Cochin Shipyard FY09 net jumps 70% at Rs 160 cr

Cochin Shipyard, the largest shipping and ship repair yard in the country, has posted a 70 per cent increase in net profit at Rs 160 crore for the 2008-09 fiscal.

It had a net profit of Rs 94 crore in the previous fiscal.

The company also declared a dividend of Rs 19.66 crore for FY09, a statement said, adding that Cochin Shipyard CMD M Jitendran presented a cheque of the same amount to Shipping Minister G K Vasan here today.

"The dividend consists of Re one per equity share on 11.32 crore fully paid equity shares of Rs 10 each amounting to Rs 11.32 crore and Rs 70 per 11.91 lakh fully paid 7 per cent non cumulative preference shares of Rs 1,000 each amounting to Rs 8.34 crore," the statement said.

It added that continued profit of the yard has resulted in an increase in net worth from Rs 429.42 crore in 2007-08 to Rs 566.49 crore in 2008-09.

The company achieved a total shipbuilding income of Rs 986 crore during 2008-09 against Rs 582 crore during 2007-08. Ship repair turnover during the year was Rs 270 crore.

The Shipyard attained category-1 mini ratna status in July 2008.