Colombo Port net profit to exceed Rs One billion this year

Dharma Sri Abeyratne

The net profit of the Colombo Port will exceed Rs. One billion during the 2010 financial year, Ports and Aviation Deputy Minister Rohitha Abeygunawardena said.

The Minister addressing the media while on a visit of the ‘Jaya Container Terminal’ at the Colombo port said the present growth rate of income of the harbour is 14 percent. Steps have been taken to maintain this growth rate in the coming years. This situation is really at satisfactory level.

If this rate is maintained during the coming years, it is not difficult to convert the Colombo harbour to be among principal harbours in South Asia, the Minister added.

The facilities at the harbour are being enhanced aiming to meet the growing demand for the financial and naval transportation. Under the ongoing development program two new breakwaters are being constructed. The main breakwater is 5.8 Kilometre long while the second breakwater is 1.1 Kilometre long.

Out of the 5.8 Kilometres of the main breakwater 2.7 Kilometre 8 has already been constructed. The Ports and Aviation Ministry has entered into agreements with three world renowned shipping lines this year. Accordingly, these shipping lines will commence cargo handling operations even from and to the Colombo harbour and the ships of these companies will dock at the Colombo harbour.

The harbour will facilitate more ships with the completion of the first phase of the Colombo Southern harbour development project. Cargo handling ability will increase significantly. The Colombo Port has the capacity of handling 5000 containers per day now.