Cochin Shipyard Declares Dividend for 2010-2011

Cochin Shipyard Limited (CSL), a Mini Ratna PSU under the Ministry of Shipping has declared and paid a dividend of Rs 16,86,79,400/- (Rs 16.86 crores for the year 2010 – 11).

The dividend consists of Re.1 per Equity Share on the 11,32,80,000 fully paid equity shares of Rs 10 each amounting to Rs 11,32,80,000 (Rs 11.32 crores) and Rs 70 per 7,91,432 fully paid 7% Non Cumulative Preference Share of Rs 1,000/- each amounting to Rs 5,53,99,400/- (Rs 5.54 crores). The dividend cheque was handed over to the Union Minister of Shipping, Shri G K Vasan by Cmde K Subramaniam, CMD, CSL in New Delhi today. This is the third consecutive year that the company is paying dividend to the Government of India.
Cochin Shipyard has increased its turn over by four times from Rs 373 crores in 2005 – 2006 to Rs 1426 crores in 2010 – 11 . During the same period the company’s Profit Before Tax increased by 14 times from Rs 25 crores to Rs 346 crores and the Net Profit by 13 times ie from 18 crores to 228 crores.
Presently, Cochin Shipyard has 34 ships on order consisting of 20 Fast Patrol Vessels for Coast Guards, 13 Offshore Supply Vessels for Foreign Owners and the prestigious Indigenous Aircraft Carrier for Indian Navy. The approximate value of the orders on hand is Rs 3500 crores excluding the Aircraft Carrier.
In the current year CSL delivered a Platform Supply Vessel in July 2011 for Norwegian Owners. This is the first time in India, that such a high technology, clean design, diesel electric propulsion Offshore Vessel have been constructed and delivered as per the exacting quality standards of the Norwegian Owners. Another three ships, of similar design are slated for delivery in the next three months, all for Norwegian Owners. Apart from the above, CSL is constructing six ships for Shipping Corporation Of India, the first of which is slated for delivery in mid September, 2011. The yard has also commenced work on four Offshore Support Vessel for Norwegian Owners based at Cyprus. For the Defence requirements, the construction of 20 Fast Patrol Vessels has commenced. The company is making all out efforts to launch the ‘Indigenous Aircraft Carrier’ by December 2011.
Source: PIB