to successfully achieve the targeted ship repair revenue despite the stiff competition and poor performance of the shipping industry in the region, he said in the annual report 2002. The company has repaired 202 vessels of which 93% of the revenue has been generated by repairing foreign vessels. Ship repair revenue constitutes 41% of the Group's revenue for the year.

Yamanaka said that his company is aware of the changes taking place in the market and is developing strategies to strengthen the business activities of this sector.

"We have embarked on a program to tap the potential in untapped market segments by offering technologically advanced repair services. Simultaneously, internal changes are being made to cater to emerging requirements in the market," he said.

"We also completed and delivered six high speed aluminium vessels with the latest technology. Ship building revenue constitutes 53% of the revenue of the Group for the financial year.

The significant performance of the company in the shipbuilding sector for the past three years has resulted in increasing its capacity and product portfolio and forge ahead as a successful shipbuilder in a niche market. Through the efforts taken in the past, the company has already emerged as a potential international competitor in the high-speed boat construction and work boats.

CDL, which is ranked among the top 50 companies in the country, is also one of the top foreign exchange earners. "In the financial year 2002, the company has earned US$ 40 million by way of exporting services and substitution of imports.

At present CDL is striving hard to achieve a brand identity and to breakthrough into several new markets in the near future. With the ongoing peace process and increasing number of tourist arrivals, CDL is keen to provide customised and specialised vessels and floating restaurants.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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