Cochin Shipyard pays Rs 19.72 cr dividend

Company says the performance of the Shipyard continued to be impressive despite the challenging global shipbuilding scenario

Public sector Cochin Shipyard Ltd (CSL) has paid a dividend of Rs 19.72 crore for the fourth consecutive year.

The performance of the Shipyard continued to be impressive despite the challenging global shipbuilding scenario, a press release said today.

The dividend of Rs 19.72 crore, consisting of Rs 16.99 crore (dividend on equity shares) and Rs 2.73 crore (dividend on preference shares) was handed over today to Union Shipping Minister G K Vasan by CSL Charmian and Managing Director K Subramaniam in New Delhi.

The dividend consists of Rs 1.5 per equity share on the 11,32,80,000 fully paid equity shares of Rs 10 each and Rs 70 per preference share on the 3,91,420 preference shares of Rs 1,000 each.

The yard has also contributed Rs 110.56 crore to the exchequer by way of value added tax, income tax, fringe benefit tax, excise duty, customs duty and service tax during the year 2011-12.

CSL has been able to maintain its excellent track record during the post economic downturn period, mainly due to a diversified product mix and its commitment to deliver quality ships on schedule, the statement said.

The yard's turnover has increased fourfold from Rs 373 crore in 2005-06 to Rs 1,404 crores in 2011-12.  Similarly there has been a ten-fold increase in profit with the profit before tax increasing from Rs 25 crore to Rs 253 crore and the profit after tax from Rs 18 crore to Rs 172 crore in the same period.