FINANCIAL CHRONICLE – Colombo Dockyard PLC has reported a loss of 428.1 million rupees for the quarter ending March 31, 2026, an improvement from the loss of 634.4 million rupees experienced during the same quarter in the previous year.
This quarter also marked the completion of the transition of ownership to Mazagon Dock Shipbuilders Limited (MDL), a state-owned enterprise from India, which now possesses a 51% share (201.57 million shares) in Colombo Dockyard.
The company indicated a loss per share of 1.32 rupees for this three-month period, a reduction from a loss of 2.75 rupees per share reported in the prior year.
Quarterly revenue increased by 7.6%, reaching 7.61 billion rupees, compared to 7.07 billion rupees in 2025. However, the cost of sales rose to 6.59 billion rupees, leading to a gross profit of 1.02 billion rupees.
Despite this, the quarter faced challenges due to administrative costs totaling 1.09 billion rupees and net finance expenses of 271.2 million rupees.
This quarter concluded an extended financial period of 15 months (January 1, 2025, to March 31, 2026), following the company’s decision to shift its financial year-end from December to March.
For the complete 15-month period, the group reported a cumulative loss of 2.91 billion rupees on total revenues of 36.20 billion rupees.
The reporting timeframe was characterized by significant restructuring in the company’s ownership and capital. Colombo Dockyard successfully executed a rights issue, generating 12.93 billion rupees in new equity.
This capital boost enhanced the balance sheet, elevating the stated capital to 13.65 billion rupees by March 31, 2026, in contrast to just 714.4 million rupees at the close of 2024.
As a result, the group’s total equity climbed to 15.50 billion rupees.
Analyzing the performance over the full 15-month period, ship repairs emerged as the leading revenue contributor at 17.53 billion rupees, while shipbuilding accounted for 14.04 billion rupees. Shipbuilding achieved a segment profit of 5.58 billion rupees at the gross profit level, whereas the ship repair segment reported a loss of 2.49 billion rupees during the same timeframe. (Colombo/May06/2026)