Interim Financial Report as at 30-06-2025

‌Colombo Dockyard PLC

"…An Odyssey of Excellence…"

Quarter ended 30 June

Six months ended 30 June

2025

2024

Variance %

2025

2024

Variance %

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Revenue

6,267,206

6,290,406

-0.37%

13,341,044

13,695,895

-2.59%

Cost of Sales

(5,921,780)

(6,567,936)

9.84%

(12,267,821)

(13,550,780)

9.47%

Gross Profit

345,426

(277,530)

224.46%

1,073,223

145,115

639.57%

Other Income

256,624

(53,138)

582.94%

335,936

520,271

35.43%

Distribution Expenses

(19,079)

(26,161)

27.07%

(41,777)

(62,571)

33.23%

Administrative Expenses

(872,385)

(874,767)

0.27%

(1,721,068)

(1,793,492)

4.04%

Other operating income / (expenses)

5,807

-

0.00%

10,083

99,955

89.91%

Net Finance Income / (Expenses)

(519,980)

(534,164)

2.66%

(1,085,977)

(1,027,742)

-5.67%

Profit / (Loss) before Tax

(803,587)

(1,765,760)

54.49%

(1,429,580)

(2,118,464)

32.52%

Tax (Expense) / Income

(9,805)

1,847,336

(19,323)

1,846,049

Profit / (Loss) for the period

(813,392)

81,576

1097.10%

(1,448,903)

(272,415)

-431.87%

Other Comprehensive Income

Revaluation Dry dock and machinery

Foreign currency translation differences - foreign operations

Deferred Tax on Assest Revaluation

Other Comprehensive Income For The Period - Net of Taxes

-

6,153,496

-

6,940,299

21,409

(8,303)

25,450

(38,888)

-

(1,846,049)

-

(2,082,090)

21,409

4,299,144

25,450

4,819,321

(791,983)

4,380,720 (1,423,453) 4,546,906

Profits Attributable to :

Owners of The Company

(808,357)

82,230

(1,442,773)

(274,330)

Non - Controlling Interest

(5,035)

(654)

(6,130)

1,915

Profit for the period

(813,392)

81,576

(1,448,903)

(272,415)

Total Comprehensive Income Attributable to :

Owners of The Company

Non - Controlling Interest

Total Comprehensive Income for The Period

(797,394)

4,387,228

(1,429,749)

4,563,741

5,411

(6,508)

6,296

(16,835)

(791,983)

4,380,720

(1,423,453)

4,546,906

(11.25)

1.14

(20.08)

(3.82)

Note : Figures in brackets indicate deductions

The above figures are subject to audit

As at 30th June 2025

2024

As at 31.12.2024

Rs,'000

Rs,'000

Rs,'000

Property, Plant and Equipment

20,967,947

20,830,519

20,880,199

Intangible Assets

3,135

8,183

2,944

Right - of -Use assets

259,446

218,886

273,101

Investments Classified as Fair Value through OCI

21,574

22,568

21,574

Deferred Tax Assets

-

15,014

-

Other Financial Assets Including Derivatives

494,959

504,247

506,128

Total Non-Current Assets

21,747,061

21,599,417

21,683,946

Current Assets

Inventories

4,017,786

4,022,651

3,511,463

Trade and Other Receivables

10,768,313

14,483,847

11,800,015

Other Financial Assets Including Derivatives

202,166

177,168

206,849

Investments classified as Fair value Through Profit or Loss

-

-

30,474

Cash and Cash Equivalents

4,167,652

5,146,334

6,627,953

Total Current Assets

19,155,917

23,830,000

22,176,754

Total Assets

40,902,978

45,429,417

43,860,700

EQUITY AND LIABILITIES

Stated Capital

714,396

714,396

714,396

Exchange Equalisation Reserve

97,914

80,929

84,890

Fair Value through OCI Reserve

20,844

21,838

20,844

Retained Earnings

(7,944,312)

(4,129,160)

(6,573,293)

Revaluation Reserves

10,992,753

10,961,893

11,064,507

Equity Attributable to Equity Holders of the Parent

3,881,595

7,649,896

5,311,344

Non - Controlling Interest

185,507

187,788

179,211

Total Equity

4,067,102

7,837,684

5,490,555

Non-Current Liabilities

Interest Bearing Borrowings

4,396,405

7,790,000

7,457,850

Lease liability

147,379

138,352

155,135

Deferred Tax Liability

212,199

252,918

195,040

Employee Benefits

1,446,450

1,279,999

1,377,151

Total Non-Current Liabilities

6,202,433

9,461,269

9,185,176

Current Liabilities

Interest Bearing Borrowings

24,560,731

18,779,998

21,210,067

Trade and Other Payables

4,305,801

7,604,046

6,478,522

Lease liability

85,776

35,374

90,290

Income Tax Payable

45,702

56,762

29,945

Dividends Payable

10,484

10,487

10,484

Bank Overdrafts

1,624,949

1,643,797

1,365,661

Total current Liabilities

30,633,443

28,130,464

29,184,969

Total Equity and Liabilities

40,902,978

45,429,417

43,860,700

54.02

106.46

73.91

Note :The above figures are subject to audit

These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007

(Sgd.) P D Gihan Ravinatha

General Manager (Finance)/CFO

(Sgd.) G A D L H Ganlath

Chairman

(Sgd.) Thimira S. Godakumbura

Managing Director / CEO

For the six months ended 30th June

Stated Capital

Retained earnings

Fair Value Through OCI Reserves

Exchange fluctuation Reserve

Revaluation Reserve

Total

Non Controlling Interest

Total Equity

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Rs,'000

As at 1 January 2025

714,396

(6,573,293)

20,844

84,890

11,064,507

5,311,344

179,211

5,490,555

Net Profit / (Loss) for the Period

-

(1,442,773)

-

-

-

(1,442,773)

(6,130)

(1,448,903)

Other Comprehensive Income

-

-

-

13,024

-

13,024

12,426

25,450

Realisation of revaluation surplus

-

71,754

-

(71,754)

-

-

-

Dividends Paid

-

-

-

-

-

-

-

-

As at 30 June 2025

714,396

(7,944,312)

20,844

97,914

10,992,753

3,881,595

185,507

4,067,102

As at 1 January 2024

714,396

(3,854,830)

21,838

101,067

6,103,684

3,086,155

204,623

3,290,778

Net Profit / (Loss) for the Period

-

(274,330)

-

-

-

(274,330)

1,915

(272,415)

Other Comprehensive Income

-

-

-

(20,138)

6,940,299

6,920,161

(18,750)

6,901,411

Differed Tax on Asset Re-Valuation

-

-

-

-

(2,082,090)

(2,082,090)

-

(2,082,090)

Dividends Paid

-

-

-

-

-

-

-

As at 30 June 2024

714,396

(4,129,160)

21,838

80,929

10,961,893

7,649,896

187,788

7,837,684

For the six months ended 30th June 2025

2024

Rs,'000

Rs,'000

Cash Flow from Operating Activities

Net Profit Before Tax

(1,429,580)

(2,118,464)

Adjustment for ;

Depreciation of Property, Plant & Equipment

364,219

280,777

Amortisation of Intangible Assets

920

9,204

Provision for Retirement Benefit Obligations

110,000

61,333

Provision / (reversal) for Bad and Doubtful Debts

(11,143)

(14,280)

Provision / (reversal) for Obsolete Stocks

-

(99,956)

(Profit) / Loss on Disposal of Property, Plant and Equipment

(180)

(1,996)

Interest Income

(110,487)

(163,213)

Interest Expense

1,347,162

1,335,179

Operating Profit Before Working Capital Changes

270,911

(711,416)

(Increase) / Decrease in Inventories

(506,323)

(206,382)

(Increase) / Decrease in Trade and Other Receivables

1,023,259

1,858,404

(Increase) / Decrease in Other Financial Assets

15,852

(63,318)

Increase / (Decrease) in Trade and Other Payables

(2,159,012)

(1,229,985)

Cash Generated from / (used in) Operating Activities

(1,355,313)

(352,697)

Interest Paid

(1,347,162)

(1,335,179)

Gratuity Paid

(40,701)

(90,199)

Income tax / ESC paid

(1,243)

(10,886)

Net Cash Generated from / (used in) Operating Activities

(2,744,419)

(1,788,961)

Cash Flow from Investing Activities

Purchase of Property Plant and Equipment

(453,078)

(213,568)

Proceeds From Disposal of Property Plant and Equipment

180

-

Interest Received

158,035

166,144

Net Investment In Short Term Investments

30,474

-

Net Cash Generated from / (used in) Investing Activities

(264,389)

(47,424)

Cash Flow from Financing Activities

Loans Obtained / (Paid) During The Period (Including exchange impact)

289,219

2,719,000

Net Cash Generated from / (used in) Financing Activities

289,219

2,719,000

Net Increase / (Decrease) in Cash and Cash Equivalents

(2,719,589)

882,615

Cash and Cash Equivalent at the Beginning of the period

5,262,292

2,619,922

Cash and Cash Equivalent at the end of the period

2,542,703

3,502,537

Analysis of Cash and Cash Equivalents

Cash in Hand and Bank / Short Term Investments

4,167,652

5,146,334

Bank Overdrafts

(1,624,949)

(1,643,797)

Note : Figures in brackets indicate deductions

The above figures are subject to audit

Quarter ended 30 June

Six months ended 30 June

2025

2024

Variance %

2025

2024

Variance %

Rs,'000

Rs,'000

Rs,'000

Rs,'000

Revenue

5,755,471

5,934,944

-3.02%

12,293,199

12,876,469

-4.53%

Cost of Sales

(5,510,237)

(6,276,888)

12.21%

(11,464,233)

(12,925,750)

11.31%

Gross Profit

245,234

(341,944)

171.72%

828,966

(49,281)

1782.12%

Other Income

275,154

(59,123)

565.39%

361,548

509,069

-28.98%

Distribution Expenses

(14,873)

(22,202)

33.01%

(33,679)

(54,960)

38.72%

Administrative Expenses

(784,415)

(759,785)

-3.24%

(1,505,973)

(1,554,604)

3.13%

Other Operating Expenses

-

-

-

-

99,955

100.00%

Net Finance Income / (Expenses)

(515,989)

(534,424)

3.45%

(1,087,677)

(1,025,815)

-6.03%

Profit / (Loss) before Tax

(794,889)

(1,717,478)

53.72%

(1,436,815)

(2,075,636)

30.78%

Tax (Expense) / Income

-

1,846,049

-

1,846,049

Profit / (Loss) for the period

(794,889)

128,571

-718.25%

(1,436,815)

(229,587)

-525.83%

Other Comprehensive Income

Revaluation Dry dock and machinery

-

6,153,496

-

6,940,299

Deferred Tax on Assest Revaluation

-

(1,846,049)

-

(2,082,090)

Other Comprehensive Income For the Period - Net of Taxes

-

4,307,447

-

4,858,209

Total Comprehensive Income for The Period (794,889)

4,436,018 (1,436,815) 4,628,622

(11.06)

1.79

(19.99)

(3.19)

Note : Figures in brackets indicate deductions

The above figures are subject to audit

As at 30th June 2025

2024

As at 31.12.2024

Rs,'000

Rs,'000

Rs,'000

Property, Plant and Equipment

19,631,097

19,518,228

19,551,585

Investment Property

2,865

2,865

2,865

Intangible Assets

2,892

7,365

2,529

Right - of -Use asset

227,640

216,194

240,356

Investments In Subsidiaries

14,659

13,652

14,659

Investments Classified as Fair Value through OCI

21,574

22,568

21,574

Other Financial Assets Including Derivatives

489,741

504,247

493,657

Total Non-Current Assets

20,390,468

20,285,119

20,327,225

Current Assets

Inventories

3,478,910

3,525,219

2,976,760

Trade and Other Receivables

8,803,854

11,696,443

10,046,016

Other Financial Assets Including Derivatives

200,035

177,168

201,758

Amounts Due from Related Parties

669,646

815,809

608,815

Cash and Cash Equivalents

3,980,521

4,586,359

6,149,968

Total Current Assets

17,132,966

20,800,998

19,983,317

Total Assets

37,523,434

41,086,117

40,310,542

EQUITY AND LIABILITIES

Stated Capital

714,396

714,396

714,396

Fair Value through OCI Reserve

21,464

22,458

21,464

Retained Earnings

(9,971,693)

(6,103,649)

(8,606,632)

Revaluation Reserves

10,499,720

10,468,859

10,571,474

Total Equity

1,263,887

5,102,064

2,700,702

Non-Current Liabilities

Interest Bearing Borrowings

4,396,405

7,790,000

7,457,850

Lease Liability

125,890

135,110

127,508

Employee Benefits

1,398,430

1,246,413

1,330,333

Deferred Taxation

-

236,041

-

Total Non-Current Liabilities

5,920,725

9,407,564

8,915,691

Current Liabilities

Interest Bearing Borrowings

24,560,731

18,779,998

21,210,067

Trade and Other Payables

3,416,407

5,862,163

5,314,869

Other Financial Liabilities Including Derivatives

1,006

1,751

1,006

Amounts due to Related Parties

644,617

242,919

714,941

Lease Liability

80,628

35,374

83,010

Dividends Payable

10,484

10,487

10,484

Bank Overdrafts

1,624,949

1,643,797

1,359,772

Total current Liabilities

30,338,822

26,576,489

28,694,149

Total Equity and Liabilities

37,523,434

41,086,117

40,310,542

17.59

71.00

37.58

Note :The above figures are subject to audit

These Financial Statements have been prepared in compliance with the Companies Act No. 7 of 2007

(Sgd.) P D Gihan Ravinatha

General Manager (Finance)/CFO

(Sgd.) G A D L H Ganlath

Chairman

(Sgd.) Thimira S. Godakumbura

Managing Director / CEO

As at 1 January 2025

714,396

(8,606,632)

21,464

10,571,474

2,700,702

Net Profit / (Loss) for the Period

-

(1,436,815)

-

-

(1,436,815)

Realisation of revaluation surplus

-

71,754

-

(71,754)

-

Dividends Paid

-

-

-

-

As at 30 June 2025

714,396

(9,971,693)

21,464

10,499,720

1,263,887

As at 1 January 2024

714,396

(5,874,062)

22,458

5,610,650

473,442

Net Profit / (Loss) for the Period

-

(229,587)

-

-

(229,587)

Other Comprehensive Income

-

-

-

6,940,299

6,940,299

Dividends Paid

-

-

-

(2,082,090)

(2,082,090)

As at 30 June 2024

714,396

(6,103,649)

22,458

10,468,859

5,102,064

For the six months ended 30th June 2025

2024

Rs,'000

Rs,'000

Cash Flow from Operating Activities

Net Profit Before Tax

(1,436,815)

(2,075,636)

Adjustment for ;

Depreciation of Property, Plant & Equipment

324,788

242,586

Amortisation of Intangible Assets

755

8,914

Provision for Retirement Benefit Obligations

108,000

60,000

Provision / (reversal) for Bad and Doubtful Debts

(11,143)

(14,280)

Provision / (reversal) for Obsolete Stocks

-

(99,956)

Interest Income

(97,782)

(159,122)

Interest Expense

1,346,965

1,333,497

Operating Profit Before Working Capital Changes

234,768

(703,997)

(Increase) / Decrease in Inventories

(502,150)

(181,460)

(Increase) / Decrease in Trade and Other Receivables

1,207,359

2,377,566

(Increase) / Decrease in Amounts Due From Related Parties

(60,831)

119,460

(Increase) / Decrease in Other Financial Assets

5,639

(76,439)

Increase / (Decrease) in Trade and Other Payables

(1,891,319)

(1,007,440)

Increase / (Decrease) in Amounts Due to Related Parties

(70,324)

(1,445,822)

Cash Generated from / (used in) Operating Activities

(1,076,858)

(918,132)

Interest Paid

(1,346,965)

(1,333,497)

Gratuity Paid

(39,903)

(86,330)

Net Cash Generated from / (used in) Operating Activities

(2,463,726)

(2,337,959)

Cash Flow from Investing Activities

Purchase of Property Plant and Equipment

(405,418)

(194,206)

Interest Received

145,301

162,054

Net Cash Generated from / (used in) Investing Activities

(260,117)

(32,152)

Cash Flow from Financing Activities

Loans Obtained / (Paid) During The Period (Including exchange impact)

289,219

2,719,000

Net Cash Generated from / (used in) Financing Activities

289,219

2,719,000

Net Increase / (Decrease) in Cash and Cash Equivalents

(2,434,624)

348,889

Cash and Cash Equivalent at the Beginning of the period

4,790,196

2,593,673

Cash and Cash Equivalent at the end of the period

2,355,572

2,942,562

Analysis of Cash and Cash Equivalents

Cash in Hand and Bank / Short Term Investments

3,980,521

4,586,359

Bank Overdrafts

(1,624,949)

(1,643,797)

Note : All values in Rupees '000s, unless otherwise stated

Figures in brackets indicate deductions

The above figures are subject to audit

01. Corporate Information

Colombo Dockyard PLC, is a public limited company incorporated and domiciled in Sri

Lanka and listed in Colombo Stock Exchange.

Company Subsidiaries are :

Dockyard General Engineering Services (Pvt) Ltd - Sri Lanka

Dockyard Total Solutions (Pvt) Ltd - Sri Lanka

Ceylon Shipping Agency (Pte) Ltd - Singapore

The interim financial statements of the Group and the Company for the six months period

ended 30 June 2025 were authorized for issue by the board of directors on August 15, 2025

02. Basis Of Preparation

The condensed consolidated interim financial statements have been prepared in accordance with

Sri Lanka Accounting Standards - LKAS 34 Interim Financial reporting.

03. Borrowing Cost, contingencies, capital and other commitments

As per the LKAS 23 (Borrowing cost) interest costs amounting to Rs 181.42 Mn which was related to

shipbuilding projects (qualifying assets) were charged to the cost of sales.

04. Contingencies, capital and other commitments

There has been no significant change in the nature of the contingencies and other commitments,

which were disclosed in the annual Financial Statements for the year ended December 31, 2024

05. Post balance sheet events

There have been no events subsequent to the Balance Sheet date, which require disclosures in

or adjustment to Financial Statements .

06. Current Status of the Company

Latest update on the current status of the Company has been publish via a public announcement made through

Colombo Stock Exchange .

For the six months ended 30th June 2025

2024

Group

Company

Group

Company

Shipbuilding

(1,527,925)

(1,528,673)

(2,017,718)

(2,053,111)

Ship Repairing

1,914,030

1,913,781

1,929,601

1,917,803

Heavy Engineering

607,375

443,858

140,135

86,027

Material and Other Sales

79,743

-

93,097

-

Total

1,073,223

828,966

145,115

(49,281)