Cochin Shipyard net up 70.21%

Declares dividend for the first time

Cochin Shipyard Limited (CSL) has registered a 70.21 per cent increase in net profit at Rs 160 crore for the year 2008-09 as against Rs 94 crore in the previous year.

The company, for the first time, declared a dividend on equity capital. The total amount of dividend at a rate of 10 per cent works out to Rs 11.32 crore, according to a company release. It also declared a 7 per cent dividend on preference share capital amounting to Rs 11.91 crore. The total dividend outgo of the company including dividend tax amounts to Rs 23.01 crore. Gross income for 2008-09 stood at Rs 1,300 crore as against Rs 967 crore in the previous year.

The yard’s achievement last year includes delivery of four platform supply ships and undertaking of major repairs of Sagar Kiran and Sagar Bhushan of ONGC and INS Viraat of the Indian Navy. The total shipbuilding income for the year was up 69.41 per cent to Rs 986 crore as against Rs 582 crore in the previous year. Ship repair turnover was at Rs 270 crore, an increase of 7.14 per cent, compared with Rs 252 crore in the previous year.

The company’s present order book position consists of 15 platform supply vessels and four anchor handling tugs apart from the Indigenous Aircraft Carrier project.