Colombo Dockyard shifts year end to March

• Extends FY25 to 15 months

Colombo Dockyard PLC yesterday said it has received the regulatory approvals to change its financial year-end to March from December. 

Accordingly, its current reporting period is extended to 15 months.

In a stock exchange filing, the shipbuilder confirmed that the clearances were obtained from the Inland Revenue Department and Registrar of Companies to align its financial year with a March 31 closing date. 

As a result, the ongoing financial period will run from January 01, 2025 to March 31, 2026.

The company had earlier signalled the proposed change in March. The adjustment is expected to bring Colombo Dockyard’s reporting cycle in line with the prevailing corporate and fiscal timelines, although it will temporarily affect the comparability of the earnings, due to the extended reporting period.

Companies typically adopt such changes to streamline financial reporting, aligned with the parent or group structures or better match the operational cycles with the fiscal policy frameworks.