Financial Daily from THE HINDU group of publications
Saturday, Oct 01, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 01, 2005 |
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Corporate
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Announcements Cochin Shipyard declares 7 pc dividend Our Bureau
Kochi , Sept. 30 COCHIN Shipyard Ltd (CSL) has declared a 7 per cent dividend on the paid-up preference share capital amounting to Rs 8.33 crore. This is the second time in a row that the company is declaring dividend, a press release from the shipyard has said. The resolution proposing the dividend was passed by the Annual General Meeting of the shipyard, held here. CSL, which had been posting consistent profits during the last decade, had wiped out its entire accumulated losses during 2001-02. Last year, the shipyard notched a profit before tax of Rs 16.86 crore. CSL was able to achieve 62,517 DWT of shipbuilding last year as against a target of 62,500 DWT. The shipyard was able to deliver four fire-fighting tugs to ATCO Saudi Arabia on schedule and fabricate and deliver hull blocks to Mazagon Docks Ltd. Two more fire-fighting tugs have been delivered to ATCO Saudi Arabia since last year and the first ship for Clipper Denmark has also been launched. The shipyard has commenced construction of the first air defence ship in April 2005. Last year, the shipyard repaired an array of ships including INS Virat and INS Krishna for the Indian Navy, ships such as Abul Kalam Azad, C.V. Raman and Somnath Sharma for Shipping Corporation of India and offshore supply vessel Sindhu-5 for ONGC. The shipyard was able to execute repair works amounting to Rs 148 crore.
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