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Wednesday, March 2, 2011

EPF, SLIC increase stakes in Colombo Dockyard

Both the Employees Provident Fund (EPF) and Sri Lanka Insurance Corporation (SLIC) have increased their stake in the Colombo Dockyard PLC (CDPLC) to 14.5% and 10% respectively, Provisional Financial statements published by CDPLC for the period ended 31st December 2010 stated. The SLIC stake is made up of SLIC General and SLIC Life Fund, with 5% in each.

As reported by the Daily Mirror a few weeks ago, EPF has also acquired a 5% stake in Richard Pieris Group. This indicates the fund's active involvement in Stock Market trading, with investments in sectors such as hotels and banking during the past years.

According to provisional records, Colombo Dockyard recorded a decrease in Net Profit after Tax of Rs. 2.1 million for the period ended 31st December 2010 in comparison to 2.2 million in the previous year.

Earning Per Share for the period stood at 30.40 indicating a decrease from 31.45 in 2009.

However, CDPLC recorded an increase in Net Profit after Tax of Rs. 740,000 in the final quarter in the year ended 31st December 2010 in comparison to Rs. 332,000 made during the previous year. Earning Per Share stood at 10.80 which showed a growth of 4.85.

Colombo Dockyard established its operations in 1974, and is now Sri Lanka's largest engineering facility in the business of ship repairs, shipbuilding, heavy engineering and offshore engineering.

source - www.dailymirror.lk