Colombo Dockyard loss narrowed to Rs. 428.1 million in March 2026 quarter as MDL took control and restructuring reshaped the company.
Colombo Dockyard loss narrowed in the quarter ended March 31, 2026, as the company reported a Rs. 428.1 million loss amid a major ownership and capital restructuring process.
The latest quarterly loss marks an improvement from the Rs. 634.4 million loss recorded in the corresponding period last year, reflecting a smaller deficit during a period of significant transition for the shipbuilding and ship repair firm.
The quarter also completed the transfer of control to India’s state-owned Mazagon Dock Shipbuilders Limited (MDL), which now owns a 51% stake in Colombo Dockyard PLC, amounting to 201.57 million shares.
For the three-month period, the company reported a loss per share of Rs. 1.32, compared with a loss per share of Rs. 2.75 in the same period a year earlier.
Revenue for the quarter increased by 7.6% to Rs. 7.61 billion, rising from Rs. 7.07 billion in 2025. Cost of sales for the period climbed to Rs. 6.59 billion, leaving the company with a gross profit of Rs. 1.02 billion.
However, the quarterly performance was weighed down by administrative expenses of Rs. 1.09 billion and net finance expenses amounting to Rs. 271.2 million.
The quarter also marked the close of an extended 15-month financial period from January 1, 2025, to March 31, 2026, following the company’s decision to shift its financial year-end from December to March.
For the full 15-month period, the group reported a total loss attributable to owners of Rs. 2.91 billion on turnover of Rs. 36.20 billion.
The reporting period was shaped by a major restructuring of Colombo Dockyard’s ownership and capital base. The company successfully completed a rights issue, raising Rs. 12.93 billion in fresh equity.
That capital infusion strengthened the company’s balance sheet, lifting stated capital to Rs. 13.65 billion as of March 31, 2026, compared with just Rs. 714.4 million at the end of 2024.
As a result, the group’s total equity increased to Rs. 15.50 billion.
On a segmental basis for the full 15-month period, ship repairs remained the company’s largest revenue contributor, generating Rs. 17.53 billion, while shipbuilding brought in Rs. 14.04 billion.
At gross profit level, shipbuilding recorded a segment profit of Rs. 5.58 billion. However, the ship repair segment posted a loss of Rs. 2.49 billion for the same period.
