The Hindu Business Line : Cochin Shipyard to pay 7 pc

COCHIN Shipyard Ltd, for the first time, has declared a dividend of seven per cent on the paid-up preference share capital amounting to Rs 8.34 crore. The resolution for declaring dividend was adopted at the 32nd annual general meeting held at the Registered Office of the company.

A press release issued here said that the yard had been achieving consistent profits in the last decade. The profit before tax for the financial year 2003-04 was Rs 30.52 crore. The company wiped off its entire accumulated losses in 2001-02.

The financial year 2003-04 has proved to be strategically a crucial one in the history of the yard. For the first time, the company signed a contract for building a series of big ships for export. The contract for six firm and two optional bulk carriers of 30,000 DWT was signed for Clipper, Denmark.

The company had earlier signed a contract for construction of nine fire fighting tugs for the Port of Jeddah. CSL is, however, functioning under a difficult market environment marked by competition from other Asian yards and consequent low prices and margins.

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Cochin Shipyard to pay 7 pc