The Board of Directors of Colombo Dockyard PLC (CDL) has informed that they are unable to publish the unaudited financial statements for the fourth quarter of the financial year 2015.
In a statement to Colombo Stock Exchange CDL explained that they entered into contracts with customers for the purpose of manufacturing and delivering new ships. "However, due to adverse global economic conditions, particularly due to the drop in oil prices, customers have indicated their inability to proceed with some orders on the originally agreed terms and conditions." The Board having obtained professional advice, are negotiating with the customers with regard to the above matters. Hence, the Board is unable to publish the unaudited financial statements for the fourth quarter of the financial year 2015 at present, until finalization of such negotiations.
The CDL states that the Board will keep its shareholders and the investing public fully informed of any future developments and material information relating to this matter. (SS)
www.dailynews.lk
In a statement to Colombo Stock Exchange CDL explained that they entered into contracts with customers for the purpose of manufacturing and delivering new ships. "However, due to adverse global economic conditions, particularly due to the drop in oil prices, customers have indicated their inability to proceed with some orders on the originally agreed terms and conditions." The Board having obtained professional advice, are negotiating with the customers with regard to the above matters. Hence, the Board is unable to publish the unaudited financial statements for the fourth quarter of the financial year 2015 at present, until finalization of such negotiations.
The CDL states that the Board will keep its shareholders and the investing public fully informed of any future developments and material information relating to this matter. (SS)
www.dailynews.lk
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