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expects net profit to more than triple this year helped by growth in the company's shipbuilding division, the company's chief executive said. "We have already secured a couple of foreign contracts, which will help boost profits," Mangala Yapa told Dow Jones Newswires in an interview.
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¶ He expects net profit to surge to 240 million rupees (2.3 million dollars) in the year ending Dec.
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31, 2006, up from 73.2 million rupees in 2005.
Total revenue is likely to climb to 7 billion rupees this year from 6.
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1 billion rupees last year, Yapa added.
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Dockyard's core operations include shipbuilding and ship repair, which account for more than half its profits. It also has interests in heavy and general engineering.
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The company is 50%-owned by Japan's Omonichi Dockyard Co. and operates four dry docks in the Colombo Port.
Yapa said a contract to build two fisheries protection vessels for the government of the Republic of Maldives and an order from A.
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A. Turki Corp. based in Saudi Arabia for three tug boats will make up a large portion of this year's shipbuilding work.
"In the light of diminishing local busin